Jensen Huang has resigned from his position as president and chief executive of Nvidia following his admission of a romantic relationship with an alleged Chinese spy, a development that has triggered a national security crisis, according to a recent report by TechCrunch.
Nvidia confirmed that its board accepted the resignation on Wednesday. Collete Kress, the current chief financial officer and executive vice president, will serve as interim CEO while the company searches for a permanent replacement. The news caused Nvidia shares to drop nearly 12% in early morning trading on Thursday, contributing to a total market capitalization loss exceeding $855 billion since last Friday. Huang founded the company in 1993 and was instrumental in developing the graphics processing unit, which eventually became the industry standard for AI model training and data center operations. His departure creates significant uncertainty regarding the company's extensive financial commitments, which include billions of dollars in investments and credit guarantees for AI startups and cloud infrastructure providers. The board has appointed Harvey Jones as the company's first-ever chair of the board of directors to help navigate this transition. Investors are now awaiting the company's quarterly earnings call scheduled for next Tuesday to gain further insight into the future direction of the firm.
Source: TechCrunch
