Nvidia chief Jensen Huang steps down amid affair allegations and Capitol Hill scrutiny

Jensen Huang has stepped down as chief executive of Nvidia following allegations regarding extramarital relationships, triggering widespread turmoil for the prominent artificial intelligence chip designer and drawing sharp attention from federal lawmakers in Washington.

The leadership crisis escalated rapidly after reports surfaced linking Huang to two separate affairs. On Sunday, Huang acknowledged being unfaithful to his wife of 40 years. That admission followed reports connecting him to Alice Huang, a Singaporean executive at the firm Megaspeed who has faced suspicions in media reports of working as an intelligence asset for China. Beijing has rejected those claims as a smear, and US Attorney General Todd Blanche stated on Thursday that the Justice Department has reached no conclusion regarding any alleged espionage.

Nvidia was further shaken on Wednesday by fresh allegations that Huang maintained a second relationship with Kimberly Powell, a long-serving Nvidia executive who reported directly to him. Following the latest revelations, Chief Financial Officer Colette Kress stepped into the role of interim chief executive and convened an emergency leadership meeting, while the board searches for a permanent successor.

The fallout has erased roughly $550 billion from Nvidia's market capitalization over just five days, marking the company's steepest five-day valuation drop since its public listing 27 years ago. The semiconductor giant has seen its stock decline by 31 percent amid the turmoil. Because Nvidia accounts for roughly 7 percent of the S&P 500 index, the decline has had an immediate ripple effect across broader investment funds held by retirement accounts nationwide.

Beyond market volatility, the company faces growing pressure on Capitol Hill. Democratic Senators Elizabeth Warren and Chris Coons, alongside members of the House Foreign Affairs Committee, have called for Huang to provide formal testimony to Congress. A Senate staff member indicated that lawmakers could issue a subpoena if Huang declines to appear voluntarily.

Nvidia previously initiated an internal review to determine whether its former chief executive was targeted by foreign intelligence services. The chipmaker has maintained that it has no evidence suggesting proprietary secrets or national security were breached, though it stated the independent inquiry will assess all relevant facts. Representatives for Huang and the company have declined recent requests for comment.

Huang had served as the public face and driving force of Nvidia since co-founding the firm in 1993, overseeing its transition from graphics hardware into the dominant supplier of processing chips powering modern generative artificial intelligence platforms. Both of his adult children also serve as executives within the company.