One week ago, Jensen Huang was one of the most powerful people in the world. The co-founder and CEO of Nvidia, the company whose chips power the AI boom, was a billionaire icon known for his trademark leather jacket and packed keynote speeches.
Today, he's out of a job.
In five days, there was an admitted affair, a suspected Chinese spy, a resignation, and reports of two more affairs. Nvidia's stock has cratered, Congress wants answers, and the story keeps growing.
If you've lost track, here's everything you need to know.
The Timeline: How It All Fell Apart
- Sunday, Nov. 8: Huang admits to an extramarital affair. He doesn't name the woman.
- Days later: The New York Times reports the woman is believed to be Alice Huang, a Megaspeed executive whom US intelligence reportedly suspects of spying for China.
- Monday, Nov. 9: Nvidia's board opens an independent investigation, and the stock starts sliding.
- Wednesday, Nov. 11: The Times reports a second alleged relationship, this time with Nvidia executive Kimberly Powell, who reported directly to Huang. The board meets that night.
- Thursday, Nov. 12: Huang resigns as CEO. Hours later, Reuters reports a third alleged affair, with another Nvidia employee.
Who Is the Alleged Spy?
Alice Huang (no relation) was an executive at Megaspeed, a Singapore-based AI infrastructure company. US intelligence reportedly believes she committed espionage on behalf of Beijing.
The allegations go well beyond a personal scandal. The Information reported that the relationship may have helped facilitate at least $7.5 billion in Nvidia AI chip shipments to China since 2023. Bloomberg reports that federal prosecutors in Manhattan are examining whether groups linked to her were involved in smuggling servers built with Nvidia chips. CNBC reported that she may also have held stakes in businesses that benefited Huawei, Nvidia's biggest rival in China.
Jensen Huang has admitted to one affair but has not publicly named the woman involved.
The Third Affair
Just hours after Huang stepped down, Reuters reported, citing two sources, that he had a relationship with a second Nvidia employee. The woman has not been named, and Nvidia declined to comment.
That brings the total to three alleged affairs, though as Forbes notes, Huang has only formally acknowledged one of them.
The $490 Billion Hit
Wall Street did not take the news well. Nvidia stock dropped as much as 14% on Thursday morning before recovering some ground, closing down about 4%.
Since last Friday, Nvidia has lost about $490 billion in market value. Combined with a broader AI stock slump, the company is now worth roughly $1.75 trillion less than its peak of $5.75 trillion in early October.
Not everyone is running for the exits. Small investors bought a record $111 million of Nvidia stock in the first 30 minutes of trading Thursday, more than 40 times a normal opening.
Who's Running Nvidia Now?
CFO Colette Kress, who has been with the company since 2013, is serving as interim CEO. Analysts see her as a steady hand, but many question whether anyone can truly replace Huang, who co-founded the company and ran it for more than 30 years.
Prediction markets currently favor longtime Nvidia executive Ian Buck as the permanent pick. President Trump has floated a different name: former Apple CEO Tim Cook.
Washington Wants Answers
The scandal has quickly turned political. Huang has agreed to testify before Congress before Thanksgiving, likely under oath, after House Foreign Affairs Chairman Brian Mast threatened a subpoena.
The Justice Department is reportedly running multiple investigations, including one into Megaspeed and another into possible antitrust issues at Nvidia. Commerce Secretary Howard Lutnick has also come under fire over reports that he received a classified memo warning about Huang's relationship. The White House says Trump has full confidence in him.
What Happens Next?
All eyes are on Tuesday, Nov. 17, when Nvidia reports quarterly earnings, its first without Huang at the helm. Investors will be listening closely for anything on China.
Meanwhile, the scandal has gone fully mainstream. Fans have left flowers and candles outside Nvidia's Santa Clara headquarters, and late-night TV has piled on.
Former Goldman Sachs CEO Lloyd Blankfein summed it up by quoting Charles de Gaulle: "The graveyards are filled with indispensable men."
Jensen Huang spent three decades building one of the most valuable companies on Earth. It took less than a week for it all to come crashing down.
