Jensen Huang’s reported resignation has created uncertainty around Nvidia’s leadership, with attention shifting toward potential candidates for the company’s next permanent CEO. An Apple executive is reportedly being considered as a possible replacement, while the sudden announcement has also weighed heavily on Nvidia’s stock performance.

On November 12, 2026, Nvidia announced that co-founder Jensen Huang had stepped down from his positions as President, CEO, and a member of the board, effective immediately.

The decision followed growing controversy over allegations concerning Huang’s personal relationships and possible national security implications. Nvidia’s CFO, Colette Kress, has taken over as Interim CEO while continuing to manage the company’s financial operations. Meanwhile, longtime director Harvey C. Jones has been appointed the company’s first Chairman, with the board beginning its search for a permanent successor. A senior executive from Apple has reportedly emerged as an early candidate.

The announcement triggered a significant sell-off in Nvidia shares. NVDA dropped more than 10% in premarket trading, extending a recent decline that has already removed hundreds of billions of dollars from its market capitalization. By midday, the stock was trading around the mid-$150s to low-$160s.

What Triggered Jensen Huang’s Exit From Nvidia?

Huang’s departure reportedly followed revelations involving two alleged extramarital relationships, which attracted additional scrutiny because of concerns surrounding corporate leadership and national security.

The first controversy involved Alice Huang, a businesswoman reportedly linked to Singapore-based AI company Megaspeed, which has significant commercial connections to Nvidia. U.S. authorities have allegedly identified her as a suspected asset connected to China’s Ministry of State Security.

Reports claimed that Jensen Huang had been photographed with her on several occasions. The allegations raised questions about whether foreign intelligence operations could have targeted the Nvidia CEO.

Huang later apologized to employees for being unfaithful to his wife. However, he rejected claims that he had exposed confidential company information or endangered national security.

The controversy intensified after further reports alleged a second relationship involving Kimberly Powell, Nvidia’s vice president of healthcare and a direct subordinate of Huang.

The two allegations reportedly prompted Nvidia’s board to launch an internal investigation. After holding a late-night meeting, the directors accepted Huang’s resignation.

The reported relationship with a subordinate, combined with the national security concerns surrounding the other allegations, placed additional pressure on Nvidia’s corporate leadership.

Who Is Colette Kress? Apple’s Johny Srouji Linked to Nvidia’s CEO Search

Colette Kress has been Nvidia’s Executive Vice President and CFO since September 2013. Following Huang’s departure, she has assumed temporary responsibility for leading the company while retaining her financial leadership role.

Before joining Nvidia, Kress spent nearly 25 years working in senior financial positions at major technology companies.

Her previous experience includes serving as CFO of Cisco’s Business Technology and Operations organization and Microsoft’s Server and Tools division. She also held earlier roles at Texas Instruments.

Kress earned a finance degree from the University of Arizona before completing an MBA at Southern Methodist University.

During her tenure at Nvidia, annual revenue climbed from approximately $4 billion to more than $200 billion as the company established itself as a leading supplier of AI accelerators and advanced computing technology.

Her interim appointment is expected to provide stability while the board identifies a permanent successor.

Meanwhile, Apple’s Johny Srouji has reportedly attracted attention as a potential candidate. His experience overseeing Apple’s semiconductor development and hardware engineering could make him an interesting choice for Nvidia’s next leadership phase.

Hyperliquid’s NVDA Perpetual Contracts Mirror Nvidia’s Market Decline

Hyperliquid enables traders to gain leveraged exposure to Nvidia’s stock through perpetual contracts, offering continuous trading access without requiring ownership of actual shares.

These instruments generally track the underlying stock’s movements and have attracted increased trading activity during the recent leadership controversy.

After the initial allegations and reports of an internal board investigation emerged in early November, the NVDA perpetual contract on Hyperliquid followed the traditional stock market lower.

The contract declined from approximately $170–$175 to the mid-$150s, trading near $158–$160 on November 12. This represents a drop of around 9%–11% over the latest sessions, with cumulative losses extending further from pre-scandal levels.

Open interest has remained elevated at hundreds of millions of dollars, reflecting continued speculative positioning. Funding rates have also fluctuated as traders reassessed their exposure to both bullish and bearish positions.

Trading volume increased considerably following the resignation announcement, indicating heightened liquidation activity and rapid repositioning.

From a technical perspective, the contract has broken below several important short-term support levels, while momentum indicators point to deeply oversold conditions.

A recovery in Nvidia’s traditional shares could quickly translate into an upward move in the Hyperliquid contract. However, leveraged trading can intensify price fluctuations, exposing traders to significant risks during both market declines and sudden rebounds.