DEVELOPING STORYDEVELOPING STORY, <\/p>\n
Nvidia loses more than $600bn in market value as CEO Jensen Huang steps down amid espionage and affair allegations.<\/p>\n
Published On 12 Nov 202612 Nov 2026<\/p>\n
Nvidia CEO Jensen Huang has stepped down from the company following his reported affairs with a suspected Chinese spy and an Nvidia executive.<\/p>\n
The $4.2 trillion tech giant has lost more than $600bn in market value this week as Huang\u2019s scandals rocked the company, which supplies most of the chips powering advanced artificial intelligence (AI) technology. The stock slid more than 10 percent in premarket trading on Thursday.<\/p>\n
The company appointed Colette Kress, Nvidia\u2019s chief financial officer and executive vice president, as interim CEO on Thursday.<\/p>\n
Nvidia\u2019s board met on Wednesday night to discuss ousting Huang, whose relationship with the alleged Chinese spy triggered investigations<\/a> by the FBI, the United States Congress and the California-based tech giant. Nvidia is also facing a shareholder class-action lawsuit.<\/p>\n The alleged Chinese intelligence asset, Alice Huang, is a former executive at Singapore-based Megaspeed, Nvidia\u2019s primary business partner in Southeast Asia. Founded in 2023, Megaspeed has been investigated over whether it helped Chinese companies access its $4.8bn stock of powerful Nvidia chips.<\/p>\n The affair has raised national security concerns in the US, which restricts chip sales to China over concerns that the Chinese military, intelligence agencies or companies could use the advanced technology.<\/p>\n