Jensen Huang resigned as Nvidia CEO on November 12, effective immediately. He also left the board and his role as president. CFO Colette Kress takes over as interim CEO while the board searches for a permanent pick.
The market reaction was brutal. Nvidia closed Wednesday at $173.73 and touched $149 after the open, a drop of roughly 14%. At the time of writing, it trades back near $160. Bitcoin also slipped to $71,500 as US markets opened.
Two days ago, a Huang exit looked like the tail risk on my chart. Now it has happened. Here is what changed, who runs Nvidia now, and which levels I’m watching.
What Nvidia Announced
The news came in a short statement on the Nvidia newsroom before the US open. Huang stepped down as president, CEO and director with immediate effect. The release gives no reason for his exit.
Three changes stand out:
- Interim CEO: Colette Kress runs the company and keeps her CFO job until the board names a permanent CEO.
- New chair: Harvey C. Jones, the former Synopsys CEO, becomes the first-ever Chair of the Board in Nvidia’s history.
- Open search: The board will look at both internal and external candidates.
Jones said the board has full confidence in Kress. He also expects the product roadmap and customer commitments to continue without disruption. Meanwhile, earnings stay on the calendar for Tuesday, November 17.
Nvidia calls it a resignation. However, Bloomberg reported that the board pushed him out. Either way, the man who built the company since 1993 no longer runs it.
How Huang Lost the Top Job
This story moved fast. In late October, reports linked Huang to Alice Huang, a former Megaspeed executive. Megaspeed is a Singapore data center firm and an Nvidia customer. US intelligence reportedly suspects she worked for Chinese intelligence. Beijing denies it, and none of it is proven.
On Sunday, November 8, Huang admitted an affair in an email to staff. That same day, the board opened an independent investigation. At first, the board backed him and said it saw no sign of leaked secrets.
Then the pressure kept stacking up:
- President Trump said the FBI was looking into the matter.
- A shareholder sued Nvidia and Huang on Monday.
- House committee chairs requested a closed-door briefing with Huang for November 18.
- On Wednesday afternoon, reports of a second alleged affair surfaced.
That last report broke the dam. Nvidia shares slid after hours, and reports said the board was preparing to replace him. By Thursday morning, Huang was out after 33 years as CEO.
My full breakdown of the first phase lives in the Nvidia stock price post on the Huang probe.
Who Is Colette Kress?
Kress has been Nvidia’s CFO since September 2013. Before that, she spent almost 25 years in finance roles at tech companies, including Cisco and Microsoft.
On Wall Street, she is the familiar voice on every earnings call. Analysts credit her with much of Nvidia’s credibility with investors during the AI boom. That matters right now, because she will likely face the first earnings call without Huang.
Still, few expect her to keep the job long term. She is a finance leader, not a chip architect or a product visionary. Consequently, the market now has to guess who comes next. Names floated in recent weeks include senior insiders such as Ian Buck and Jay Puri. Outside hires are on the table too.
Elon Musk even joined the circus. He said he would be honored to hire Huang. So the founder of the most valuable chip company may not stay unemployed for long.
Nvidia Stock: My $150 Target Got Tagged
On Tuesday, I flagged $150 to $152 as the double-top target if $164 failed. This morning, both happened. The stock broke the 52-week low of $164.27 and wicked to $149.
That move wiped roughly $440 billion off the market cap at the open. As a result, Nvidia’s valuation fell below $4 trillion.
Here is how I read the chart now:
- First support: $149 to $152, today’s low and the old double-top target.
- Next support: $140, a round number with little structure below $150.
- First resistance: $164 to $165, the broken 52-week low, which should now act as a ceiling.
- Gap fill: $173.73, Wednesday’s close. A full gap fill before earnings looks unlikely to me.
The bounce to $160 shows dip buyers are active. Even so, a flush followed by a bounce does not end a downtrend. The stock still trades far below its 50-day and 200-day moving averages. If you want to read levels like this yourself, start with our support and resistance guide.
What It Means for Bitcoin
Crypto felt it straight away. BTC traded near $71,500 when US markets opened, below the November low it swept only yesterday. That puts the $70,000 psychological level right in play.
Why does a CEO change at a chip company hit bitcoin? Simple. Bitcoin has traded like a high-beta tech stock for weeks. Nvidia is the face of the AI trade, so when it cracks, the whole risk complex wobbles. Nasdaq futures were already red before the open.
This also lands on a market that was weak already. A hot October CPI, steady ETF outflows and the MSCI decision on Strategy had already done damage. I covered the full list in why is bitcoin down. Yesterday, the same pressure pushed Zcash under its floor, as I wrote in Zcash below $1,000.
On the bright side, a single-stock shock is not a crypto-specific problem. No exchange broke, and no stablecoin lost its peg. Once Nvidia finds a floor, the drag on bitcoin should ease too.
Polymarket Priced It at 14% Two Days Ago
On Tuesday, Polymarket gave roughly 14% odds that Huang would be announced out as CEO by year end. Over the past few days, the contract swung hard and briefly spiked toward 50%. Now it should resolve to yes, about seven weeks before its deadline.
That is a good reminder of how these markets work. Odds are not a prophecy. Instead, they show where the crowd stands with the facts it has. The second affair report was new information, and the price moved before the official news.
If you follow stories like this one, our Polymarket prediction market guide explains how the platform works.
What I’m Watching Next
The calendar is packed, so volatility will not disappear soon.
- PPI on Friday, November 13: After a hot CPI, another strong print would cut rate-cut hopes further. That hurts tech and crypto alike.
- Nvidia earnings on Tuesday, November 17: This is the big one. Kress will likely lead the call. Investors want proof that demand and the roadmap stay intact without Huang.
- The November 18 briefing: House committee chairs wanted Huang on that date. Whether it still happens, and with whom, is unclear.
- The CEO search: Any hint of a strong permanent pick could spark a relief rally.
For me, nothing changes yet. I have no Nvidia position, and I’m still sitting out until earnings pass. In crypto, I’m also waiting. Bitcoin needs to show me a direction first, and $70,000 is the line I care about most.
How to Trade Nvidia Around the Clock
This story broke before the US open, while stock perps were already trading. It is the second time this month that Nvidia news hit outside regular hours.
Personally, I learned the hard way why access matters. My broker once force-sold my shares when I left the Netherlands, a story I told in my Nvidia tokenized stock post.
Today, you have a few routes:
Keep the risks in mind, though. Perps charge funding, and leverage turns a 14% wick into a liquidation. Size small on days like this one.
Keep This Content Free
A CEO exit at a $4 trillion company is not our usual beat, yet it moves every chart we cover. If this breakdown saved you time, open an account on OKX or Bybit through our links. It costs you nothing, and it keeps the site running. Plus, if you trade anyway, our exchange bonuses and DEX points tracker shows where that volume earns extra rewards.
Final Words
Jensen Huang is out at Nvidia after 33 years. Colette Kress runs the company for now, and Harvey Jones chairs a board that just took control. Meanwhile, the stock tagged $149 before bouncing to $160, while bitcoin dipped to $71,500.
The scandal itself may fade. The uncertainty will not, at least until Nvidia names a permanent CEO. Until then, every headline about the search can move the stock, and with it, crypto.
I’m watching from the sidelines until earnings. Want to know when I do pull the trigger on a trade? Join the AirdropAlert trading newsletter.
FAQ
Did Jensen Huang resign as Nvidia CEO?
Yes. Nvidia announced on November 12 that Huang resigned as CEO, president and board member, effective immediately. The company gave no reason. Bloomberg reported that the board forced him out.
Who is the new CEO of Nvidia?
CFO Colette Kress is interim CEO. She keeps her CFO role until the board names a permanent CEO. The search covers internal and external candidates.
Why did Jensen Huang leave Nvidia?
Nvidia did not say. His exit followed an admitted affair with a former Megaspeed executive linked to spy claims, a board probe and a report of a second alleged affair.
How far did Nvidia stock fall?
Nvidia closed at $173.73 on Wednesday and touched about $149 after Thursday’s open, roughly 14% lower. It then bounced to around $160.
Did the Huang news affect bitcoin?
Yes. Bitcoin fell to about $71,500 as US markets opened, below its November low. Bitcoin has traded closely with tech stocks, so a Nvidia shock weighs on crypto too.
When does Nvidia report earnings?
Nvidia reports third-quarter fiscal 2027 results on Tuesday, November 17, after the US close.
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