Catenaa, Thursday, November 12, 2026- Nvidia’s valuation fell below $4 trillion on Thursday after the stock dropped as much as 8%, and Jensen Huang stepped down as CEO.
Nvidia announced Huang’s resignation on Thursday morning. In a statement, the company said Chief Financial Officer Colette Kress will take over as interim CEO.
Huang stepped down following reports of another affair with a fellow executive at the chipmaker, days after reports about an affair with a suspected Chinese spy.
Nvidia also named Harvey C. Jones as its first-ever board chair. Jones previously served as CEO and executive chair of Synopsys.
“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 in a statement.
“She is supported by an experienced leadership team that has been instrumental in executing NVIDIA’s strategy and advancing its technology roadmap. 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, in a statement, said she is committed to building on the work Huang has done to turn Nvidia into the company it has become.
“We will continue advancing the work that has made Nvidia a leader in accelerated computing and AI, and execute on the opportunities ahead. Our focus remains on serving our customers, partners, developers and shareholders,” she said. focus remains on serving our customers, partners, developers and shareholders,” she said.
The New York Times reported in October that US officials had concluded Alice Huang was a Chinese intelligence asset, while the Financial Times later reported that a US government memo said the two had been romantically involved. China has denied the allegations.
The New York Times also reported on Wednesday that On Wednesday, Huang had also had a relationship with Kimberly Powell, Nvidia’s vice President of health care, who reports to him.
The Wall Street Journal later reported that the board was preparing to oust him, adding to the pressure on the CEO.
“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,” said Yorkville Ives analyst Dan Ives in a research note.
“We also believe the old Jensen with the black leather jacket, Godfather, AI visionary viewed as a rock star globally is over and in the past.” he said.
In a separate report, Ives estimated Nvidia’s value at $225 per share if Huang left the company, compared with $300 per share if he remained at the helm.
