Jensen Huang has stepped down as chief executive of Nvidia after more than 33 years leading the company he co-founded in 1993. The Guardian UK Business reported that Huang's departure followed revelations he had an extramarital affair with a woman that US officials believe to be a Chinese intelligence asset. The fallout from the scandal wiped more than $600bn from Nvidia's valuation, despite the company being worth more than $4tn at its peak in 2026.
Huang had stewarded Nvidia from a $1bn firm when it went public in 1999 into one of the world's most valuable companies at the center of the artificial intelligence boom. However, his position became untenable after the New York Times reported not only the affair with Alice Huang, a top executive at datacenter company Megaspeed, but also an alleged second affair with another Nvidia executive. China has denied accusations that it recruited Alice Huang as an intelligence asset, calling them a 'smear'. The US Department of Commerce had begun investigating Megaspeed in September 2024 over whether it was diverting Nvidia chips to Chinese firms in potential violation of export restrictions on advanced AI technology.
The relationship between Jensen Huang and Alice Huang became public in May 2026 when US Secretary of State Marco Rubio drafted a memo warning that Jensen Huang had grown close to an alleged Chinese spy, based on electronic surveillance information. Initially, Huang appeared likely to retain his position after Silicon Valley leaders rallied behind him and the Nvidia board said it had confidence in his leadership. However, a retail investor lawsuit accusing the company of misleading investors over the affair, combined with reporting that the board was preparing to oust him, led to his resignation.
Nvidia's board has launched a search for a new chief executive. The company's chief financial officer, Colette Kress, is serving as interim CEO. Huang's departure represents a dramatic fall for the executive who transformed Nvidia into a cornerstone of the global technology sector during the artificial intelligence era.
For Nvidia investors, the scandal and leadership change create uncertainty about the company's strategic direction and regulatory standing at a time when US export restrictions on advanced chips to China remain a critical business issue.