Jensen Huang has resigned as chief executive of Nvidia after reports of extramarital affairs with an alleged Chinese spy and a company employee.
He will be replaced on an interim basis by Nvidia’s chief financial officer, Colette Kress, until a full-time successor is named.
Shares in the chipmaker plunged by 13% when Wall Street opened, after Huang’s departure was announced. After a partial rebound, they were down 7% in morning trading, wiping more than $320bn (£242bn) off Nvidia’s value on the day and more than $600bn for the week – valuing the company at about $3.9tn.
The statement from Nvidia’s board of directors confirming Huang’s departure did not mention the spying scandal and personal conduct revelations that have enveloped the company, instead paying tribute to Huang’s “profound” contributions to the company he co-founded.
It wasn’t a problem until the espionage and smuggling became public news.
Sad, but the truth.
Given the current administration, nVidia can likely donate to some pet project and get off without as much as a nasty letter from the DoJ.
The smuggling was reported over a year ago. The affair being reported drew the real outrage. Might’ve been a strategically timed reveal.
The whole affair is just a smokescreen. It’s been an open secret for a while that Jensen has been funneling banned GPUs to China’s AI projects via Singaporean firms. This grift doesn’t stop at Jensen but he’s now the chosen scapegoat.
Alleged!?
He admitted to it! Told his wife and everything.I think that technically he didn’t publicly announce who it was, just that he’d been involved in an affair and apologized.
In general, I’d rather have the press err on the side of throwing in “alleged” than on the side of not including it. Lot of people, especially non-journalists in the more-important-for-news-these-days social media world, who just jump to asserting that something is the case.
Its always alleged until the investigation is concluded, a confession doesnt change that, its a single piece of evidence weighed for or against others. In this case it does appear fairly slam-dunk, but still process should be followed.
Investigatation? The affairs aren’t a crime. There’s no investigation there. He says the affairs happened, that’s closed.
The investigation is about his involvement and knowledge of the GPU smuggling.
Investigation isnt a term owned by a government agency or degree of offending. I can investigate my little toe if I want.
Companies have internal investigations that must be followed either by policy, and often by law. They’ll have a duty to shareholders to complete the investigation. And they’ll use language in documents, press packs, and announcements to that effect.
Your open/closed assessment is false. It’s kinda clear you’ve never dealt with staff and human resourcing issues before? Or if you have it hasn’t been in a firm bigger than a few people.
I have been actually! A few times!
I worked with autistic kids for almost a decade. Was sent home a few times when accusations were made. Each time I was cleared by video. And nobody ever said I aledgedly showed up to work that day.My point is, the affairs are facts of the investigation, not accusations.
Far more importantly, when will he be in court to answer for his corporate crimes, market interference, fraud, breach of international sanctions, musleading the stock market, interfering in legal investigations and christ alone knows how much more.
All of the above are documented and clear but people only get interested by spicy words china, spy, affair, honeypot.
This is an exit to dodge accountability and i hope to god the new ceo can manage something resembling a controlled landing of the reckless crash trajectory that nvidia has been leading.
