From AI boom architect to a spy scandal and a board exit, with Trump urging Tim Cook as successor
Jensen Huang resigns as Nvidia CEO, president and director, ending 33 years at the helm. The company announced the exit on 12 November 2026.
Huang co-founded the company in 1993. He built it into an AI chip giant once worth about $4.5 trillion (about €4.0 trillion). TF followed the story from the first spy report on 1 November 2026 through the board probe.
What’s Happening & Why It Matters
The Resignation and Interim Leadership
Nvidia (@nvidia) said Huang resigned as president, CEO and board member, effective at once. The release gives no reason. CFO Colette Kress is interim CEO and keeps her finance role until the board names a permanent successor.
Kress joined Nvidia in 2013 and spent almost 25 years at Cisco and Microsoft before Nvidia. Harvey C. Jones, a former Synopsys CEO, is the first-ever Chair of the board. The search will cover internal and external candidates. Third-quarter earnings stay set for 17 November 2026.
The Rise
Huang co-founded Nvidia in 1993 with Chris Malachowsky and Curtis Priem. The company launched the GeForce 256 in the late 1990s and sold it as the first GPU. In 2006, Nvidia introduced CUDA, software for programmers to use GPUs for general computing.
Researchers trained the AlexNet neural network on Nvidia chips in 2012, per Fast Company. ChatGPT drove a surge in demand from 2022. Huang called the chatbot the “iPhone moment of AI” in March 2023.
The Prize
Nvidia reported $96.2 billion (about €85.6 billion) in revenue for fiscal Q2 2027, more than double the prior year. About $89 billion came from data centres. Huang owns about 3.6% of the company, per earlier reporting.
His chips became a trade and security issue. Trump called Huang visionary, per Tom’s Hardware. The praise cited his views on tariffs and the end of the Biden-era AI Diffusion Rule. Reports say US officials briefed Trump on the China risk and Trump chose not to act. TF could not verify the claim.
The Spy and the Fall
The New York Times reported on 29 October 2026 suspicions about Alice Huang, a Megaspeed executive. US authorities suspect her of helping smuggle AI chips into China. The two Huangs are not related. Nvidia’s board opened an independent probe on 8 November, and Huang admitted infidelity the same day. On 10 November the board hired Wachtell, Lipton, Rosen & Katz and its partner Joon H. Kim.
The Times reported on 11 November a second affair, with Kimberly Powell, Nvidia’s vice president of healthcare. The report cites five people who worked at the company. Powell has made no public comment TF could find. No public evidence shows Huang gave away confidential information, per Fox Business.
Congress asked Huang to appear for a closed-door briefing on 18 November. Fox Business says lawmakers threaten a subpoena if he declines. Senator Pete Ricketts says the resignation does not end the need for a full investigation.
Trump Wants Tim Cook
Trump posted on Truth Social on 12 November Tim Cook of Apple should replace Huang. He added: “A Legend replaces a Legend!” Cook announced in April he would leave the Apple CEO role. He had served 15 years. John Ternus took over in September, and Cook is executive chair. Neither Apple nor Cook has commented.
Tom’s Hardware says Apple’s hardware chief Johny Srouji has been floated. Reuters, via Manila Times, named Ian Buck, who runs the data centre business, as a favourite before the news. Nvidia shares fell more than 8% in extended trading on 11 November, per Reuters. Fox Business shows a 4.6% drop to $165.74 in a delayed quote.
My take: Nvidia keeps strong products and a capable CFO, but the roadmap rested on Huang’s judgment. The board must name a credible CEO soon, because investors, customers and Congress will not wait.
TF Summary: What’s Next
Kress will lead the 17 November earnings call, and Huang faces the 18 November briefing. The board’s search will test whether an outsider or an insider takes the job. Congress and the Wachtell review could still produce findings about Megaspeed.
MY FORECAST: Nvidia will name a permanent CEO before 30 April 2027. Huang will testify or brief Congress before 31 January 2027. Nvidia will publish a summary of the Wachtell review in 2027.
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