Nvidia boss Jensen Huang resigns and shares plunge 10% - taking losses this week to $730bn

Updated: 09:10 EST, 12 November 2026 Nvidia shares plunged more than 10 per cent as boss Jensen Huang resigned following reports of a string of affairs. Chief financial officer Colette Kress, who has worked at Nvidia since 2013, will take the reins on an interim basis as it looks to appoint a permanent successor. Pressure has been mounting on the tech tycoon to step down, having admitted on Sunday he had cheated on his wife with suspected Chinese spy Alice Huang – throwing the AI giant into turmoil.But it is now claimed the billionaire, 63, also had an extramarital relationship with a colleague – Kimberly Powell, 48, Nvidia's vice president of healthcare.The alleged affair would have violated the company's code of conduct, under which employees are told to 'avoid situations where our actions conflict' including 'personal relationships'.It brings an end to Huang's 30-year career leading Nvidia, following crisis talks between executives on its board. Chris Beauchamp, chief market analyst at IG, said: 'One of the most impressive careers is set to end. Huang might have been able somehow to cling on at Nvidia after one revelation (though news about chip shipments made that doubtful), but after two, one of which involving a direct report, his fate is sealed.' Nvidia boss Jensen Huang with suspected Chinese spy Alice Huang, who is no relation Nvidia vice president of healthcare Kimberly Powell Jensen Huang and his wife Lori Huang Shares fell nearly 10 per cent in pre-market trading in New York on Thursday – wiping another $420 billion off its value. That takes losses this week to $730 billion, or 16 per cent.The company has shed around $2 trillion of value since its peak on October 6.With no clear succession plan for Huang, who was founder, president and chief executive of Nvidia, there is nervousness among investors ahead of an earnings update next week. Chris Weston, head of research at Pepperstone, said: ‘We've received something of a bombshell this morning, with reports that Jensen Huang is being stood down as Nvidia CEO.‘It appears the board has heard enough to make what can only be described as a groundbreaking decision, one with potentially profound implications for Nvidia and the broader AI ecosystem.’The crisis at Nvidia follows weeks of turmoil for AI stocks as investors fretted over whether huge spending on infrastructure such as data centres would ever yield acceptable returns.Democrats' sweeping victories in the US midterm elections last week fuelled anxiety amid fears it would result in a clampdown on data centres and put the brakes on the AI revolution.Heavy losses in the following days stoked concerns that a stock market bubble had built – and was about to burst with devastating consequences.Weston said: ‘For investors, the issue isn't simply whether Nvidia can deliver another exceptional beat and raise in next week's quarterly earnings. It's whether a change in leadership could undermine the assumptions underpinning revenue growth and gross margins in the quarters further out.‘Nvidia still has some of the best products on the market, and that won't change anytime soon. But its ability to execute, sustain its competitive advantage and bring its pipeline of innovation to market is facing greater scrutiny, with investors questioning whether the same exceptional growth trajectory can be maintained under new leadership.‘When investors lose confidence in the assumptions underpinning a valuation, the share price becomes the mechanism through which that uncertainty is priced. And while uncertainty is always present in markets, when it clouds our ability to forecast future earnings with conviction and assign a fair value to those cash flows, volatility is almost invariably the result.’DIY INVESTING PLATFORMSAJ BellAJ BellEasy investing and ready-made portfoliosHargreaves LansdownHargreaves LansdownFree fund dealing and investment ideasinteractive investorinteractive investorFlat-fee investing from £4.99 per monthFreetradeFreetradeInvesting Isa now free on basic planTrading 212Trading 212Free share dealing and no account feeAffiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.Compare the best investing account for you