Jensen Huang, the billionaire co-founder and chief executive officer of artificial intelligence chip giant Nvidia, stepped down from his role on Thursday morning. The company’s board of directors announced the resignation following revelations of a second extramarital affair with an Nvidia staff member, coming just days after Huang admitted to a previous relationship with another technology executive whom intelligence officials suspect may be a Chinese spy.

Colette Kress, Nvidia's chief financial officer, has stepped in as interim CEO while the board initiates a comprehensive executive search that will evaluate both internal and external contenders for the permanent position.

The board officially recognized Huang’s monumental impact on the company he established more than thirty years ago, offering gratitude for his immeasurable contributions to both the enterprise and the broader semiconductor sector.

The departure arrives in the wake of mounting pressure as directors prepared to remove Huang over escalating controversies surrounding his personal relationships—specifically the alleged affair with a Chinese operative and another involving a direct report within Nvidia.

The secret for being CEO for this long is 1) don’t get fired and 2) don’t get bored. I don’t know which one comes first. How long [will I remain CEO]? For as long as I deserve it. — Jensen Huang

Market reaction was swift, with Nvidia shares plummeting 10% at the opening bell on Thursday, extending the stock's five-day decline to 18%.

Potential Successors to Lead Nvidia

Discussion has immediately turned to potential successors who could guide the architect of the AI boom. While Kress is managing operations in the interim, other internal figures mentioned by media outlets include Michael Kagan, the chief technology officer who founded supercomputer networking firm Mellanox before its 2020 acquisition by Nvidia, and Jay Puri, the former executive vice president of worldwide field operations who retired in July. Ian Buck, vice president of hyperscale and high-performance computing, has also been discussed, though industry analysts point out his limited broad operational background. On the external front, reports have highlighted Lisa Su, chief executive of primary rival Advanced Micro Devices (AMD), alongside billionaire and former Google CEO Eric Schmidt. Jeffrey Sonnenfeld of the Yale School of Management noted to reporters that Schmidt could step in seamlessly. Additional external contenders involve Apple hardware chief Johny Srouji and Rene Haas, a former Nvidia alumnus currently leading British chip designer Arm. Some analysts suggest a co-CEO framework might be adopted to balance technical expertise with operational and financial leadership.

President Donald Trump, who reportedly possessed prior knowledge of Huang's relationship with the suspected spy without intervening, suggested via Truth Social that former Apple CEO Tim Cook should take the helm, writing, A Legend replaces a Legend!

Meanwhile, Tesla and SpaceX leader Elon Musk expressed on social media that it would be an honor to employ Huang, responding to calls from investors urging support for the embattled executive. Musk backed sentiments from prominent venture capitalists arguing that despite a severe lapse in judgment, Huang remains fundamentally critical to American leadership in artificial intelligence.

The crisis unfolded after Huang distributed a memo on Sunday confirming an affair with Alice Huang, an executive at Megaspeed International who faces scrutiny from U.S. intelligence regarding potential Beijing ties. Nvidia’s board immediately engaged outside legal counsel to investigate whether corporate secrets or national security had been compromised. The unfolding scandal triggered a 10% market correction, erasing billions from Huang's net worth. Further reporting from the New York Times revealed a secondary relationship with Kimberly Powell, Nvidia’s vice president of health care. When contacted by journalists, Huang declined to comment directly before disconnecting the call. Both individuals are married to others.

Prior to the revelations, Huang held an estimated net worth of $155 billion, placing him among the world's wealthiest individuals at number 13 with $131.7 billion. The scandal has additionally fueled speculation regarding a potential divorce from his wife of 41 years, Lori Huang, which could carry massive financial implications. Given that California is a community property state and much of Huang's stock is held in shared trusts without an explicitly verified prenuptial agreement, marital assets accumulated over four decades could face an even division.