Nvidia CEO Jensen Huang Resigns: Shares Recover From a Double-Digit Plunge to Close 4.3% Lower as Colette Kress Steps In

Jensen Huang has resigned as CEO of Nvidia after 33 years leading the company, and CFO Colette Kress has been named interim CEO while the board searches for a successor. Nvidia shares plunged by double digits early on Thursday before closing 4.34% lower, and the broader market slipped modestly.

This article walks through how the story unfolded, what changed at the top of the company, how markets reacted and what comes next.

Timeline: From a Staff Memo to a Resignation

The story moved quickly. TechCrunch's timeline and Nvidia's own filings show the sequence of events.

• Sunday 8 November: Huang admitted to an extramarital affair in a memo to staff. The board announced an independent investigation into reports that he was the target of a foreign intelligence effort, and hired the law firm Wachtell Lipton to carry it out.
• Monday 9 November: Nvidia shares fell 4.27% as the investigation became public, while the rest of the chip sector rallied.
• Tuesday 10 November: The stock fell another 5.47%, bringing the two-day loss to nearly 10%. House committee leaders had already asked Huang for a closed-door briefing on 18 November.
• Wednesday 11 November: The New York Times reported a second alleged relationship, with an Nvidia executive who reported to him, and the Wall Street Journal reported that the board was preparing to remove him. Nvidia had closed at $173.73, and the stock dropped about 8% in after-hours trading.
• Thursday 12 November: Nvidia announced at 8:48 am Eastern Time that Huang had resigned, effective immediately. Its filing with the SEC says the board accepted the resignation on Wednesday. Huang also agreed to testify before Congress before Thanksgiving on 26 November.

What Changed at the Top

Huang resigned as president, chief executive and a member of the board. The board named Colette Kress, Nvidia's executive vice president and chief financial officer, as interim CEO. She will keep her CFO role while serving as interim CEO until a permanent successor is named.

Kress joined Nvidia in September 2013 and spent nearly 25 years in finance roles at companies including Cisco and Microsoft before that. In a statement she said she is committed to building on the foundation Huang created over 33 years.

The board also appointed Harvey Jones, a longtime director who has served on the board since 1993, as Nvidia's first-ever chair. The board said it will search for a permanent CEO and consider both internal and external candidates. Speaking to CNBC, a person familiar with the matter said the board decided on Wednesday night to remove Huang after the second report, and that the company worked into the night on how to announce it.

Who is Colette Kress?

Kress is a long-serving insider who now leads the company while it searches for a permanent CEO. Huang personally offered her the CFO job in 2013, and during her tenure Nvidia's annual revenue grew from $4.13 billion in fiscal 2014 to $215.9 billion in fiscal 2026, according to Al Jazeera.

Her first move was a memo to all employees on Thursday evening, which Reuters obtained. She told staff she has full confidence in the company and its future, described Nvidia as vital to the technology powering the AI boom, and urged everyone to keep moving forward with the same determination. Board chair Harvey Jones sent a memo of his own, and management scheduled an all-hands meeting to answer employees' questions.

She is keeping her CFO duties and is expected to speak on Nvidia's earnings call on 17 November, her first as interim CEO. Analysts reacted with temporary relief on Thursday, calling her a solid pick while saying the company's outlook remains clouded. Dan Ives expects the interim role to last about a year.

Nvidia Stock: From a Double-Digit Plunge to a 4.3% Loss

The stock swung wildly. Nvidia opened sharply lower on Thursday, falling by double digits at its worst, then recovered much of that loss and closed at $166.19, down 4.34% from Wednesday's $173.73. It was the biggest decliner on the Dow. Nvidia's market value briefly fell below $4 trillion for the first time since 2025, and the company has lost roughly $500 billion in value this week.

Retail investors were among those buying the dip on Thursday morning, according to CNN.

Market Impact: Indexes, Rivals and Oil

Major indexes closed slightly lower. Per Yahoo Finance, the S&P 500 fell 0.35% to 7,592.40 and the Nasdaq Composite lost 0.39% to 25,366.09, and the Dow dropped 189.40 points, or 0.36%, to 52,297.09.

Nvidia's rivals benefited. AMD and Broadcom each rose about 6%. Jed Elbrook of Agent Capital Management said Nvidia's crisis could create openings for AMD and Broadcom, while Micron fell in early trading.

The day was not only about Nvidia. Oil rose and Treasury yields climbed on Thursday, which gave investors another reason to step back. Mark Malek, chief investment officer at Siebert Financial, said the market "may be confusing the value of Jensen Huang with the value of Nvidia."

What to Look Forward To

• Earnings on Tuesday 17 November: Nvidia confirmed it is sticking with its plan to report third-quarter results after the market closes, with a call at 2 pm Pacific Time. Kress is expected to speak, and it will be the first earnings report since Huang's resignation.
• Huang's congressional testimony: House committee chairs said he has agreed to testify before Thanksgiving. It is not yet clear whether the session will be public or closed-door.
• The CEO search: The board will weigh internal and external candidates. Interim CEO Kress will remain in place until a permanent successor is named.
• The board's investigation: Whether the review finds that national security or company secrets were compromised. The board previously said it had no reason to believe they were.
• Rival chipmakers: Whether AMD and Broadcom hold their gains.
• Oil, yields and the Fed: Oil prices and Treasury yields, ahead of the Fed's 9 December decision.

Market Snapshot

• Nvidia: $166.19, down 4.34%
• S&P 500: 7,592.40, down 0.35%
• Nasdaq Composite: 25,366.09, down 0.39%
• Dow Jones: 52,297.09, down 0.36%
• AMD: Up about 6%
• Broadcom: Up about 6%

The Bottom Line

Nvidia has lost its co-founder and CEO of 33 years within a week of the board opening its investigation. The stock has fallen sharply but recovered from its worst levels, while the wider market closed modestly lower and rivals gained.

The next tests are Tuesday's earnings report, Huang's congressional testimony and the board's search for a permanent CEO.

Follow the Story as It Develops

The Nvidia leadership story is still unfolding, with earnings, congressional testimony and the CEO search all ahead. Follow TradingPRO's socials for the latest market updates.