Nvidia shareholders urge board to consider Jensen Huang's return as CEO
Nvidia's CFO Colette Kress is serving as interim CEO while the board runs an independent investigation into national security concerns.
Latest · Nov 14 Major shareholders are now urging Nvidia’s board to consider bringing Jensen Huang back as CEO.
Two large Nvidia shareholders, Altimeter Capital and Atreides Management, asked the board to consider reinstating Jensen Huang as CEO. In a letter published Friday, the investors urged a slow, measured process for choosing the next leader and said there were more questions than answers about recent events. They expressed confidence in interim CEO Colette Kress. Huang resigned as president, CEO and board member after admitting an extramarital affair with a Chinese businesswoman. Trump administration officials have publicly disagreed over whether she, identified as Alice Huang, was spying for Beijing. Nvidia's board has launched an independent investigation and said it has no reason to believe company secrets or national security were compromised. Former White House AI adviser David Sacks challenged the spy allegations, and the Justice Department had not reached a conclusion, according to Attorney General Todd Blanche. Huang has agreed to a closed-door briefing for Congress by Thanksgiving and was asked to appear at a Dec. 3 Senate Banking Committee hearing. Commerce Secretary Howard Lutnick has agreed to testify at a Dec. 10 hearing. Nvidia's stock fell sharply during the week, and Huang's holdings lost more than $20 billion in value, though that decline was on paper rather than from sales.
By the numbers
- 9.4 millionNvidia shares held by Altimeter Capital, worth nearly $1.9 billion
- $20 billion+decline in value of Huang's holdings over five days
- Dec. 3 and Dec. 10dates of the planned Senate hearings
Key points
- Huang apologized to his wife and children
- Nvidia says it has no reason to believe company secrets were compromised
- Officials disagree on how strong the evidence is that the woman was a spy
What’s next: Huang is expected to give a closed-door briefing to Congress by Thanksgiving and is scheduled to appear at a Senate Banking Committee hearing on Dec. 3.
Read the original reporting (3)
- Washington ExaminerInvestors push for Jensen Huang to be reinstated as Nvidia CEO after affair with suspected spywashingtonexaminer.com
- CNBCNvidia's leadership crisis rattles the AI trade. Here's how we're adjusting our portfoliocnbc.com
- Fox BusinessNvidia stock slide wipes out more than $20B in value for Jensen Huang over 5 daysfoxbusiness.com
Earlier coverage
- Nvidia CEO Jensen Huang resigns after affair scandal; CFO named interim leader
Nvidia CEO Jensen Huang resigned after reports that he had affairs with several women, including a business executive at Singapore-based Megaspeed whom U.S. intelligence suspects of being a Chinese spy. Huang had co-founded the chipmaker in 1993 and led it into a company valued at about $4 trillion. The board had announced an investigation the previous Sunday, and Huang admitted the relationship in an email to the company. Nvidia's board hired a law firm to lead the review, and the company said it has no reason to believe national security or company secrets were compromised. Huang had cultivated a close relationship with President Trump. The scandal has also drawn attention to the White House, as lawmakers look into Commerce Department handling of Nvidia chip export controls.
Why it mattered: Nvidia makes the chips that power much of the American AI boom, so leadership changes can move the stock market and affect U.S. tech companies. The case also raises questions about national security and how chip exports to China are controlled.
New York Post · NPR News · CNBC · BBC World
- Nvidia CEO Jensen Huang resigns after affair allegations; CFO named interim leader
Nvidia CEO Jensen Huang stepped down immediately as chief executive and left the company's board, the chipmaker said Thursday. Chief Financial Officer Colette Kress will serve as interim CEO while the board searches for a permanent successor. Former Synopsys CEO Harvey Jones became the company's first-ever board chairman. The resignation followed an internal investigation into Huang's personal relationships. Huang acknowledged on Sunday that he had been unfaithful to his wife, in a relationship with Alice Huang, an executive at Singapore-based Megaspeed. U.S. authorities believe she is a spy for China. China has rejected allegations of a spying operation targeting Huang and called them a smear campaign. The New York Times also reported another relationship, with Kimberly Powell, Nvidia's vice president of health care, who reports to Huang. Nvidia shares fell more than 10% at one point before paring losses to about 4% in midday trading. The company had been close to a $4 trillion market value. Bernstein cut its price target on the stock from $400 to $200. Analysts said the company's lack of a succession plan was a concern, and some said it was unclear who could lead the company's next phase.
Huang co-founded Nvidia in 1993 and led it from a gaming graphics company into the center of the AI boom. Nvidia controls a large share of the AI chip market, and its chips are used to train and run major AI systems. Lawmakers had called for Huang to step down, and he has agreed to testify before Congress, according to CNBC.
Why it mattered: Nvidia is one of the most valuable U.S. companies, and its stock is held by many investors and funds, so the leadership change and share drop can affect retirement accounts and the broader market. The case also raises national security questions about AI chip exports to China, which Democratic senators have asked the Trump administration to preserve records on.
CNBC · Fox Business · Ars Technica · NPR News · The Verge · Washington Times · Washington Examiner · KTAR News 92.3 · BBC World
- Nvidia's board opens independent probe into CEO Jensen Huang over ties to alleged Chinese spy
Nvidia's board has launched an independent investigation into whether CEO Jensen Huang was the target of a foreign intelligence operation. The probe follows reports that U.S. officials came to believe a former executive at Singapore-based Megaspeed, Alice Huang, was passing information to Chinese intelligence. Alice Huang has no relation to the Nvidia CEO. Huang acknowledged in an email to employees that he had been unfaithful to his wife and apologized. The company said Huang supports the review and will cooperate with investigators, and said it has confidence in him and his leadership team. House Select Committee on China Chairman John Moolenaar urged Nvidia to conduct a thorough investigation. Analysts cited by Ars Technica said Huang's future is uncertain, and Nvidia had fallen more than 5% on Monday amid a broader sell-off in AI stocks.
Why it mattered: Nvidia makes chips central to the American AI industry and to U.S.-China technology competition, so questions about possible leaks carry national security weight. Its stock also sits in many American retirement and index funds.
Fox News · Washington Examiner · Washington Times · Ars Technica
Show 2 older updates
- Nvidia CEO Jensen Huang apologizes for affair as firm opens probe into alleged Chinese spy tie
Nvidia CEO Jensen Huang apologized Sunday for an affair, saying he was unfaithful to his wife. The company's board opened an independent investigation into reports linking him to Alice Huang, a Megaspeed executive whom U.S. intelligence has identified as a Chinese intelligence asset.
The board said outside independent counsel and independent directors will oversee the probe. Huang said he would cooperate fully and that he loves his country and company.
Nvidia said Huang will remain CEO during the review. Secretary of State Marco Rubio had reportedly warned administration officials about the relationship, and three House Republicans have asked Huang to answer questions in a joint briefing. China's Foreign Ministry called the spy allegation unsubstantiated and a smear campaign.
Why it mattered: Nvidia makes the advanced AI chips at the center of U.S.-China tensions, and the scandal raises questions about China's access to sensitive American technology. Investors reacted quickly, with the stock falling about 6% on Monday.
- Nvidia CEO Jensen Huang summoned by Congress over Chinese espionage concerns
Republican lawmakers have asked Nvidia CEO Jensen Huang to appear before Congress after reports that U.S. intelligence officials believe he has been targeted by a Chinese spying operation. The chairs of the House committees on China, foreign affairs, and intelligence asked him to attend a closed-door joint briefing on November 18.
The concerns center on a Chinese woman named Alice Huang, an executive at Megaspeed, a Singapore-based cloud company that has bought billions of dollars of Nvidia's chips. Megaspeed was founded in 2023 as a spin-off from a Chinese gaming company, and the U.S. previously looked into it for possible chip smuggling, though no charges followed.
Nvidia has rejected the claims. The company said meetings with customers are part of a CEO's job, that its regional cloud customers receive ordinary business information, and that Huang is protected by an outstanding security team. Nvidia also ran its own on-site inspections at Megaspeed in Singapore, and its internal probe found no evidence of its chips being misused. The company did not say whether Huang would appear before Congress.
Why it mattered: Nvidia's advanced AI chips are central to the U.S. technology race with China, and lawmakers are questioning whether sensitive American technology is reaching Beijing. The outcome could shape how closely the U.S. monitors chip sales to overseas cloud companies.
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