Nvidia's board announced on Nov 12, 2026 that Jensen Huang, the company's founder and longtime chief executive, had resigned with immediate effect. The exit came days after Nvidia lost roughly $400 billion in market value over two trading sessions, faced a shareholder lawsuit and drew scrutiny from members of Congress.
The scandal grew out of reporting by The New York Times and The Wall Street Journal about Huang's relationship with Alice Huang, a Chinese businesswoman linked to Megaspeed, a Singapore-based buyer of Nvidia chips. This page separates what is confirmed from what is only alleged, because several details circulating online do not match the original reporting.
Timeline: How the Nvidia Scandal Unfolded
| When | What happened |
|---|---|
| Oct 2025 | The New York Times investigates Megaspeed, a little-known Singapore-based company that bought large volumes of advanced Nvidia chips. |
| Nov 4–5 | Three House committee chairs write to Huang asking for a closed-door briefing on Nov 18 about Megaspeed and an executive US intelligence reportedly flagged as a Chinese intelligence asset. |
| Nov 8 | Nvidia's board opens an independent investigation into reports that Huang was targeted by foreign intelligence. Huang tells staff he had an extramarital relationship and apologizes, without naming her. |
| Nov 9 | China's Foreign Ministry calls the spy allegation "unsubstantiated." A shareholder sues Nvidia in California. Shares fall about 4.3%, erasing roughly $190 billion. |
| Nov 10 | Shares fall another 5.47% to $168.89. The two-day loss is about $400 billion. |
| Nov 11 | The New York Times reports a second relationship, with an Nvidia employee. The Wall Street Journal reports the board is preparing to oust Huang. Shares rise 2.9% in regular trading, then fall about 8% after hours. |
| Nov 12 | Nvidia announces Huang's resignation as president, CEO and director. |
| Nov 17 | Nvidia is scheduled to report third-quarter fiscal 2027 results. |
| Nov 18 | Requested date for the closed-door congressional briefing. |
What Is Confirmed and What Is Only Alleged?
| Claim | Status |
|---|---|
| Huang resigned as CEO and director | Confirmed by Nvidia's SEC filing. The filing gives no reason. |
| Colette Kress is interim CEO; Harvey C. Jones is board chair | Confirmed in the filing. |
| Huang had an extramarital affair | Acknowledged by Huang in a staff message, according to reports. He did not name the person. |
| The woman is Alice Huang | Reported by The New York Times and The Wall Street Journal. Huang's message did not name her. |
| She worked for Chinese intelligence | Alleged. The New York Times reported that US intelligence indicated she was a spy for China's Ministry of State Security. China calls the claim unsubstantiated. The AP could not reach her. No charges appeared in the reports reviewed. |
| Nvidia secrets or US security were compromised | Not established. The board said on Nov 8 it had no reason to believe so, and its investigation continues. |
| Megaspeed illegally routed Nvidia chips to China | Alleged and under investigation. Megaspeed denies violations. Singapore says it is investigating the company. Nvidia said its compliance team found Megaspeed was not acting illegally. |
| A second relationship with an employee | Reported by The New York Times. Not addressed in Nvidia's filing. |
Who Is Alice Huang?
The AP describes Alice Huang as a Chinese businesswoman who is also known as Huang Le. Both the AP and The Wall Street Journal say she is not related to Jensen Huang, despite the shared surname. Public information about her is limited.
- Background: The Wall Street Journal says she was a television reporter for Chinese state media nearly two decades ago, then worked in finance, including at HSBC. The AP also lists CITIC Securities.
- Megaspeed: Singapore's corporate registry lists her as a director from March to November 2023. The AP, citing research by C4ADS, says she became the controlling shareholder in March 2023 and that her shares had moved to a Singaporean businessman by November. The Wall Street Journal reports that an employee and a business partner say she kept acting as a company leader and introduced herself as CEO as recently as August 2025.
- Meetings with Huang: The Wall Street Journal describes a June 2024 party at Computex Taipei that both attended, and a May 2025 dinner in Taipei, after which video and photos showed them kissing on the cheek and getting into the same car.
- Reaction: Taiwan's interior minister said she would be barred from entering Taiwan again and that national security officials are looking into the matter. The AP could not reach Alice Huang, and Megaspeed did not respond to its request for comment.
What Is Megaspeed and Why Does It Matter?
According to the AP, Megaspeed was incorporated in Singapore in 2015 as 7Road International, the overseas arm of a Shenzhen game developer, and was renamed in 2023. The Wall Street Journal says it markets itself as a cloud provider built on Nvidia hardware across Asia-Pacific. The New York Times reported that its Malaysian subsidiary bought at least $4.8 billion of advanced AI equipment between June 2024 and February 2026.
The US restricted exports of Nvidia's most advanced chips to China in 2022. Some lawmakers and officials argue that companies buying chips legally, building data centers in Southeast Asia and renting computing power to Chinese firms can undercut those limits. The US is investigating whether Megaspeed acted as a backdoor. Megaspeed said in late 2025 that investigations found no evidence of violations.
What Did Donald Trump Know?
CNN reported, citing an unnamed source, that Secretary of State Marco Rubio briefed President Trump on the intelligence aboard Air Force One during his May trip to China, despite a public denial of prior knowledge. Trump has said he believes Huang had no idea the woman may have been a spy. The reports reviewed did not include a White House response, and this account rests on a single anonymous source.
How Far Did Nvidia Stock Fall? What About the Lawsuit?
Nvidia shares fell about 4.3% on Nov 9 and 5.47% on Nov 10, closing at $168.89, which Korea JoongAng Daily put at about $400 billion lost across the two sessions. The stock closed 30.6% below its intraday high on the previous Friday.
On Nov 9, a retail investor filed a lawsuit in California against Nvidia and Huang. It alleges they misled investors about Nvidia's relationship with Megaspeed and about the affair, and it seeks class-action status for people who bought shares between Oct 9 and Nov 8. These are allegations in a complaint and have not been proven. Nvidia did not immediately comment.
Who Runs Nvidia Now?
Colette Kress, executive vice president and CFO, is interim CEO and keeps the CFO role. Harvey C. Jones, a longtime director and former Synopsys CEO, becomes the company's first board chair. The board is considering internal and external candidates for a permanent CEO and says it expects operations, customer commitments and the product roadmap to continue without interruption.
What Is Congress Doing?
House Foreign Affairs Chair Brian Mast, Select Committee on China Chair John Moolenaar and Intelligence Committee Chair Rick Crawford asked Huang in a Nov 4 letter for a closed-door briefing on Nov 18, the day after Nvidia's earnings. This was a request, not a subpoena. Nvidia responded that Huang shares only ordinary business information with customer executives. Whether the briefing will go ahead after his resignation was not confirmed in the reports reviewed.
What Happens Next?
- Nov 17: Nvidia reports quarterly results, the first under an interim CEO.
- Nov 18: The date set in the House chairs' briefing request.
- Board investigation: An independent committee of directors, assisted by outside counsel, is still examining whether Huang was targeted by a foreign intelligence operation.
- CEO search: The board has not named a permanent successor.
- Export policy: Media coverage says the case raises fresh questions about US chip sales to China, and the Trump administration is reportedly considering tighter limits.
Frequently Asked Questions
Did Jensen Huang resign as Nvidia CEO?
Who is the new Nvidia CEO?
Why did Jensen Huang resign?
Was Jensen Huang spying for China?
Who is Alice Huang?
Did Jensen Huang admit the affair?
How much did Nvidia stock fall?
Will Huang still brief Congress on Nov 18?
Did Trump know about the allegations?
Sources
- NVIDIA announces CEO transition, Form 8-K, SEC (Nov 12, 2026)
- Statement from NVIDIA Board of Directors (Nov 8, 2026)
- Alice Huang, who reportedly had an affair with Nvidia CEO, is a Chinese banker turned tech exec, AP
- The Chinese woman at the center of a spy probe after an affair with Jensen Huang, The Wall Street Journal via To Vima
- China denies spy plot claim involving Nvidia CEO Jensen Huang, ITV News
- A shareholder sues Nvidia and Jensen Huang over alleged investor deception, ITV News
- Nvidia sheds $400 billion in two-day rout over CEO's alleged spy affair, Korea JoongAng Daily
- Nvidia shares fall 8% after hours as its board is reportedly preparing to oust CEO, StockAnalysis (Nov 11, 2026)
- Nvidia CEO Jensen Huang admits affair, Interesting Engineering
- GOP committee chairs request Nov 18 Huang briefing on Megaspeed, AI Weekly
- Despite denial, Trump was briefed on spy concerns related to Nvidia CEO, source says, CTV News (CNN)
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