Nvidia CEO Jensen Huang steps down amid spy scandal and market loss

Nvidia CEO Jensen Huang has stepped down from the company following his reported affairs with a suspected Chinese spy and an Nvidia executive. The $4.2 trillion tech giant has lost more than $600bn in market value this week as Huang’s scandals rocked the company, which supplies most of the chips powering advanced artificial intelligence (AI) technology. The stock slid by roughly10 percent in early trading on as US markets opened on Thursday.

The tech heavy Nasdaq is down 0.6 percent. The company appointed Colette Kress, Nvidia’s chief financial officer and executive vice president, as interim CEO on Thursday. The company also added its first-ever Chair of the Board named Harvey C.

Jones who has been a venture investor for the last three decades. Nvidia’s board met on Wednesday night to discuss ousting Huang, whose relationship with the alleged Chinese spy triggered investigations by the FBI, the United States Congress and the California-based tech giant. Nvidia is also facing a shareholder class-action lawsuit.