TECH giants, Nvidia said on Thursday, November 12, that Jensen Huang has resigned as president and chief executive officer with immediate effect.
Chief Financial Officer, Colette Kress, has been appointed interim chief executive, while former Synopsys chief executive officer, Harvey Jones, was named Nvidia’s first-ever Board Chairman.
Huang, 63, had been under pressure over reports of two extramarital affairs, one involving Alice Huang, a woman alleged to be a Chinese spy.
The announcement came after Nvidia’s board met on Wednesday, November 11, to discuss his future.According to AFP, Nvidia shares fell sharply, with Huang’s exit plunging the company into uncertainty and threatening to disrupt an Artificial Intelligence (AI) ecosystem that he helped bankroll.
United States (US) President, Donald Trump, called Huang ‘a legend,’ while congressional leaders urged investigations into national security risks.
Earlier on Thursday, House Minority Leader, Hakeem Jeffries, told reporters that espionage allegations at Nvidia will be investigated by Democratic members of Congress, who will head important committees when Democrats assume the majority in January next year.
Jeffries, a potential candidate for House Majority Leader or Speaker, said “the American people deserve answers,” and that Congress will “get to the bottom of whether America’s national security has been compromised.”
Huang has hired the law firm, Paul Weiss, and its litigators, Melinda Haag and Walter Brown, according to The New York Times.
The newspaper, citing two people familiar with the matter, said it was not immediately clear what the firm had been hired to do.Haag and Brown have previously represented executives in government and internal investigations, according to their biographies.
A Paul Weiss spokesperson declined to comment to the newspaper.A growing number of lawmakers are criticising Commerce Secretary, Howard Lutnick, over the administration’s refusal to add dozens of Chinese companies to a key US trade blacklist.They have also questioned whether the government was properly overseeing Nvidia’s exports to China.
The White House had earlier came out in defenve of Lutnick, saying that Trump maintained “complete confidence” in him.But members of Congress have continued to raise concerns.
“Secretary, Howard Lutnick, and Under Secretary, Jeffrey Kessler, must explain why they have not closed export control loopholes and act today to ensure our advanced technology is not fueling China’s military,” said Senator Elizabeth Warren, a Massachusetts Democrat, who will chair the Senate Banking Committee starting in January.
She and incoming Senate Foreign Relations Committee chair, Chris Coons, wrote to Lutnick, Secretary of State, Marco Rubio, and White House Chief of Staff, Stephen Miller, telling the administration to preserve all documents related to Nvidia’s exports of advanced AI chips to China and related national security risks.
Representative Brian Mast, a Florida Republican, said Congress needs to investigate the Commerce Department’s role in how it approves chip exports, adding that he has confidence in Lutnick.
Senator John Kennedy, a Louisiana Republican, told Politico that Lutnick needs to answer questions about approving advanced US chip sales to China.
US stocks have reversed their early losses to trade slightly higher.The Dow Jones Industrial Average rose 0.40 per cent, to 52,696.65, the S&P 500 gained 0.29 per cent, to 7,641.10, and the Nasdaq Composite added 0.31 per cent, to 25,545.34.
Nvidia shares were last down about four per cent, having earlier fallen as much as 14.3 per cent.Shares of competitor, Advanced Micro Devices were up seven per cent.
Broadcom rose 5.4 per cent, while Intel was flat.”The market’s absorbed this reasonably well. You notice some of Nvidia’s losses have been offset by gains in competitors,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.
“As far as Nvidia’s future, there’s a lot that remains unknown about this whole episode,” he said.
“Are we seeing the bottom today? Will there be more bad news coming out that will drive down the stock again? That’s the existential question looking at Nvidia today.”
Chinese tech firms that use Nvidia chips for their AI models fell sharply however.
Alibaba was down 7.1% in US trading, while Tencent dropped 2.6% earlier.That’s the company connected with Alice Huang, the woman at the center of the scandal that has led to Jensen Huang’s resignation.
Singapore’s Ministry of Home Affairs said she had been barred from re-entering its territory after an investigation into possible offences.
It said that as part of their probe into Megaspeed’s activities, Singapore police had sought information from the US in relation to Supermicro, a US-based supplier of servers that was relevant to the investigation.”
However, Supermicro provided limited cooperation,” the ministry said, adding that the Singapore police had raised this at a meeting in July 2025 with the US authorities, requesting their help in securing the company’s cooperation.”
Since September 2025, SPF (the Singapore Police Force) has repeated this request on several occasions to the US Department of Justice and the Federal Bureau of Investigations.
Despite these repeated requests, Singapore has to date received limited information or assistance in respect of the company.”
