Jensen Huang resigns as Nvidia CEO amid deepening scandal

Jensen Huang, the leather-jacket-wearing tech visionary who founded Nvidia at a Denny's restaurant and built it into one of the world's most powerful companies, has resigned as CEO amid an extraordinary scandal involving allegations of espionage and extramarital affairs.

The departure, effective immediately, brings Huang's 33-year reign at the artificial intelligence chip giant to an abrupt end, a development that would have seemed almost unthinkable just a week ago.

Nvidia confirmed overnight that Huang had resigned as president, chief executive and a member of its board, appointing long-serving chief financial officer Colette Kress as interim CEO while it searches for a permanent replacement.

The announcement follows days of escalating scrutiny over reports of Huang's relationship with a Chinese businesswoman suspected by US intelligence officials of acting on behalf of Beijing, and separate reports of an affair with a senior Nvidia executive.

The allegations have triggered national security concerns in Washington and an independent investigation commissioned by Nvidia's board. No finding that Huang disclosed company secrets or compromised national security has been announced.

The speed of the leadership reversal has been remarkable.

On Sunday, Nvidia's board publicly expressed confidence in Huang and his leadership team, while announcing an investigation into reports that its founder had been targeted by a foreign intelligence operation.

Four days later, the man who had become synonymous with Nvidia's rise to global dominance was gone.

For a company whose identity has been so closely tied to its founder, the departure raises questions extending well beyond the executive suite.

Huang was not just Nvidia's CEO. He was its public face, chief evangelist and most recognisable brand asset.

His trademark black leather jacket became a fixture of product launches and technology conferences, while his keynote presentations helped turn semiconductor announcements into global events.

As Nvidia emerged as a central supplier of the computing infrastructure powering the AI boom, Huang became one of the technology industry's most influential personalities.

Now the company must navigate the loss of that figurehead while reassuring customers, investors and governments that its technological ambitions remain intact.

From Denny's to global dominance

Nvidia's origins have become part of Silicon Valley folklore.

In 1993, Huang and fellow engineers Chris Malachowsky and Curtis Priem discussed the idea for the company at a Denny's restaurant in San Jose, California.

What began as a business focused on graphics processing technology would eventually become one of the world's most consequential technology companies, supplying the advanced chips and computing systems underpinning the artificial intelligence revolution.

Huang's personal story became inseparable from that success.

His ability to communicate complex technology, build relationships with governments and major technology companies, and command attention on the global stage made him an unusually prominent leader in an industry historically dominated by engineers and technical specialists.

That visibility helped elevate Nvidia's corporate profile. It has also made his departure a particularly difficult reputational challenge.

The company must now demonstrate that the business, technology roadmap and customer relationships built over three decades can endure without the personality who came to embody them.

A crisis beyond the boardroom

The controversy surrounding Huang has developed into a national security issue, with US authorities examining reports of his relationship with Alice Huang, a businesswoman formerly associated with Singapore-based Megaspeed International.

US media reports have cited intelligence concerns about her alleged connections to Chinese espionage and possible attempts to influence Nvidia's chip business.

China has denied allegations of an intelligence operation, while Singaporean authorities have said their investigation into Alice Huang concerned suspected false declarations involving server shipments, not espionage. Singapore said it found insufficient evidence to charge her with an offence.

Separately, US media have reported allegations of a relationship between Huang and a Nvidia executive.

Nvidia begins life after Huang

Kress, who joined Nvidia in 2013, will continue serving as chief financial officer while taking on the interim CEO position.

The company has also appointed Harvey C. Jones as its first chair of the board, with a search underway for a permanent chief executive. Both internal and external candidates will be considered.

Jones sought to reassure the market that Nvidia's operations and technology development would continue uninterrupted.

“Colette has helped lead NVIDIA through a period of extraordinary growth and has a deep understanding of our business, customers, operations and financial position,” Jones said.

“The Board has full confidence in Colette and the leadership team, and we expect the company's operations, customer commitments and product roadmap to continue without interruption.”

Kress acknowledged the foundation established by Huang over more than three decades.

“NVIDIA's strength has always come from its people, and together with our leadership team, I am committed to building on the extraordinary foundation Jensen created over the last 33 years,” she said.

“We will continue advancing the work that has made NVIDIA a leader in accelerated computing and AI, and execute on the opportunities ahead.”

The leadership change comes just days before Nvidia is scheduled to report its third-quarter fiscal 2027 financial results on 17 November.

Nvidia shares plunged almost 14% when Wall Street opened on Thursday, extending a sell-off that has wiped more than US$1 trillion from the chipmaker's market value this month alone.

The stock recovered much of its early losses by late morning, but the scale of the sell-off shows the level of uncertainty now swirling the company as it prepares for life after its founder and chief champion.