Jensen Huang resigns as Nvidia CEO as Bitcoin falls below $73,000

Nvidia co-founder Jensen Huang has resigned as chief executive officer and board member after 33 years at the company, as a leadership scandal rattled technology stocks and Bitcoin fell below $73,000.

Summary

• Jensen Huang has resigned as Nvidia CEO and board member after 33 years, with Chief Financial Officer Colette Kress appointed interim CEO.
• Nvidia shares declined following reports of a leadership scandal involving Huang, while the company confirmed that its quarterly earnings announcement remains scheduled for November 17.
• Bitcoin fell 1.8% over 24 hours to $72,467 on November 12, dropping below $73,000 amid continued selling pressure across cryptocurrency markets.
• The leadership change has raised concerns about Nvidia’s AI infrastructure commitments and the potential impact on Bitcoin miners expanding into AI computing.

According to Nvidia’s official announcement on November 12, Huang’s resignation took effect immediately, with Chief Financial Officer Colette Kress appointed interim CEO while the company searches for a permanent replacement.

The board appointed Harvey C. Jones, a longtime technology executive and former Synopsys chief executive, as its first chairman.

Huang’s departure follows reports of two extramarital affairs, including one involving a businesswoman suspected by US intelligence officials of having connections to China.

Nvidia shares fell more than 8% in extended trading after reports emerged that directors were preparing to remove Huang. The stock remained under pressure on Thursday, while Nasdaq 100 futures declined around 1%.

Why did Jensen Huang resign from Nvidia?

The controversy began after reports surfaced about Huang’s relationship with Alice Huang, an executive associated with Singapore-based Megaspeed International, which purchases Nvidia processors.

According to The New York Times, US intelligence officials suspected Alice Huang of gathering information for China, while authorities were examining whether Megaspeed had helped Chinese companies obtain advanced chips restricted under American export controls.

Huang acknowledged being unfaithful to his wife in a message to employees on Sunday and apologized to his family and colleagues.

Nvidia’s board initially defended Huang and announced an independent investigation into whether he had been targeted by a foreign intelligence operation.

In its November 8 statement, the company said it had no reason to believe that national security or confidential company information had been compromised.

The situation became more complicated after reports emerged about another relationship involving Kimberly Powell, Nvidia’s vice president of healthcare, who reported directly to Huang.

Following the disclosures, directors reconsidered his position despite having publicly expressed confidence in his leadership days earlier.

Huang, 63, founded Nvidia alongside Chris Malachowsky and Curtis Priem in 1993, eventually transforming the graphics processor manufacturer into a dominant supplier of chips used to train and operate artificial intelligence systems.

Nvidia appoints Colette Kress as interim CEO

Kress, who joined Nvidia in September 2013, will continue serving as chief financial officer while taking responsibility for the company’s daily operations.

Before joining Nvidia, she spent nearly 25 years in finance positions at major technology companies, including Cisco and Microsoft.

Jones said the board had confidence in Kress and the existing leadership team, adding that Nvidia expected its customer commitments, operations and product development plans to continue without interruption.

Kress said she remained committed to building on the foundation Huang established and maintaining Nvidia’s position in accelerated computing and artificial intelligence.

The company confirmed that its third-quarter fiscal 2027 financial results would be released on November 17, followed by an earnings conference call.

Nvidia’s leadership change comes as the company continues financing major AI infrastructure projects, including a 20-year data center agreement involving OpenAI and an Ohio facility supported by up to $105 billion in guarantees.

Meanwhile, Nvidia’s leadership crisis affected companies tied to its AI infrastructure business, with CoreWeave shares falling around 6% in after-hours trading, while rival chipmakers AMD and Broadcom gained approximately 4% and 3%, respectively.

Could Nvidia’s CEO resignation deepen the crypto market selloff?

Bitcoin fell to $72,467 on November 12, down 1.8% over the previous 24 hours, as selling pressure pushed the cryptocurrency below $73,000 after it briefly traded above $74,500 earlier in the day.

The decline coincided with sustained withdrawals from US spot Bitcoin exchange-traded funds and weakness across technology stocks.

Earlier, Hilbert Group Chief Investment Officer Russell Thompson warned of further Bitcoin losses if selling in AI and semiconductor stocks forced investors to liquidate cryptocurrency holdings to meet margin calls.

Thompson identified $71,900 as an important support level, with a potential decline toward $65,000 if Bitcoin failed to hold that price.

The connection extends to publicly traded Bitcoin miners that have been expanding into AI computing and data center operations.

As previously reported by crypto.news, miners face substantial financing requirements as they pursue AI infrastructure contracts, with BlocksBridge Consulting estimating a roughly $50 billion funding gap across planned projects in June.

Several mining companies have financed their expansion by selling Bitcoin. According to Lookonchain, public companies sold 108,247 BTC worth approximately $8.08 billion during 2026, with MARA Holdings and Riot Platforms accounting for more than half.