Jensen Huang, the co-founder who turned Nvidia from a small graphics-chip startup into the dominant force in artificial intelligence, has resigned as the company's chief executive after 33 years, ending one of the longest and most successful runs in Silicon Valley history.

Nvidia announced on Thursday that Mr. Huang had stepped down as president, chief executive and director, effective immediately. Chief Financial Officer Colette Kress, 59, the company's finance chief since September 2013, will serve as interim chief executive while the board searches for a permanent successor, considering both internal and external candidates. Longtime director Harvey C. Jones was named the board's first-ever chair.

A scandal that moved fast

The resignation caps a dramatic week for the world's second-largest company. On November 8, Nvidia's independent directors announced an investigation, assisted by outside legal counsel, into whether Mr. Huang had been the target of a foreign intelligence operation. The inquiry followed reports of his relationship with Alice Huang, a Singapore-based technology executive whom United States officials believe is a suspected Chinese spy.

The pressure intensified after The New York Times reported that Mr. Huang also had an affair with an executive who reports to him, identified in later reporting as Kimberly Powell. On Sunday, Mr. Huang admitted to having an extramarital affair, without naming the other party, and apologised to his family and colleagues. The board met on Wednesday evening to weigh whether he could continue, and the following day he was out.

Mr. Huang, 63, owns about 3.6% of Nvidia's stock and had no obvious successor. He also faces a potential congressional subpoena if he does not comply with a request to provide a closed-door briefing on the allegations, and reports say he faces an FBI investigation into fears of a national security breach.

Markets react

Investors reacted sharply. Nvidia's shares plunged by more than 13% after the news broke, and fell 6.5% on Thursday to $162.31, its lowest close since July 8, 2025. The company has lost about $400 billion in market value this week.

President Donald Trump weighed in on Thursday, writing on social media that now that Mr. Huang had resigned, "there is only one man to take his place — TIM COOK of Apple. A Legend replaces a Legend!"

What happens next

Ms. Kress, who became a billionaire in 2025 as Nvidia climbed past a $4 trillion market capitalisation, inherits a company at the centre of the global AI boom. In an internal email to staff, she promised more information in the coming days and said she would host a company meeting on November 18.

Nvidia says it expects its product roadmap and customer commitments to continue without interruption through the handover. The company is scheduled to report its third-quarter results next week, with the earnings call now set to be run by Ms. Kress on Tuesday, November 17.

Whoever takes the job permanently faces a task few in corporate history have attempted: replacing the founder who built the company that powers the world's artificial intelligence.