On a Friday that marked a turning point for one of the most valuable companies in the age of artificial intelligence, Nvidia placed its longtime chief financial officer, Colette Kress, in the chief executive's seat on an interim basis. The move followed the abrupt departure of Jensen Huang, the founder whose public face had become synonymous with the technology itself, after reports of extramarital affairs, one allegedly tied to a suspected Chinese spy. It is the kind of human unraveling that reminds us how even the most towering enterprises rest on individuals, and how quickly confidence can
Nvidia Names CFO Colette Kress Interim CEO After Jensen Huang's Abrupt Resignation
She built the deals that tie Nvidia to its customers
Mark
Why does it matter that the interim CEO is the finance chief rather than, say, an engineer?
Mimi
Because Kress built the deals that tie Nvidia to its customers. She helped design the financing with CoreWeave, OpenAI and Nebius, so the person now in charge is the one closest to those arrangements.
Mark
What are those arrangements, exactly?
Mimi
Nvidia invests in or partners with companies that also buy its chips. It holds nearly 13% of CoreWeave, which buys Nvidia chips and rents out the computing power. People call it circular financing, and it has raised concerns about financial risk.
Luke
Careful there. The concern is real, but the source says the deals have raised concerns, not that anything has gone wrong. We don't have evidence of actual losses from them.
Mark
The CoreWeave drop of 7% on Thursday seems to show the link, though.
Luke
It shows the two stocks moved together on one day. That's consistent with the concern, but one day doesn't prove the mechanism.
Mimi
Fair. And the shares are down more than 30% since October's high, which is a bigger story than any single day.
Mark
What do we actually know about the allegations against Huang?
Luke
Less than the headlines suggest. The Chinese spy claim is reported and alleged, China's Foreign Ministry dismissed it, and Nvidia has only said it is investigating whether he was the target of a foreign intelligence effort. Huang apologised for being unfaithful, but that is not the same as confirming espionage.
Mark
And is Kress staying?
Luke
Unknown. Dan Ives thinks the board may look outside, but that is one analyst's view, not a board decision.
Der Puls
- Founder Jensen Huang resigned abruptly amid reports of affairs, one allegedly involving a suspected Chinese spy, throwing a US$4 trillion company into uncertainty.
- Nvidia shares have fallen more than 30% from their October peak and dropped another 5% overnight, with the sell-off rippling into partners like CoreWeave.
- The company is investigating whether Huang was targeted by a foreign intelligence effort, while China's Foreign Ministry rejects the allegations.
- CFO Colette Kress steps in as interim CEO, a 13-year veteran whose circular financing deals now face scrutiny, and the board's permanent pick remains the decisive test.
On a Friday that marked a turning point for one of the most valuable companies in the age of artificial intelligence, Nvidia placed its longtime chief financial officer, Colette Kress, in the chief executive's seat on an interim basis. The move followed the abrupt departure of Jensen Huang, the founder whose public face had become synonymous with the technology itself, after reports of extramarital affairs, one allegedly tied to a suspected Chinese spy. It is the kind of human unraveling that reminds us how even the most towering enterprises rest on individuals, and how quickly confidence can drain when private failings become public questions. What comes next will show whether the company's steady numbers-minded leadership can restore trust or whether the board will look elsewhere for a lasting answer.
On Friday, Nvidia handed its top job to the executive who has spent the last 13 years managing its money. Colette Kress, the chief financial officer, is now interim chief executive, stepping in after the abrupt resignation of Jensen Huang, the founder whose black leather jacket and advocacy for artificial intelligence made him one of technology's best-known faces.
Huang left amid reports of extramarital affairs. The New York Times first reported on a relationship with a woman alleged to be a Chinese spy, and a second relationship with another Nvidia executive followed. The company said it was investigating whether Huang was the target of a foreign intelligence effort, and Huang apologised for being unfaithful to his wife. China's Foreign Ministry has dismissed the spying allegations.
The market has not been calm. Nvidia, worth US$4 trillion, has seen its shares fall more than 30% from their October high, dropping another 5% overnight into Friday.
Kress joined Nvidia in 2013 and became a steady voice to Wall Street as the company grew. She is also a key architect of its circular financing strategy, investing in companies that are also its customers, such as CoreWeave and OpenAI. These deals have raised concerns about risk. Kress said Nvidia's strength has always come from its people, and pledged to build on the foundation Huang created.
Whether the job stays with her is unsettled. Analyst Dan Ives praised Kress's credibility but said there is a good chance the board looks outside for a permanent chief executive. Investors will be watching that choice closely, and how they respond to it.
On Friday, Nvidia handed the top job to the executive who has spent the last 13 years managing its money. Colette Kress, the company's chief financial officer, is now interim chief executive, stepping in after the abrupt resignation of Jensen Huang, the founder whose black leather jacket and public advocacy for artificial intelligence made him one of the best-known faces in technology.
Huang left amid reports of extramarital affairs. The New York Times first reported on his relationship with a woman alleged to be a Chinese spy, and calls for him to step down grew from there. Late Wednesday, the paper and other outlets reported on a second relationship, this one with another Nvidia executive who reported to him. Nvidia did not directly address the affairs in its Thursday announcement. Over the weekend, though, the company said it was investigating whether Huang was the target of a foreign intelligence effort, and Huang separately apologised for being unfaithful to his wife. China's Foreign Ministry has dismissed the spying allegations.
The market has not taken the news calmly. Nvidia, a US$4 trillion (NZ$7.2 trillion) company and a linchpin of the AI industry, has seen its shares fall more than 30% from their all-time high in October. They dropped a further 5% overnight into Friday.
Kress joined the California chipmaker in 2013 as executive vice president and CFO. She was a regular voice to Wall Street analysts and investors as Nvidia grew into its current size. Before Nvidia, she worked at Cisco, Microsoft and Texas Instruments in a variety of roles, according to her executive biography on the company's website. She is a University of Arizona graduate with an MBA from Southern Methodist University.
She is also a key architect of one of Nvidia's more scrutinised strategies: striking partnerships with, and investing in, companies that are also its customers. These arrangements, often called circular financing, have raised concerns about financial risk. Nvidia holds a stake of nearly 13% in CoreWeave, a neocloud company that buys Nvidia chips and rents out the computing power to firms building AI models. When Nvidia shares slid Thursday, CoreWeave fell 7%. The company has similar financing deals with the AI lab OpenAI and the neocloud Nebius, among others, and Kress helped shape deals with major customers including Anthropic and CoreWeave.
In a statement Friday, Kress said Nvidia's strength has always come from its people, and that she would build on the extraordinary foundation Huang created over 33 years.
Her own finances are tied to the company's fortunes. Forbes estimated her net worth at over US$1 billion in June, though Nvidia shares have fallen by nearly a third since. Nvidia's proxy statement shows a pay package worth US$14 million for fiscal 2026.
Whether the job stays with her is an open question. Dan Ives, a financial analyst at Yorkville Ives, said Thursday that he and his team are big fans of Kress and that she has built enormous credibility inside and outside the company. But he wrote that there is a good chance the board looks outside for a chief executive. The next things to watch are the board's choice of a permanent leader and how investors respond.
Bemerkenswerte Zitate
Colette Kress has built enormous credibility internally and externally, but there is a good chance Nvidia's board looks to the outside for a chief executive.— Dan Ives, Yorkville Ives analyst
Nvidia's strength has always come from its people, and she will build on the foundation Jensen created over 33 years.— Colette Kress, in a Friday statement (paraphrased)
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