Nvidia swaps Huang for Kress

Jensen Huang is no longer the chief executive of Nvidia. The company confirmed on Thursday that Huang resigned from the post he held for over three decades. Colette Kress, the firm's chief financial officer, will serve as interim CEO immediately.

The change in leadership follows a week of intense scrutiny regarding Huang's personal relationships. Reports from The New York Times alleged that Huang had an affair with Alice Huang, a businesswoman U.S. intelligence agencies suspect is a Chinese spy. Separately, media outlets reported that Huang had a relationship with an Nvidia executive who reported directly to him.

Nvidia co-founded in 1993 by Huang, Chris Malachowsky, and Curtis Priem, has not identified a permanent successor. The board is currently reviewing internal and external candidates. On Thursday, the board also appointed Harvey C. Jones, an entrepreneur and venture investor, as the company's first chairman.

Huang's departure ends a period of uncertainty that began earlier this week. Last month, The New York Times reported that U.S. intelligence found Huang had developed a close relationship with Alice Huang, also known as Huang Le. U.S. agencies determined she was passing information to Beijing, though the Chinese government denies this. Singaporean authorities questioned Alice Huang last year and confiscated her passport during an investigation into her firm, Megaspeed International.

Nvidia stated on Sunday that it was investigating whether Huang was the target of a foreign intelligence effort. The company said it had no reason to believe national security or company secrets were compromised. Huang apologized to employees in a Sunday email, calling himself unfaithful to his wife. He wrote that his actions hurt his family and that his colleagues deserved better.

President Donald Trump, who has maintained a close relationship with Huang, was briefed on the intelligence findings before they became public. Trump said on the weekend that he does not think he should have acted sooner. He described Huang as an honorable guy and said the FBI is looking into the affair with Alice Huang. After the resignation was announced, Trump said Huang had done a fantastic job.

Trump also suggested a candidate for the vacant CEO role. On Truth Social, he wrote that former Apple chief Tim Cook is the only man to take Huang's place. He described Cook as a legend replacing a legend. House Democratic leader Hakeem Jeffries criticized the president for weighing in on corporate leadership. Jeffries said the move showed Trump focusing on corporate America rather than working class America.

Megaspeed International, a Singapore-based partner of Nvidia, said on Thursday that it takes its compliance with U.S. export control laws seriously. The company said it is working transparently with the U.S. government. Last year, Megaspeed was accused of shipping advanced Nvidia chips to China illicitly, but the firm said in December there was no evidence of such exports.

Nvidia shares fell about 5% by midday on Thursday. The stock had dropped earlier in the day. Stephanie Balaouras, a group research director at Forrester, said the resignation is a test for the entire AI infrastructure boom. She noted that if Nvidia stabilizes quickly, the sector will show resilience. If pressure remains on the stock and financing, it will add to concerns about the AI bubble.