Nvidia CEO Jensen Huang resigns over scandal and is replaced by CFO Colette Kress on interim basis – follow live

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Nvidia shares plunge 10% in pre-market trading after board ousts longtime boss Huang over two affairs, including with a suspected Chinese spy, in big blow to AI boomToo big – and…

Nvidia’s board is meeting to decide whether to oust CEO Jensen Huang, a source familiar with the matter told the Reuters news agency, as the world’s dominant supplier of AI processors grapples with reports of two extramarital affairs involving its longtime ⁠leader.

The reports mark a sharp escalation in a controversy that began with revelations about Huang’s relationship with Alice Huang, a woman US intelligence has said was involved in facilitating shipments of Nvidia chips to Chinese firms.

In a memo to employees on Sunday, Huang acknowledged being unfaithful to his wife and took “full responsibility,” but gave no details about the relationship.

Huang, 63, has ⁠no obvious successor and owns about 3.6% of Nvidia’s stock. He also has dozens of direct reports, underscoring the tight control he maintains over the company.

The company’s shares slid about 8% in ​after-hours trading after the Wall Street Journal first reported that Nvidia was preparing to oust Huang. ‌Including Wednesday’s after-hours selloff, Nvidia has lost about $600bn ‌in stock market value this week since the board announced its investigation into his relationship with a Chinese businesswoman.

Earlier in the day, the New York Times reported that Huang had also had ‌an extramarital affair with a company executive who reported to him.

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