Nvidia CEO Jensen Huang steps down in big blow to AI boom

Detailed summary

The departure could also have far-reaching consequences for US chip export policy, given Huang's push to preserve access to the Chinese market and his close ties with US President Donald Trump

BOSS. NVIDIA’s CEO Jensen Huang attends a media roundtable meeting in Singapore, on December 6, 2023.

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Nvidia CEO Jensen Huang is stepping down, leaving the AI industry without its biggest champion and clouding the future of the chipmaker he built into an AI powerhouse.

Chief Financial Officer Colette Kress will take over as interim CEO as Nvidia looks for a permanent successor, the company said on Thursday, November 12. It named former Synopsys CEO and board member Harvey Jones as its first-ever board chairman.

Huang, who co-founded Nvidia and is its fourth-largest investor with a stake of about 3.61%, will exit the board as well.

Nvidia shares fell more than 10% in premarket trading, and weighed on the broader market.

Pressure had been mounting on Huang in recent days after reports said the 63-year-old, who is married, had an affair with a Chinese businesswoman who US authorities suspect of spying for Beijing.

Nvidia’s board met on Wednesday, November 11, to consider his ouster, a person familiar with the matter said, after reports earlier in the day that Huang also had an extramarital affair with a senior company executive who reported to him.

Huang’s exit plunges the $4 trillion company into uncertainty and threatens to disrupt an AI ecosystem that he helped bankroll by pouring Nvidia’s swelling cash pile back into cloud providers, suppliers and the industry’s biggest labs.

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