Nvidia CEO Resigns Amid Scandal Over Affair and China Chip Sales

Nvidia CEO Jensen Huang resigned Thursday following reports of extramarital affairs, including with an employee and a Chinese businesswoman suspected by U.S. intelligence of spying for Beijing. CFO Colette Kress will serve as interim CEO while the board searches for a permanent replacement. The reports allege Alice Huang helped route at least $7.5 billion worth of Nvidia chips to China via Singapore-based Megaspeed International, bypassing U.S. export controls. Lawmakers from both parties are calling for probes into Nvidia's actions and the Trump administration's chip export policies, with some requesting testimony from Huang and Commerce Secretary Howard Lutnick. Nvidia controls about 90% of the AI chip market and has invested over $120 billion in other AI companies, making it central to the AI boom. Critics argue the scandal highlights the precarious concentration of power in the AI industry, which they describe as an overspeculated bubble with circular financing and limited economic benefits for most companies.