Jensen Huang resigns as Nvidia CEO after 33 years

Jensen Huang resigned as Nvidia’s CEO on Thursday, and the chipmaker’s market value fell below $4 trillion.

Nvidia’s board said Huang also stepped down as president and a board member, effective immediately. Colette Kress, Nvidia’s finance chief since 2013, took over as interim CEO and will keep her CFO role.

U.S. stocks opened lower after the announcement. Nvidia shares fell as much as 14% in early trading, and both the S&P 500 and the tech-heavy Nasdaq declined. Rival chipmakers AMD and Broadcom rose, AP reported.

Huang co-founded Nvidia in 1993 and turned it from a graphics chip startup into one of the world’s most valuable companies. Nvidia’s May proxy filing put his stake at about 3.6%.

His resignation came a day after The Wall Street Journal reported that the board was preparing to remove him. Huang had told employees he had been unfaithful to his wife, and the board had opened an independent inquiry into whether he had been targeted by foreign intelligence.

President Donald Trump suggested on Truth Social that Apple executive chair Tim Cook should take over. “A Legend replaces a Legend!” he wrote.