Nvidia CEO Jensen Huang to step down in big blow to AI boom

Nvidia chief Jensen Huang is leaving the company and its board, Business Recorder reported on Thursday, as the chipmaker begins searching for a permanent CEO. Chief Financial Officer Colette Kress will serve as interim chief, while former Synopsys CEO and board member Harvey Jones has been appointed Nvidia’s first chairman.

The leadership change comes amid reports concerning Huang’s personal relationships and an investigation by Nvidia’s independent directors into whether a foreign intelligence operation targeted him. Nvidia shares dropped more than 10% in premarket trading, weighing on the broader market, while investors have also been questioning the AI boom’s financial returns as technology companies face rising cash outlays and debt. Huang’s departure also raises questions about the company’s AI ecosystem and his efforts to retain access to China.