Nvidia-Jensen Huang Row Live Updates: Nvidia shares tumble 10% in pre-market trading after Jensen Huang quits as CEO
Colette Kress will continue to hold her existing CFO responsibilities alongside the interim role as the CEO.
· The Indian Express · JoinNvidia Corporation has announced a major leadership transition, with chief executive officer Jensen Huang resigning from his positions as president, CEO and board member with immediate effect.
US President Donald Trump’s Treasury Secretary Scott Bessent has reportedly challenged Commerce Secretary Howard Lutnick over his department’s unwillingness to flag one of Nvidia’s customers, Megaspeed, a potential national security threat, in a confrontation in the Situation Room last week. Alice Huang, who is suspected to be a Chinese ‘spy’ and was having an affair with Nvidia CEO Jensen Huang, was a top executive at Singapore-based Megaspeed.
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Nvidia CEO Jensen Huang, who is at the centre of controversy over his affair with a suspected Chinese ‘spy’ Alice Huang, has now come under the spotlight after it was reported that he had an extramarital relationship with an executive who reports to him. The company is probing Jensen in an internal investigation, and US President Donald Trump has said that the FBI has also launched an inquiry in the foreign intelligence effort.
What New York Times report revealed
The New York Times reported that Nvidia co-founder Jensen Huang has a new relationship with Kimberly Powell, Nvidia’s vice president of health care, which hadn’t been reported earlier, citing five people who worked at the company. The report added that Jensen, 63, was seen getting cozy and affectionate with Powell, 48, at a hotel in San Jose, California, in a video from an Nvidia conference in March. Jensen and Powell are married to other people.
Nvidia scandal puts China chip sales under scrutiny
The Nvidia fallout has reignited a long-running debate over whether the United States should allow its most advanced Artificial Intelligence (AI) chips to be sold to China. Meanwhile, top Republican House representatives have sought a closed-door briefing with Jensen Huang on November 18 to discuss the allegations. The Nvidia Board of Directors is weighing the future of its CEO, as the semiconductor firm investigates the allegations that threaten to denigrate his legacy of over three decades.
Nvidia shares fall as company faces mounting scrutiny
Nvidia’s shares have plummeted sharply in after-hours trading on Wednesday, as the company lost nearly $300 billion in market value this week alone. Amid the allegations of a Chinese ‘spy’ acting at the behest of Beijing’s intelligence agencies, the country’s foreign ministry has denied the espionage claims.
What Jensen Huang said when asked about Kimberly Powell
When the NYT contacted Jensen and asked about the recent revelations of his alleged relationship with Nvidia’s vice president of health care, Powell, he said, “I don’t think you should be talking to me directly.”
Live Updates
Nov 12, 2026 07:52 PM IST
Nvidia shares plunge 10% in premarket trading after Jensen Huang steps down as CEO
Shares of Nvidia plunged in premarket trading on Thursday after the company announced that Jensen Huang had stepped down as its chief executive officer.
Nvidia shares fell around 10% before the opening bell, with losses accelerating following the announcement of Huang's departure, according to a CNN report.
The leadership change has unsettled investor confidence in the company, which has been at the centre of the global artificial intelligence boom. Huang played a pivotal role in driving Nvidia's growth, promoting the commercial potential of AI and spearheading major deals across the technology industry.
The development also weighed on broader US market sentiment. Nasdaq futures declined 1.4%, while S&P 500 futures fell 0.7% in premarket trading.
Nvidia's leadership transition comes at a critical time for the semiconductor giant, as investors closely watch developments in the global AI industry and the company's future direction.
Nov 12, 2026 07:40 PM IST
Global AI stocks sink as Nvidia CEO's exit deepens sector selloff
Global AI-linked stocks fell on Thursday after Nvidia CEO Jensen Huang resigned following a deepening scandal around his affairs, upending the chipmaker's leadership and posing fresh risks to a sector already reeling with funding and regulatory concerns.
Chief Financial Officer Colette Kress will take over as interim CEO as Nvidia looks for a permanent successor, the company said.
As the centerpiece of the AI ecosystem, the chipmaker finances infrastructure built around its chips - a strategy that has drawn scrutiny over circular funding and now risks weighing on the sector as its crisis deepens.
AI stocks have struggled after the Democrats swept the midterm elections, including in states opposed to new data centers, stoking fears that tighter regulation could slow the AI infrastructure build-out.
Nvidia's shares slid 10.3% in premarket trading and put its market value on course to drop below $4 trillion for the first time since July 2025 amid reports that the board was deciding whether to oust Huang.
Nvidia-backed neocloud firms CoreWeave dropped 13.6% after surging more than 27% in the previous session when its earnings ignited a relief rally in AI stocks.
Other neocloud stocks including IREN and Applied Digital were also trading lower. Nebius dropped 20% after the company said its 2026 revenue would come in at the low end of its previous forecast.
Nvidia has lost about $300 billion in market value since the board announced an investigation on Sunday into Huang's relationship with a businesswoman called Alice Huang, who is alleged to be a Chinese spy. Reuters
Nov 12, 2026 07:27 PM IST
Nvidia CEO Jensen Huang resigns with immediate effect; CFO Colette Kress named interim chief
The company has appointed Colette Kress, its executive vice-president and chief financial officer, as interim CEO. Kress will continue to hold her existing CFO responsibilities alongside the interim role.
Nvidia has also appointed Harvey C. Jones as the first-ever chair of its board. The company said its board would initiate a search for a permanent chief executive, considering both internal and external candidates.
The announcement marks a significant leadership change at the US semiconductor giant, which has emerged as a major player in the global artificial intelligence industry.
Nov 12, 2026 07:00 PM IST
Chinese AI firms rush to secure overseas access to Nvidia chips amid fears of US crackdown
Chinese artificial intelligence companies are seeking to secure access to Nvidia-powered computing capacity outside China, amid concerns that a controversy involving the US chipmaker’s chief executive, Jensen Huang, could prompt Washington to tighten restrictions on their remote use of advanced processors, Reuters reported.
The US has imposed export restrictions on Nvidia’s most advanced AI chips to China as part of efforts to maintain its lead in the strategically important semiconductor sector. However, Chinese companies have continued to access these processors remotely by renting computing capacity at data centres located outside the country.
According to Reuters, a major Chinese cloud service provider has internally discussed whether to secure overseas capacity powered by Nvidia chips in advance. Several other Chinese companies have also approached data centre operators to explore reserving such computing resources, sources familiar with the matter told the news agency.
The developments come amid reports that the US government is considering further measures to close this potential loophole in its chip export restrictions.
San Francisco-based technology publication The Information reported that the US Commerce Department is working to finalise a rule that would prevent Chinese artificial intelligence companies from remotely accessing advanced AI chips through data centres in other countries.
Such a move could significantly restrict the ability of Chinese firms to use advanced Nvidia processors, even when the hardware is physically located outside China.
Nov 12, 2026 06:40 PM IST
Nvidia’s valuation has fallen to a 14-year low
Its shares now trade at 12.2 times expected earnings, meaning investors are paying about $12 for every $1 of forecast profit. That is the lowest level since 2012, according to LSEG data. Reuters
Nov 12, 2026 06:11 PM IST
Nvidia tumbles early amid questions about Nvidia CEO Jensen Huang’s future
Shares of Nvidia, the chipmaker at the center of the global artificial intelligence boom, tumbled early Thursday with the tenure of CEO Jensen Huang threatened by revelations of an affair with a woman reported to be a suspected Chinese spy. The company's stock has been under pressure for weeks, both because of reporting about the affair and questions about a potential bubble in the AI sector. Shares slid 7% to $161.37 before the opening bell, 34% below the company's all-time high reached just over a month ago.
The New York Times reported Wednesday that Huang had a second affair with an Nvidia executive who reports to him, and analysts said that may force the board to oust him.
“What seemed impossible a week ago is now a reality as we cannot see Jensen running Nvidia as CEO at this point and the stock/company should be valued without him as CEO," wrote Dan Ives, partner and senior managing director at Yorkville Ives & Co.Nvidia is now valued at more than $4 trillion and has been a major driver in the technology sector. It is one of the reasons the tech heavy Nasdaq Composite index raced higher for most of this year and also part of the reason the index has slumped 7% in the past month. As the crisis unfolds at Nvidia, shares of rivals like AMD, Advanced Micro Devices, and Broadcom have moved sharply higher. CoreWeave, however slid nearly 9%. Nvidia owns a stake of approximately 13% in the a data center and cloud company. AP
Nov 12, 2026 04:40 PM IST
Megaspeed, firm central to Nvidia CEO Jensen Huang's scandal, pledges to cooperate with US probe
Megaspeed, the Singapore-headquartered tech company at the center of Nvidia CEO Jensen Huang’s scandal, pledged Thursday to cooperate with investigations into concerns over risks to U.S. national security. In its first statement since Huang admitted to having an affair with a Chinese woman and former executive of the company, Megaspeed said Thursday that it takes its obligation to comply with U.S. export control laws “extremely seriously.” “Megaspeed is committed to working constructively and transparently with the U.S. government.”Nvidia's board of directors was reported to be meeting to discuss Huang's situation but there was no word on any outcome from those discussions. Reuters
Nov 12, 2026 04:36 PM IST
Elon Musk says hiring scandal-hit Nvidia chief Jensen Huang would be ‘an honour’
What would happen if NVIDIA chief, Jensen Huang, who has been hit by back-to-back scandals over affairs, applied for a job at a giant like SpaceX or Tesla? Elon Musk, SpaceX founder and Tesla chief, has said that it would be his “honour” to welcome Huang.
Last month Huang found himself in the middle of a huge scandal when US intelligence officials said that he was in an extramarital affair with a suspected Chinese intelligence asset. The woman with whom he had an affair is Alice Huang (also known as Huang Le), a former executive at the Singapore-based cloud company Megaspeed. The two are not related to each other.
US President Donald Trump later confirmed that the Federal Bureau of Investigation is investigating Jensen Huang’s affair and his links to Alice Huang. However, he said he believed that Jensen Huang was unaware of Alice being a Chinese spy. He also denied any knowledge of the concerns when Jensen flew to Beijing earlier in May this year. Elon Musk was also part of that delegation.
Nov 12, 2026 04:35 PM IST
Who is Kimberly Powell? Nvidia VP linked to CEO Jensen Huang in second affair row
Nvidia CEO Jensen Huang is facing fresh scrutiny over allegations of extramarital relationships, with a New York Times report stating that he also had an affair with an executive who reported directly to him.
Huang reportedly had an undisclosed relationship with Kimberly Powell, the company’s vice president of healthcare, The New York Times reported, citing people who worked at the company.
The alleged affair has drawn attention to Nvidia’s workplace conduct policies, which direct employees to “avoid situations where our actions create conflict”, including “personal relationships”. The company reportedly also states that it “promptly investigates reports of misconduct”.
Huang, 63, and Powell, 48, were reportedly captured on video displaying affection at a San Jose hotel during an Nvidia conference in March, according to two people who worked at the company, the NYT reported.
Nov 12, 2026 04:34 PM IST
Who will be Nvidia CEO Jensen Huang’s successor? Tech guy or finance expert
Jensen Huang, 63, has no obvious successor and owns about 3.6% of Nvidia’s stock. He also has scores of direct reports, which goes on to show the tight control he maintains over the company.
Quoting multiple sources, Reuters reported that Chief Financial Officer Colette Kress, who has held the role for 13 years and has been on quarterly calls with Huang, would be the natural choice as an interim CEO. However, for the long run, there are other candidates.
Among the other candidates whom Nvidia may look to is Engineer Buck, who has been with Nvidia since 2004. He is currently the head of product for hyperscale AI and manages Nvidia’s AI hardware and software products.
Arm CEO and former Nvidia executive Rene Haas, who deeply understands the semiconductor industry, is another candidate that Nvidia could look towards as an external choice, Reuters reported.
Nov 12, 2026 04:32 PM IST
Nvidia scouts for scandal-hit Jensen Huang’s replacement as firm’s shares nosedive
Nvidia may soon replace CEO Jensen Huang amid the back-to-back scandals that hit the tech executive. The world’s leading chipmaker’s board met late on Wednesday to scout for Huang’s replacement, ,Reuters reported citing sources within the company. According to Bloomberg, the company is working with an external firm to decide on Huang’s successor.
Nvidia is investigating his relationship with a Singapore-based businesswoman called Alice Huang, alleged to be a Chinese spy. Huang’s troubles increased when The New York Times reported that he had another affair with a company executive, Kimberly Powell.
Nvidia, however, refused to comment on the board meeting.
Despite Nvidia expressing confidence in Huang earlier this week, the board is now looking for his replacement. According to Reuters, Nvidia’s bylaws enable the company to remove Huang “with or without cause” if a majority of the board, comprising 11 directors, votes against the CEO.
Nov 12, 2026 04:31 PM IST
Where is suspected Chinese 'spy' Alice Huang?
Alice has reportedly returned to China, Bloomberg News reported on Wednesday, citing people familiar with the matter.
The Megaspeed International founder is at present living in Beijing with the knowledge of security officials, according to the report.
Her reasons for travelling to the Chinese capital, the timing of her arrival and her current activities remain unclear, the people said.
Nov 12, 2026 04:30 PM IST
Who is Kang Wei, Alice Huang’s reported husband?
Alice and her husband Kang built an extensive business network over the past 10 years, moving across sectors including video games, pharmaceuticals, cloud computing, and artificial intelligence.
According to people familiar with their business dealings, the couple repeatedly established interconnected companies, shifted ownership stakes, and used their business connections to pursue new investment opportunities.
The US officials believe that China’s intelligence services recruited Alice because of her access to the semiconductor giant’s chief.
Nov 12, 2026 04:29 PM IST
Who introduced Nvidia CEO Jensen Huang to Alice Huang? Her husband played key role: Report
Nvidia CEO Jensen Huang was reportedly introduced to Alice Huang, the woman at the centre of allegations of links to Chinese intelligence, by Chinese businessman Kang Wei, who had known the billionaire technology executive for around a decade, The Wall Street Journal reported.
Kang was also Alice’s husband, according to people familiar with the couple cited by the newspaper. He reportedly appeared to tolerate his wife’s relationship with the Nvidia chief for nearly two years.
Kang also openly spoke about their closeness and sometimes jokingly described Alice as Jensen Huang’s personal assistant when talking to associates, the people familiar with the couple said, the journal added.
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