Nvidia CEO Jensen Huang Resigns After 33 Years: $573 Billion Wiped Out, 3,000 Employees Demand Return, Congress Summons Him to Testify
Nvidia founder Jensen Huang resigned as president, CEO and director on November 12 after 33 years, the company disclosed in an 8-K filing. The move followed reports of an affair with another woman who was allegedly working as a spy for China, and a separate relationship with an Nvidia executive. CFO Colette Kress is serving as interim CEO while the board conducts an independent review.
The market reaction was brutal. Nvidia shares closed at $162.85 on Friday, November 13, down 2.01%, valuing the chipmaker at $3.93 trillion. Over the week, roughly $573 billion in market value was erased. The day the crisis broke, shares fell 4.34%, wiping out about $182 billion in a single session. The Nasdaq ETF proxy QQQ was at 674.25, down 2.41% as of November 14.
From AI Boom Leader to Political Flashpoint
Huang, the executive synonymous with the AI boom, is now at the center of a Washington firestorm. Three House committees have summoned him for a closed-door interview, and the chairman of the Senate Banking Committee has requested that Huang and Commerce Secretary Howard Lutnick testify to discuss “serious concerns about our national security.”
President Donald Trump said he spoke with Huang before the resignation, describing him as torn up over the fallout on his family. According to a source, Trump encouraged Huang to fight calls to step down. The White House has not publicly commented further.
Investors and Employees Push Back
On Friday, November 13, investors Brad Gerstner and Gavin Baker sent a letter to Nvidia’s board asking it to slow down the CEO search. Their combined stake is roughly 0.04%, so their influence comes more from profile than ownership. A separate public petition, “Stand with Jensen,” has gathered 55,000 signatures, but only about 4,000 signatories claim to be current employees, and affiliations are self-reported.
The pushback highlights a split between Wall Street and the board. Gerstner and Baker argue that a rushed replacement could destabilize the company. The board has not commented on the letter or the petition.
Taiwan Feels the Shock
Huang’s downfall is especially jarring in Taiwan, where he was born and where Nvidia now manufactures its chips. The company’s manufacturing footprint there makes his exit a local story as much as a global one. Taiwan-based suppliers and employees are watching the leadership transition closely.
What to Watch: Congressional Testimony and the CEO Search
Huang’s closed-door interview with House committees and the Senate Banking Committee’s request for testimony from Huang and Commerce Secretary Lutnick are the next catalysts. The board’s independent review and any announcement of a permanent CEO will also be critical. A sustained move in NVDA shares below the $162.85 close, or a rebound above it, would signal whether investors see the interim leadership as stabilizing or destabilizing.
Sources: rss_autopost