Nov 13, 2026 04:13 PM IST
Nasdaq futures dip as Nvidia tumult keeps investors on edge
Futures tracking the tech-heavy Nasdaq 100 index inched lower early on Friday, after a volatile week that stoked fears about the AI trade following the turmoil at chip heavyweight Nvidia.
Shares of the company rose 1.8% in premarket trading after losing around 11% this week through Thursday, when CEO Jensen Huang quit after reports of alleged extramarital affairs, including one involving a suspected Chinese spy.
They are still on course for their longest streak of weekly losses since October 2012.
The controversy has risked spilling over into the broader AI industry, since Nvidia is at the heart of the boom. The company's financing arrangements with several other AI players could now face greater scrutiny because of the shift in leadership, investors said.
"I'm a bear for AI-related stocks. You've got to exit these waves before they crash. And in AI, we've got a big wave going on," said Sean Peche, founder and portfolio manager at Ranmore Fund Management.
Investors are also awaiting October's producer price inflation reading, which could be crucial in determining how much the Federal Reserve raises rates next month.
Traders are fully pricing in a hike. Some central bank policymakers in recent days have raised the prospect of a 50 basis point (bps) increase, compared to a widely expected modest 25 bps hike. Odds of a 50 bps hike sit around 12%, according to the CME FedWatch tool.
At 5:03 a.m. ET, Dow E-minis were up 98 points, or 0.19%, S&P 500 E-minis rose 9.75 points, or 0.13%, and Nasdaq 100 E-minis fell 31 points, or 0.11%.
The weak AI sentiment threatens the recovery in equities after last week's selloff following Democrats' victory in the midterms. Reuters
Nov 13, 2026 03:30 PM IST
Three Indian-origin executives emerge as potential contenders to succeed Jensen Huang at Nvidia
Three Indian-origin technology executives — Sanjay Mehrotra, Nikesh Arora and Thomas Kurian — have emerged among the names being discussed as potential successors to Jensen Huang as Nvidia begins its search for a permanent chief executive.
Mehrotra, who heads Micron Technology, Arora, CEO of cybersecurity firm Palo Alto Networks, and Kurian, CEO of Google Cloud, are reportedly among the potential candidates being considered following Huang's sudden departure from the chipmaker.
Huang, who co-founded Nvidia and led the company for more than three decades, stepped down from his positions as president, CEO and board member with immediate effect on Thursday, according to the reports.
Nvidia's chief financial officer Colette Kress has taken over as interim CEO while continuing in her existing role. The company's board has said it will consider both internal and external candidates while searching for a permanent successor.
Meanwhile, longtime Nvidia director Harvey C. Jones has been appointed as the company's first-ever chairman of the board.
Nov 13, 2026 02:55 PM IST
Japan's Nikkei posts best week in 5 months despite Nvidia turmoil
Japan's Nikkei share average closed higher on Friday and logged its biggest weekly gain in five months, as upbeat earnings and renewed AI optimism helped the market recover from the previous week's sharp selloff despite concerns surrounding Nvidia.
The Nikkei rose 0.53% to close at 61,142.35, posting a weekly gain of 6.46% for its best week since the week ended June 15.
The broader Topix advanced 0.11% to 3,941.57, marking a weekly gain of 6.3%, its strongest since mid-August 2024.
The market rose despite an overnight selloff in Nvidia shares that weighed on US stocks. Gains in Broadcom and Alphabet, however, pointed to continued investor confidence in the wider AI sector.
Semiconductor stocks rose early, though some trimmed gains by the close as South Korean equities weakened. Advantest gained 2.08% and Tokyo Electron rose 1.69%, while SoftBank Group lost 5.11%.
"The rise in semiconductor- and AI-related shares, which had been under pressure for a relatively long period, appears to have been a factor behind this week's gains in the Nikkei average and Topix," said Maki Sawada, equities strategist at Nomura Securities.
Nvidia CEO Jensen Huang's departure has also raised questions about the company's future direction and the implications for US chip export policy and access to the Chinese market. Reuters
Nov 13, 2026 01:45 PM IST
Internal post urging Nvidia to reinstate Huang as CEO draws 1,600 comments
An internal post urging Nvidia’s board to reinstate Jensen Huang has drawn more than 1,600 comments, with the majority in “full support” of reinstating him as the CEO.
The post urges the Board of Directors to “consider employee sentiment” regarding Huang’s departure from the company.
Nov 13, 2026 01:23 PM IST
Months ago, Jensen Huang mocked Colette Kress — now she’s replacing him as Nvidia CEO
This summer, when the AI economy powered by Nvidia's high-risk investments looked shaky, Jensen Huang had called in his top finance executives to his office. Huang wanted to make sure they were getting things right.
He had summoned Colette Kress and his senior finance team to address a ballooning problem: Nvidia was in talks to give billions of dollars of guarantees to firms that couldn’t afford its chips.
During the meeting, he interrupted her (Kress's) presentation and called her “a deer in the headlights”, Wall Street Journal reported, citing a person familiar with the comments.
Nov 13, 2026 12:11 PM IST
Why Nvidia's spy scandal may cost Howard Lutnick his US Cabinet job
No black-listing of Chinese firms flagged as national threat: As Huang's affair with a suspected Chinese spy continues to gather fire, Lutnick faces considerable criticism over the US administration's refusal to add several Chinese companies to the US trade blacklist.
In June, Reuters reported the Trump administration kept away from adding China’s AI startup DeepSeek, memory chipmaker CXMT, and over 100 other firms flagged as national security risks to a trade blacklist. In fact, the US had not added to that list since October 2025, the longest stretch between new postings in more than a decade. According to an earlier Reuters report, the US Commerce Department did not add any new Chinese company to the list to avoid escalating tensions with China.
Export of sensitive Nvidia AI chips to China: US lawmakers, in growing numbers, believe that Lutnick has not done enough to block AI chip shipments to China. The senators have also cited reports of Huang's personal relationship with Alice Huang, founder of Megaspeed, a Singapore-based company that has purchased more than advanced Nvidia AI chips worth $4.8 billion since June 2024.
Top Democratic lawmakers have written to Lutnick, saying that they are probing the administration's approval of sales of Nvidia's AI chips to Chinese companies "with concerning links to the Chinese government, military, and sanctioned entities". They also questioned Trump's decision to grant the tech giant permission to sell its advanced H200 AI chips to China in December 2025 in exchange for a cut of the export sales revenue through a Commerce Department action. They called it "an unconstitutional export tax."
Nov 13, 2026 10:47 AM IST
Jensen Huang summoned to testify before Congress about affair with Chinese 'spy'
Jensen Huang, who has recently resigned as Nvidia CEO, has been summoned to testify before a Senate committee next month about his alleged affair with a suspected Chinese spy. Commerce Secretary Howard Lutnick, who is under the scanner over exports of Nvidia AI chips to China, has also been summoned to appear before the Senate Banking Committee.
Nov 13, 2026 09:44 AM IST
Trump had urged Jensen Huang to fight for his job, says report
US President Donald Trump had called Jensen Huang and urged him to fight for his job at Nvidia, the New York Times has reported, citing two people briefed on the conversation. Huang resigned as the CEO of the AI chipmaking giant on Thursday.
Nov 13, 2026 09:43 AM IST
Jensen Huang had a ‘third affair’; this one with another Nvidia employee: Report
The Nvidia CEO scandal is getting murkier by the day. Now, a third affair of CEO Jensen Huang has come to the fore. According to news agency Reuters, this relationship of Huang involved a second employee. The revelation comes just hours after Huang’s ouster as Nvidia CEO.
Nov 12, 2026 10:33 PM IST
Alice Huang sent Jensen Huang a text. Minutes later, he walked into Taipei bar
One of the first photographs that has gone viral this week of Nvidia’s former Chief Executive Jensen Huang alongside suspected Chinese ‘spy’ Alice Huang showed the two at a cocktail bar in Taipei in 2024. The Nvidia co-founder was in Taiwan for an annual computer-industry trade show.
Alice, who was then a top executive at Singapore-based data firm Megaspeed, was among a group of executives who had gathered at the bar. Also known as Huang Le, she has been under the radar of US intelligence agencies after it was revealed in a confidential memo that she was a Chinese intelligence asset who relayed information to Beijing while developing a close relationship with the Nvidia CEO.
Read full report here
Nov 12, 2026 10:22 PM IST
IMF monitoring AI developments, too early to say if AI reassessment underway
The International Monetary Fund is closely monitoring volatility in AI equity valuations and the US political shift that could slow data center development, but believes it is too early to tell whether investors are souring on the sector for the long term.
IMF spokesperson Julie Kozack told a regular news briefing that AI equity valuations remain exposed to a reassessment of the longer-term profitability of the technology and "that overall view that we have taken still remains the case."
Asked about the impact that the resignation of Nvidia CEO Jensen Huang would have on the sector that has driven global economic growth in the face of high energy prices, Kozack said:
"We're of course closely monitoring the most recent developments and their impact on equity markets, the economy, and financial stability, but at this point it's really too early to say whether there's going to be some broader reassessment of investment in AI technology and any broader reassessment of profitability and future productivity gains." Reuters
Nov 12, 2026 09:52 PM IST
Who is Colette Kress?
Meet the interim CEO of Nvidia
Express InfoGenIE · Visual story
From CFO to CEOThe Colette Kress story
Jensen Huang has resigned. Nvidia’s finance chief of 13 years is now running the AI chip giant, for now. Who is she, and who else could lead it?
Updated November 12, 2026, 8:30 pm IST · Interim appointment
CK
Colette KressInterim CEO & CFO, NvidiaIllustration
Nov 12, 2026Named interim CEO
2013Joined Nvidia as CFO
Nov 17First results as interim CEO
↓ Scroll to explore
Chapter 1
A week that ended an era
Jensen Huang co-founded Nvidia in 1993 and led it for 33 years. Here is how his tenure ended, and Kress’s began.
Oct 29
The New York Times reports US intelligence suspicions about Alice Huang, a businesswoman linked to Jensen Huang.
Nov 8
Huang tells staff he was unfaithful to his wife; the board opens an independent investigation.
Nov 11
The board meets to decide his future; a second relationship, with an Nvidia executive, is reported.
Nov 12
Huang resigns. Kress becomes interim CEO; shares fall about 10% before the US open.
Huang has said he did not know of any intelligence links; China and the businesswoman’s former company deny wrongdoing. Allegations reported by the press have not been proven, and no one has been charged.
Nvidia; The New York Times; Reuters; Yahoo Finance, Nov 2026
Chapter 2
Three decades in finance
Tap a milestone to follow her route from Texas Instruments to the corner office.
Before 1997Texas Instruments1997Microsoft2006Microsoft, Server & Tools2010CiscoSept 2013Nvidia CFO2025Billionaire CFONov 12, 2026Interim CEONov 17, 2026First test
Before 1997
Texas Instruments
Eight years in finance roles at the Dallas chipmaker: her first stint in semiconductors.
Nvidia filing to the SEC, Sept 2013Next: 1997 →
1997
Microsoft
Joins Microsoft and spends 13 years there in a series of finance roles.
Nvidia filing to the SEC, Sept 2013Next: 2006 →
2006
Microsoft, Server & Tools
Becomes chief financial officer of the Server and Tools division.
Nvidia filing to the SEC, Sept 2013Next: 2010 →
2010
Cisco
Senior vice president and CFO of Cisco’s Business Technology and Operations Finance organisation.
Nvidia filing to the SEC, Sept 2013Next: Sept 2013 →
Sept 2013
Nvidia CFO
Nvidia’s board names her executive vice president and chief financial officer. Her offer letter set a $500,000 base salary and 220,000 restricted stock units.
Nvidia filing to the SEC, Sept 11, 2013Next: 2025 →
2025
Billionaire CFO
Her Nvidia stake pushes her net worth past $1 billion, by Bloomberg Billionaires Index calculations. She held about 2.98 million shares directly.
Fortune, citing Bloomberg and a Form 4 filing, July 30, 2025Next: Nov 12, 2026 →
Nov 12, 2026
Interim CEO
Named interim chief executive after Jensen Huang resigns. She keeps her CFO role while the board searches for a permanent leader.
Nvidia announcement, Nov 12, 2026Next: Nov 17, 2026 →
Nov 17, 2026
First test
Scheduled: Nvidia’s third-quarter results, about 1:20 pm PT, her first as interim CEO.
Nvidia investor relationsBack to the start ↺
Chapter 3
The executive profile
Tap each panel to open it.
👤Who she is+👤Who she is−
Colette Kress, 59, studied finance at the University of Arizona and holds an MBA from Southern Methodist University. She spent nearly 25 years in finance at Microsoft and Cisco, after eight years at Texas Instruments, before joining Nvidia in 2013.
Nvidia SEC filing, Sept 2013; Nvidia, Nov 12, 2026; Reuters, Nov 11, 2026
📊The numbers person+📊The numbers person−
In her first full year as CFO, Nvidia reported revenue of $4.1 billion. By fiscal 2025 it was $130.5 billion, driven by demand for AI chips. She has co-hosted every quarterly results call alongside Huang.
Analyst view “She has been CFO for 13 years and fronts every earnings call alongside him, so she’s a familiar and trusted voice for the market.” Josh Gilbert, eToro
Nvidia annual reports, fiscal 2014 and 2025; Reuters, Nov 11, 2026
💬Her first words+💬Her first words−
“Our focus remains on serving our customers, partners, developers and shareholders.”
She also said Nvidia’s strength “has always come from its people”.
Nvidia announcement and statement, Nov 12, 2026
📋The mandate+📋The mandate−
Kress is interim CEO and remains CFO. Nvidia has not named a new finance chief. The board has begun a search that will consider internal and external candidates, with no timeline given. Harvey C. Jones, a former Synopsys CEO, becomes Nvidia’s first-ever board chair.
Nvidia announcement, Nov 12, 2026
Chapter 4
By the numbers
Switch between Kress, Huang and the company. The counters roll each time.
KressHuangNvidia
01234567890123456789years at Nvidia2013–2026
01234567890123456789years at Microsoft and Ciscoapproximately; “nearly 25”
0123456789,012345678901234567890123456789,012345678901234567890123456789Nvidia shares held directlyForm 4, July 2025
Nvidia SEC filing, 2013; Nvidia, Nov 12, 2026; Fortune, July 30, 2025
01234567890123456789years as CEO1993–2026
0123456789.0123456789% of Nvidia stock ownedReuters, Nov 11, 2026
01234567890123456789years oldReuters, Nov 11, 2026
Nvidia; Reuters, Nov 11, 2026
012345678901234567890123456789.0123456789$bn revenue, fiscal 2025Nvidia annual report
01234567890123456789board directorsReuters, Nov 11, 2026
012345678901234567890123456789$bn market value lost this weekReuters, Nov 11–12, 2026
Nvidia annual report; Reuters, Nov 11–12, 2026
Chapter 5
Kress vs Huang
The engineer-founder and the finance chief: tap a category to compare.
CKColette Kress
vs
JHJensen Huang
Role todayRoute to NvidiaTrainingBefore NvidiaYears at NvidiaAgePublic face
Role today
Interim CEO and CFO, from Nov 12, 2026
Resigned as president, CEO and director, effective Nov 12, 2026
Nvidia, Nov 12, 2026
Route to Nvidia
Hired as CFO in September 2013
Co-founded the company in 1993
Nvidia
Training
Finance: BS, University of Arizona; MBA, SMU
Electrical engineering: BS, Oregon State; MS, Stanford
Nvidia; Nvidia SEC filing, 2013
Before Nvidia
Texas Instruments, Microsoft, Cisco
LSI Logic, AMD
Nvidia; Nvidia SEC filing, 2013
Years at Nvidia
13
33
Nvidia
Age
59
63
Reuters, Nov 11, 2026
Public face
Co-hosts results calls; known to investors
Keynote showman in a leather jacket; the face of the AI boom
Reuters, Nov 11, 2026
Years at Nvidia
Kress13
Huang33
Chapter 6
Who could lead Nvidia next?
Only Kress’s interim role and the new board chair are confirmed. Everyone else below was named in reporting or speculation before or around Huang’s resignation.
Confirmed announced by Nvidia Reported possibility named by news organisations, citing analysts or sources Speculation market commentary only
AllConfirmedReportedSpeculation
Confirmed
Colette Kress
Interim CEO and CFO
Named interim chief executive; keeps her CFO role.
Nvidia, Nov 12, 2026
Confirmed
Harvey C. Jones
Board chair
Appointed Nvidia’s first-ever chair of the board. Former CEO and executive chairman of Synopsys.
Nvidia, Nov 12, 2026
Confirmed
The search
Permanent CEO
The board will consider internal and external candidates. No timeline or names given.
Nvidia, Nov 12, 2026
Reported possibility
Ian Buck
Head of hyperscale AI products
Joined in 2004 and led development of CUDA, Nvidia’s software platform. Analysts and investors saw him as a leading internal candidate.
Reuters, Nov 11, 2026
Reported possibility
Jay Puri
Former sales chief
Ran worldwide field operations from 2005; now retired to a senior adviser role. Listed by AP among executives being discussed.
AP, Nov 12, 2026; Financial Times
Speculation
Rene Haas
Arm CEO; former Nvidia executive
Named by analysts and a chip-deals banker as a possible external candidate.
Reuters, Nov 11, 2026
Speculation
Jeff Fisher
32-year Nvidia veteran
Mentioned in market speculation about possible successors.
Reuters, Nov 11, 2026
Speculation
Lisa Su
AMD CEO
Mentioned in commentary as an executive with turnaround experience.
Financial Times, Nov 12, 2026
Chapter 7
What happens next
Kress’s first big test is days away.
Nov 17
Nvidia reports third-quarter results at about 1:20 pm PT, with a call at 2 pm PT. They will be the first results under her interim leadership.
Nvidia, Nov 12, 2026
Search
The board’s hunt for a permanent CEO, inside and outside the company. No timeline has been given.
Nvidia, Nov 12, 2026
Markets
Shares fell about 10% before the US open on Nov 12. Bernstein and Oppenheimer downgraded the stock; Raymond James kept a buy rating.
Yahoo Finance, Nov 12, 2026
Sources: Nvidia announcement, Nov 12, 2026; Nvidia Form 8-K, Sept 2013; Nvidia annual reports; Reuters, Nov 11–12, 2026; AP, Nov 12, 2026; Financial Times, Nov 12, 2026; Fortune, July 30, 2025; Yahoo Finance live coverage, Nov 12, 2026; The New York Times. Updated November 12, 2026, 8:30 pm IST. The portraits are illustrations.
Express InfoGenIECreated by Aniruddha Dhar
Nov 12, 2026 09:51 PM IST
US House Republicans seek closed-door testimony from former Nvidia CEO Jensen Huang
US House Republican leaders are negotiating with former Nvidia CEO Jensen Huang to secure his testimony in a closed-door briefing before key congressional committees as early as next week, CNN reported.
Huang had tentatively agreed to testify on Wednesday night, shortly before his resignation, House Foreign Affairs Committee Chairman Brian Mast told reporters. The proposed testimony is part of an ongoing congressional investigation into his reported interactions with a woman allegedly working as a Chinese spy.
Mast, along with House Select Committee on China Chairman John Moolenaar and Intelligence Committee Chairman Rick Crawford, had formally requested Huang's appearance on November 4. Mast said investigators could issue a subpoena if Huang withdrew his agreement.
The testimony would be conducted under oath, transcribed and video-recorded, although it remains unclear whether it would be made public. Lawmakers are also seeking to question other senior Nvidia officials.
Moolenaar said the investigation would examine China's intelligence activities, access to sensitive information and alleged influence over US policy positions. He added that the controversy had intensified congressional discussions over restrictions on American chip exports to China.
Huang's departure from Nvidia, Moolenaar acknowledged, changes the dynamics of the investigation.
Nov 12, 2026 09:36 PM IST
Investors worry the AI trade might lose Nvidia's largesse after Huang
As chip giant Nvidia's chief Jensen Huang stepped down on Thursday, investors' biggest fears were as much about the future of the multitrillion-dollar company as its ability and willingness to continue bankrolling the AI boom.
Huang's exit is yet another pressure point on the global markets' most crowded trade and came after the board of the world's dominant chipmaker, at the cutting edge of computing, met late on Wednesday to decide the longtime CEO's fate after reports of his two extramarital affairs.
The company said Chief Financial Officer Colette Kress will take over as interim CEO as Nvidia looks for a permanent successor.
Traders' first reaction was to punish Nvidia shares and those of its customers, including data-centre firms CoreWeave and Naver, while pushing shares of chipmaking rivals Broadcom and AMD higher.
Shares in China's leading makers of graphics processing units (GPUs) surged, as the leadership upheaval at Nvidia boosted expectations that local chip suppliers could win greater market share. Moore Threads, MetaX and Cambricon all jumped nearly 10%.
Nvidia shares pared premarket losses but were still down nearly 5% at 1600 GMT.
The worry in the market is that the stakes are far higher and that if Nvidia — under a different leader — backs away from a strategy of financing data centres, then the AI boom itself loses momentum. Reuters
Nov 12, 2026 09:31 PM IST
Trump says ex Apple CEO Cook should replace Huang at Nvidia
US President Donald Trump said on Thursday that former Apple Inc Chief Executive Tim Cook should replace Jensen Huang as the CEO of Nvidia.
"NOW THAT Nvidia CEO JENSEN HUANG, who has done a fantastic job, has resigned, there is only one man to take his place - TIM COOK of Apple," Trump said on social media. "A Legend replaces a Legend!" he added. Reuters
Nov 12, 2026 09:07 PM IST
Scandal-hit Jensen Huang loses his shine in his birthplace Taiwan
Nvidia CEO Jensen Huang had been widely adored like a rock star in his birthplace, Taiwan. That image is now tainted after the FBI began an investigation into his affair with an alleged Chinese agent. Like the rest of the world, the island was shocked by the scandal over Huang's relationship with Alice Huang, a Chinese businesswoman reportedly described as a Chinese spy by U.S. officials.
A video of the pair visiting a restaurant in the capital city of Taipei in 2025 went viral and was broadcast globally. Jensen Huang resigned on Thursday after facing growing calls to do so because of the affair. His troubles compounded late Wednesday after media reports said Huang had another extramarital affair with an Nvidia employee who reported to him.The 63-year-old poster boy for the artificial intelligence revolution was born in Taiwan and spent his early years there before he moved to the United States for his schooling. He regularly visited Taiwan for business events.
Jane Hsieh’s tofu pudding shop was one of many restaurants and stores in Taipei that proudly displayed photos of Jensen Huang visiting their premises. Hsieh, 70, was shocked by the dramatic headlines and felt deep regret for him, saying Huang used to have a near-perfect public image.She wondered whether people would still be as warm to him as before if he returned to Taiwan again.“If he comes into my shop again as a customer, I’d be fine, but I think it would be awkward because he’s no longer the familiar person we used to know," she said.
“I’d be polite to him, but my feelings toward him would be different.”Resident Jeff Huang, 72, noted some customers were already suggesting the removal of Huang’s photos in shops.“He used to be very popular, but after his personal moral scandal and allegations of corporate espionage came out, he instantly fell from grace,” he said. AP
Nov 12, 2026 08:52 PM IST
Perplexity CEO Aravind Srinivas thanks Jensen Huang for 33 years of leadership
Perplexity CEO Aravind Srinivas has paid tribute to Nvidia chief Jensen Huang, thanking him for 33 years of leadership and his contribution to the artificial intelligence industry.
In a post on X, Srinivas praised Huang for building a small startup into what he described as America's most valuable company through relentless innovation and perseverance.
"Your grit and perseverance should always be remembered," Srinivas wrote.
He also acknowledged Huang's personal support for entrepreneurs, saying his generosity with time and advice to founders like him had helped secure a bright future for America and artificial intelligence.
Srinivas's message comes amid the reported leadership transition at Nvidia, marking a significant moment for the company that has played a central role in the global AI boom.
Nov 12, 2026 08:39 PM IST
Alice Huang-linked companies invest in DeepSeek to secure Nvidia Blackwell chips: Report
Companies associated with Alice Huang have invested in Chinese artificial intelligence startup DeepSeek, reportedly with the aim of securing supplies of Nvidia's advanced Blackwell AI chips, according to a report by The Information, cited by Reuters on November 12.
The reported investment is aimed at ensuring access to Nvidia's powerful Blackwell processors, which are used to develop and run advanced AI models. The development comes amid growing scrutiny of how Chinese AI companies access advanced US-made chips despite Washington's export restrictions.
Nov 12, 2026 08:28 PM IST
US House panel discusses Jensen Huang’s testimony to Congress with Nvidia
The US House Foreign Affairs Committee has held discussions with Nvidia over arrangements for CEO Jensen Huang to testify before Congress.
Committee Chairman Brian Mast said the panel spoke with the company on Wednesday night to discuss the date and location of Huang’s proposed congressional testimony. Further details about the hearing have not yet been announced.
(With agency inputs)
Nov 12, 2026 08:15 PM IST
Norway wealth fund declines to comment on Nvidia CEO's resignation
Norway's sovereign wealth fund, the world's biggest stock market investor, said on Thursday it declined to comment on Nvidia CEO Jensen Huang's departure. Reuters
Nov 12, 2026 08:08 PM IST
US Speaker Johnson says Congress developing consensus on limiting chip exports to China
US House Speaker Mike Johnson said on Thursday there was a growing consensus in Congress on limiting exports of semiconductor chips to China after a scandal forced out Nvidia CEO Jensen Huang.
"The export controls on chips to China has been a big issue around here. I'm in favor of limiting those exports, and I think there's a developing consensus in Congress that is an important position to take. Especially in the light of recent developments, it makes sense," Johnson told reporters.
"So we'll see where that goes. I think it might change a few minds around here." Reuters
Nov 12, 2026 08:05 PM IST
Wall St opens lower after Nvidia CEO steps down
Wall Street's main indexes opened lower on Thursday after Nvidia said CEO Jensen Huang was stepping down, leaving the AI industry without its biggest champion.
The Dow Jones Industrial Average fell 58.5 points, or 0.11%, at the open to 52,427.94. The S&P 500 fell 68.5 points, or 0.90%, at the open to 7,550.84, while the Nasdaq Composite dropped 374.1 points, or 1.47%, to 25,092.109. Reuters
Nov 12, 2026 07:52 PM IST
Nvidia shares plunge 10% in premarket trading after Jensen Huang steps down as CEO
Shares of Nvidia plunged in premarket trading on Thursday after the company announced that Jensen Huang had stepped down as its chief executive officer.
Nvidia shares fell around 10% before the opening bell, with losses accelerating following the announcement of Huang's departure, according to a CNN report.
The leadership change has unsettled investor confidence in the company, which has been at the centre of the global artificial intelligence boom. Huang played a pivotal role in driving Nvidia's growth, promoting the commercial potential of AI and spearheading major deals across the technology industry.
The development also weighed on broader US market sentiment. Nasdaq futures declined 1.4%, while S&P 500 futures fell 0.7% in premarket trading.
Nvidia's leadership transition comes at a critical time for the semiconductor giant, as investors closely watch developments in the global AI industry and the company's future direction.
Nov 12, 2026 07:40 PM IST
Global AI stocks sink as Nvidia CEO's exit deepens sector selloff
Global AI-linked stocks fell on Thursday after Nvidia CEO Jensen Huang resigned following a deepening scandal around his affairs, upending the chipmaker's leadership and posing fresh risks to a sector already reeling with funding and regulatory concerns.
Chief Financial Officer Colette Kress will take over as interim CEO as Nvidia looks for a permanent successor, the company said.
As the centerpiece of the AI ecosystem, the chipmaker finances infrastructure built around its chips - a strategy that has drawn scrutiny over circular funding and now risks weighing on the sector as its crisis deepens.
AI stocks have struggled after the Democrats swept the midterm elections, including in states opposed to new data centers, stoking fears that tighter regulation could slow the AI infrastructure build-out.
Nvidia's shares slid 10.3% in premarket trading and put its market value on course to drop below $4 trillion for the first time since July 2025 amid reports that the board was deciding whether to oust Huang.
Nvidia-backed neocloud firms CoreWeave dropped 13.6% after surging more than 27% in the previous session when its earnings ignited a relief rally in AI stocks.
Other neocloud stocks including IREN and Applied Digital were also trading lower. Nebius dropped 20% after the company said its 2026 revenue would come in at the low end of its previous forecast.
Nvidia has lost about $300 billion in market value since the board announced an investigation on Sunday into Huang's relationship with a businesswoman called Alice Huang, who is alleged to be a Chinese spy. Reuters
Nov 12, 2026 07:27 PM IST
Nvidia CEO Jensen Huang resigns with immediate effect; CFO Colette Kress named interim chief
Nvidia Corporation has announced a major leadership transition, with chief executive officer Jensen Huang resigning from his positions as president, CEO and board member with immediate effect.
The company has appointed Colette Kress, its executive vice-president and chief financial officer, as interim CEO. Kress will continue to hold her existing CFO responsibilities alongside the interim role.
Nvidia has also appointed Harvey C. Jones as the first-ever chair of its board. The company said its board would initiate a search for a permanent chief executive, considering both internal and external candidates.
The announcement marks a significant leadership change at the US semiconductor giant, which has emerged as a major player in the global artificial intelligence industry.
Nov 12, 2026 07:00 PM IST
Chinese AI firms rush to secure overseas access to Nvidia chips amid fears of US crackdown
Chinese artificial intelligence companies are seeking to secure access to Nvidia-powered computing capacity outside China, amid concerns that a controversy involving the US chipmaker’s chief executive, Jensen Huang, could prompt Washington to tighten restrictions on their remote use of advanced processors, Reuters reported.
The US has imposed export restrictions on Nvidia’s most advanced AI chips to China as part of efforts to maintain its lead in the strategically important semiconductor sector. However, Chinese companies have continued to access these processors remotely by renting computing capacity at data centres located outside the country.
According to Reuters, a major Chinese cloud service provider has internally discussed whether to secure overseas capacity powered by Nvidia chips in advance. Several other Chinese companies have also approached data centre operators to explore reserving such computing resources, sources familiar with the matter told the news agency.
The developments come amid reports that the US government is considering further measures to close this potential loophole in its chip export restrictions.
San Francisco-based technology publication The Information reported that the US Commerce Department is working to finalise a rule that would prevent Chinese artificial intelligence companies from remotely accessing advanced AI chips through data centres in other countries.
Such a move could significantly restrict the ability of Chinese firms to use advanced Nvidia processors, even when the hardware is physically located outside China.
Nov 12, 2026 06:40 PM IST
Nvidia’s valuation has fallen to a 14-year low
Its shares now trade at 12.2 times expected earnings, meaning investors are paying about $12 for every $1 of forecast profit. That is the lowest level since 2012, according to LSEG data. Reuters
Nov 12, 2026 06:11 PM IST
Nvidia tumbles early amid questions about Nvidia CEO Jensen Huang’s future
Shares of Nvidia, the chipmaker at the center of the global artificial intelligence boom, tumbled early Thursday with the tenure of CEO Jensen Huang threatened by revelations of an affair with a woman reported to be a suspected Chinese spy. The company's stock has been under pressure for weeks, both because of reporting about the affair and questions about a potential bubble in the AI sector. Shares slid 7% to $161.37 before the opening bell, 34% below the company's all-time high reached just over a month ago.
The New York Times reported Wednesday that Huang had a second affair with an Nvidia executive who reports to him, and analysts said that may force the board to oust him.
“What seemed impossible a week ago is now a reality as we cannot see Jensen running Nvidia as CEO at this point and the stock/company should be valued without him as CEO," wrote Dan Ives, partner and senior managing director at Yorkville Ives & Co.Nvidia is now valued at more than $4 trillion and has been a major driver in the technology sector. It is one of the reasons the tech heavy Nasdaq Composite index raced higher for most of this year and also part of the reason the index has slumped 7% in the past month. As the crisis unfolds at Nvidia, shares of rivals like AMD, Advanced Micro Devices, and Broadcom have moved sharply higher. CoreWeave, however slid nearly 9%. Nvidia owns a stake of approximately 13% in the a data center and cloud company. AP
Nov 12, 2026 04:40 PM IST
Megaspeed, firm central to Nvidia CEO Jensen Huang's scandal, pledges to cooperate with US probe
Megaspeed, the Singapore-headquartered tech company at the center of Nvidia CEO Jensen Huang’s scandal, pledged Thursday to cooperate with investigations into concerns over risks to U.S. national security. In its first statement since Huang admitted to having an affair with a Chinese woman and former executive of the company, Megaspeed said Thursday that it takes its obligation to comply with U.S. export control laws “extremely seriously.” “Megaspeed is committed to working constructively and transparently with the U.S. government.”Nvidia's board of directors was reported to be meeting to discuss Huang's situation but there was no word on any outcome from those discussions. Reuters
Nov 12, 2026 04:36 PM IST
Elon Musk says hiring scandal-hit Nvidia chief Jensen Huang would be ‘an honour’
What would happen if NVIDIA chief, Jensen Huang, who has been hit by back-to-back scandals over affairs, applied for a job at a giant like SpaceX or Tesla? Elon Musk, SpaceX founder and Tesla chief, has said that it would be his “honour” to welcome Huang.
Last month Huang found himself in the middle of a huge scandal when US intelligence officials said that he was in an extramarital affair with a suspected Chinese intelligence asset. The woman with whom he had an affair is Alice Huang (also known as Huang Le), a former executive at the Singapore-based cloud company Megaspeed. The two are not related to each other.
US President Donald Trump later confirmed that the Federal Bureau of Investigation is investigating Jensen Huang’s affair and his links to Alice Huang. However, he said he believed that Jensen Huang was unaware of Alice being a Chinese spy. He also denied any knowledge of the concerns when Jensen flew to Beijing earlier in May this year. Elon Musk was also part of that delegation.
Read the full story here
Nov 12, 2026 04:35 PM IST
Who is Kimberly Powell? Nvidia VP linked to CEO Jensen Huang in second affair row
Nvidia CEO Jensen Huang is facing fresh scrutiny over allegations of extramarital relationships, with a New York Times report stating that he also had an affair with an executive who reported directly to him.
Huang reportedly had an undisclosed relationship with Kimberly Powell, the company’s vice president of healthcare, The New York Times reported, citing people who worked at the company.
The alleged affair has drawn attention to Nvidia’s workplace conduct policies, which direct employees to “avoid situations where our actions create conflict”, including “personal relationships”. The company reportedly also states that it “promptly investigates reports of misconduct”.
Huang, 63, and Powell, 48, were reportedly captured on video displaying affection at a San Jose hotel during an Nvidia conference in March, according to two people who worked at the company, the NYT reported.
Read the full story here
Nov 12, 2026 04:34 PM IST
Who will be Nvidia CEO Jensen Huang’s successor? Tech guy or finance expert
Jensen Huang, 63, has no obvious successor and owns about 3.6% of Nvidia’s stock. He also has scores of direct reports, which goes on to show the tight control he maintains over the company.
Quoting multiple sources, Reuters reported that Chief Financial Officer Colette Kress, who has held the role for 13 years and has been on quarterly calls with Huang, would be the natural choice as an interim CEO. However, for the long run, there are other candidates.
Among the other candidates whom Nvidia may look to is Engineer Buck, who has been with Nvidia since 2004. He is currently the head of product for hyperscale AI and manages Nvidia’s AI hardware and software products.
Arm CEO and former Nvidia executive Rene Haas, who deeply understands the semiconductor industry, is another candidate that Nvidia could look towards as an external choice, Reuters reported.
Nov 12, 2026 04:32 PM IST
Nvidia scouts for scandal-hit Jensen Huang’s replacement as firm’s shares nosedive
Nvidia may soon replace CEO Jensen Huang amid the back-to-back scandals that hit the tech executive. The world’s leading chipmaker’s board met late on Wednesday to scout for Huang’s replacement, ,Reuters reported citing sources within the company. According to Bloomberg, the company is working with an external firm to decide on Huang’s successor.
Nvidia is investigating his relationship with a Singapore-based businesswoman called Alice Huang, alleged to be a Chinese spy. Huang’s troubles increased when The New York Times reported that he had another affair with a company executive, Kimberly Powell.
Nvidia, however, refused to comment on the board meeting.
Despite Nvidia expressing confidence in Huang earlier this week, the board is now looking for his replacement. According to Reuters, Nvidia’s bylaws enable the company to remove Huang “with or without cause” if a majority of the board, comprising 11 directors, votes against the CEO.
Read the full story here
Nov 12, 2026 04:31 PM IST
Where is suspected Chinese 'spy' Alice Huang?
Alice has reportedly returned to China, Bloomberg News reported on Wednesday, citing people familiar with the matter.
The Megaspeed International founder is at present living in Beijing with the knowledge of security officials, according to the report.
Her reasons for travelling to the Chinese capital, the timing of her arrival and her current activities remain unclear, the people said.
Nov 12, 2026 04:30 PM IST
Who is Kang Wei, Alice Huang’s reported husband?
Alice and her husband Kang built an extensive business network over the past 10 years, moving across sectors including video games, pharmaceuticals, cloud computing, and artificial intelligence.
According to people familiar with their business dealings, the couple repeatedly established interconnected companies, shifted ownership stakes, and used their business connections to pursue new investment opportunities.
The US officials believe that China’s intelligence services recruited Alice because of her access to the semiconductor giant’s chief.
