Key facts
- Nvidia's board said Huang stepped down as president, chief executive and board member, effective immediately.
- Colette Kress, CFO since September 2013, will serve as interim CEO while keeping her finance role.
- Nvidia shares fell more than 13% at the open on Thursday, then pared losses to trade down 7%.
- The chipmaker has lost nearly $600bn in market value since reports emerged of Huang's affair with a woman suspected of spying for China, per Euronews.
- Nvidia's market capitalisation was more than $4tn at Wednesday's close, per Euronews.
- The FTSE 100 closed up 27.62 points, 0.3%, at 10,863.09 on Thursday.
Nvidia said Jensen Huang stepped down as president, chief executive and board member, effective immediately, the company's board announced on November 12, 2026. Chief financial officer Colette Kress will serve as interim CEO while keeping her finance role, and the board will consider internal and external candidates for a permanent replacement.
Nvidia shares fell more than 13% at the open on Thursday, then pared losses to trade down 7%, according to Euronews. The S&P 500 fell 0.7% on Thursday, the Nasdaq Composite fell 1.5%, and the Dow Jones Industrial Average added 127 points, Euronews reported.
Nvidia's board met late on Wednesday US time to consider removing Huang, following reports of two extramarital affairs, including one with a woman US authorities suspect of spying for China, Euronews reported. The chipmaker has lost nearly $600bn in market value since reports emerged of Huang's affair with a woman suspected of spying for China, per Euronews. Nvidia's market capitalisation was more than $4tn at Wednesday's close, Euronews said.
Dan Ives, analyst at Yorkville Ives, said Colette Kress has built credibility internally and externally and that there is a good chance Nvidia looks outside for a chief executive, including Apple's Tim Cook as a dark horse candidate. Ben Barringer, head of technology research at Quilter Cheviot, said Kress is the most obvious internal candidate and will likely use this time to prove she deserves the role full time.
In London, the FTSE 100 closed up 27.62 points, 0.3%, at 10,863.09 on Thursday, recovering after drifting into the red in the early afternoon, LBC reported. The FTSE 250 ended 8.20 points lower at 24,916.84, and the AIM all-share shed 8.03 points, 1.1%, at 756.26. In Europe, the CAC 40 rose 0.3% and the DAX 40 climbed 0.4%. Around the time of the London equities close on Thursday, the Dow Jones Industrial Average was up 0.4%, the S&P 500 was 0.3% higher, and the Nasdaq Composite was 0.3% higher, LBC reported.