Nvidia CEO Jensen Huang steps down amid affair with alleged Chinese spy

Resignation and interim leadership

Jensen Huang stepped down as chief executive of Nvidia on Thursday, 12 November 2026, under pressure from the company's board of directors. The chipmaker announced the departure in a brief press release that did not include a statement from Huang. The board's decision followed a relationship with vice chair Kimberly Powell that became public on Wednesday, 11 November, which De Standaard describes as the final straw. In the days before, reports had linked Huang to Alice Huang, a Chinese businesswoman suspected of spying for China. Colette Kress, the company's chief financial officer, has taken over as interim chief executive, and her first real test with investors comes at the presentation of the quarterly results.

The Alice Huang allegations

Alice Huang is suspected of spying for China, but US intelligence agencies have not settled that question. According to CNN, the FBI has been investigating the affair for at least a year, and CIA officials are not yet convinced that the intelligence gathered so far, including intercepted communications, proves she knowingly passed information to the Chinese government. Several sources told CNN there is not yet evidence that she spied for Beijing, although NOS reports that sources had said a week earlier that such evidence existed. Bloomberg reports that a Chinese company founded by Alice Huang obtained banned Nvidia AI chips. De Standaard reports that she allegedly channelled billions of dollars' worth of advanced chips to China through the Singapore-based company Megaspeed, where NOS says she is a former head. The United States banned exports of H800 chips to China in 2023, and according to CNN some officials in the Trump administration find it hard to believe she is not a Chinese government spy. Telegraaf notes that the two Huangs share a surname but are not related.

Market reaction

Nvidia shares fell 13% at the opening on Thursday before recovering to a 5.5% decline. Since their peak on 6 October, the company has lost nearly 1,800 billion dollars in market value, and it is worth less than 4,000 billion dollars for the first time since July 2025. Several analysts cut their price targets for the company on Thursday. De Morgen reports that the stock stood at 166.19 dollars on Friday morning, well below the 239.24 dollars it reached at its high this year.

Year high (2026)239.24

13 November, morning166.19

Year high (2026)

239.24 USD

13 November, morning

166.19 USD

Data from the article text

Japan's stock market rose on Friday after weakening the day before over concern about Huang's departure, while Hong Kong and South Korea declined. Bitcoin slipped below 70,000 dollars in the same trading session, according to Telegraaf.

Senate requests and next steps

Tim Scott, the Republican chair of the Senate Banking Committee, has asked Huang to appear voluntarily on 3 December, and if he does not, he can be subpoenaed and compelled to testify. Scott wrote on X that the American people deserve answers. He also asked Commerce Secretary Howard Lutnick to testify on 10 December, and NBC News reports that Lutnick has agreed to the request. Lutnick is under scrutiny over the export of Nvidia AI chips to China, and anonymous officials in the Trump administration told US media that he tried to block tighter export restrictions. Committees in the House of Representatives also want to speak with Huang behind closed doors about intelligence matters involving China. It is not yet clear whether Huang will respond to the Senate request.