Congress summons Jensen Huang after his Nvidia exit

Jensen Huang resigned as Nvidia's chief executive, president and board member on Thursday, November 12, after reports of multiple extramarital affairs 8

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. One of the women, a former executive at the AI computing firm Megaspeed, was suspected by US officials of having been recruited by Chinese intelligence 5

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. The departure removes the co-founder and 33-year leader of the world's largest maker of AI chips, described by outlets as one of the most powerful men in tech 8

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How it collapsed

Huang had admitted the Alice Huang affair on Sunday, and both Nvidia's board and President Trump publicly stood behind him 2

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. Then the New York Times reported on November 11 that he had also had an affair with Kimberly Powell, a Nvidia vice president who reported directly to him 5

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. Reuters later added a third affair, with another unnamed employee 2

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. Per the New York Times' reporting, that second affair preceded the board's reversal 2

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. Directors had expressed confidence in Huang on Sunday, then convened Wednesday night and accepted his resignation Thursday morning 2

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. In his statement, Huang admitted infidelity and pledged cooperation with the board's investigation; he did not give a reason for resigning 3

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The espionage question

The national-security dimension came through the woman: Alice Huang, a former executive at Singapore-based AI computing firm Megaspeed 5

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. US intelligence officials suspected she had been recruited by China's Ministry of State Security to gather information on him and influence his views on selling AI chips to Chinese firms 5

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. The two are not related, and China's government denies the allegations 5

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. Those suspicions remain allegations 3

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. Singapore barred Alice Huang from the country in February over inaccurate information she gave about her role at Megaspeed, not over spying 3

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. The board's independent probe said Sunday it had no reason to think company secrets or national security had been compromised 3

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. That investigation remains open 3

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Megaspeed, an official Nvidia partner since 2023, bought more than $4.8 billion of Nvidia chips over roughly two years 2

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. It is under US investigation for allegedly helping Chinese firms obtain advanced processors in violation of export controls 2

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. "Sometimes the easiest way to penetrate a billion-dollar company is to get close to the person running it," said Eric O'Neill, a former federal counterintelligence operative, in Fortune 3

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Nvidia, the world's largest maker of AI chips and the second-most valuable company at over $4 trillion, fell as much as 13% in a single day before a slight rebound 8

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. By Friday's close the stock was down about 12.75% for the week, erasing roughly $573 billion in market value 8

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. Fortune, counting from Huang's admission, puts the loss nearer $450 billion 3

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. Nvidia makes up about 6% of America's benchmark stock index, so those losses reach ordinary retirement accounts 8

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. The board named CFO Colette Kress, a 13-year veteran of the company, interim CEO while it searches for a permanent successor 2

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Washington moves in

The resignation did not end Huang's exposure; it moved it to Capitol Hill. Three House committees, covering foreign affairs, intelligence and China, have demanded he appear at a closed-door hearing on December 1 8

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. Representative Brian Mast and Senator Tim Scott have threatened a subpoena if he does not come voluntarily 1

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. The Senate Banking Committee has summoned him too, and Huang has indicated willingness to appear 8

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. "Recent reports raise serious concerns about our national security and the protection of sensitive U.S. technology," Senator Tim Scott wrote in his letter to Huang 1

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The scrutiny reaches into the administration. Commerce Secretary Howard Lutnick is under bipartisan pressure over allegations that he repeatedly delayed adding Megaspeed to the Commerce list of national-security-concern companies, despite intelligence about the relationship 2

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. He has agreed to testify voluntarily before the Senate Banking Committee in December 2

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. Treasury Secretary Scott Bessent's account is that his department agreed to list Megaspeed as a national-security concern but that Commerce, with final say, never did; the two men clashed over it 2

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. The pressure will outlast the Republicans' remaining weeks in control. Democrats take both chambers in January and plan their own investigations into Nvidia's export-control compliance 1

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. Senators Warren and Coons have already sent a document-preservation letter to Lutnick, Secretary of State Marco Rubio and chief of staff Stephen Miller 1

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Inside Nvidia, the mood runs the other way. "Ousting him is financial suicide, and I can only assume there is a hidden ulterior motive because I can't fathom any other reason for destroying the company's value," wrote Gavan Woolery, a senior research scientist there 8

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. Trump, who spoke to Huang the day before the resignation, told USA Today he was "going through hell" and felt worst about his wife and family 5

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. Whether the woman was a spy was, in his words, the "big thing": "If the woman was a spy, yes" 5

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Per the New York Post, citing unnamed sources, Huang personally approved Nvidia's public denials of the Alice Huang affair, misleading executives including his general counsel 9

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. He ran a highly compartmentalized structure with about 60 direct reports and up to 1,000 emails a day 9

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. "He intentionally structured the company in such a way that no one executive knew what he was up to. I think that's Jensen by design," one source told the Post 9

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Whether any secrets actually moved is still undetermined, per the board's own statement; the next dates on the calendar will start to settle it. Huang's December 1 hearing is set, though his response to the summons and whether the testimony will be public remain unresolved 2

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. Nvidia reports quarterly earnings on Tuesday, where Kress is likely to face pointed investor questions 4

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