Nvidia (NVDA) Stock: Huang Steps Down, Then a Third Affair Report Lands

TLDR

• Nvidia (NVDA) stock traded near $151 Thursday as Jensen Huang resigned as CEO.
• The stock fell 5.5% in active trading and is down over 30% from its October peak.
• A new report says Huang had a relationship with a second employee, the third alleged affair.
• CFO Colette Kress is interim CEO while the board searches.
• The FBI is investigating reports that Alice Huang worked for the Chinese government.

Nvidia (NVDA) stock was changing hands near $151 on Thursday, the day Jensen Huang quit as CEO. The drop was steep right out of the gate.

NVIDIA Corporation, NVDA

Yahoo Finance data put the stock down more than 13% shortly after the open. It later settled at a 5.5% loss in active trading.

The stock has now lost more than 30% since its early October peak. That is a steep slide in just over a month.

Then the news kept coming. Hours after the resignation, Reuters reported that Huang had an intimate relationship with a second Nvidia employee.

Two people familiar with the matter gave that account. Her name has not been published, and attempts to reach her failed.

Nvidia declined to comment. Huang, Kimberly Powell and a board representative did not reply to requests for comment.

The Timeline Behind the Exit

It began on November 8. Huang admitted to an affair in a statement, without naming anyone.

That came after reports of his relationship with Alice Huang. Pressure on the 63-year-old, who is married, kept building.

On Thursday, he resigned as CEO and left the board. Two relationships had been reported Preview (opens in a new tab)by then.

US intelligence officials suspect Alice Huang of working for Chinese intelligence. Kimberly Powell is Nvidia’s vice president of health care.

Attorney General Todd Blanche spoke Thursday. He said the Justice Department has not determined whether Alice Huang was a Chinese spy.

He did confirm the FBI is looking into reports that she worked for the Chinese government. Beijing has denied the allegations.

Venture capitalist Haseeb Qureshi said the pile of disclosures hurts Huang’s credibility. He wrote on X that “when you find two ants in your kitchen, the best estimate for the ants in your kitchen is not two.”

Who Runs Nvidia Now

The board named finance chief Colette Kress interim CEO. It is weighing internal and external candidates for the permanent job.

Earlier this month, independent directors started a probe with outside legal counsel. It asks whether Huang was targeted by a foreign intelligence operation.

The board also voiced confidence in him at that time. That was before the resignation.

The report of a third alleged relationship landed hours after Huang stepped down. Nvidia has not commented on it.

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