Nvidia drops below $4 trillion as Congress presses Jensen Huang

AI & DeeptechIshaan VardhanNov 14, 20266 min read

Nvidia’s market value closed below $4 trillion on Friday, 13 November 2026, for the first time since July 2025, a day after Jensen Huang resigned as chief executive, while US lawmakers in both the House and Senate demanded he testify about his ties to a Chinese chip customer, CNBC reported. For Indian founders, investors and engineers, the story now matters less as a scandal than as a test of the company that sells most of the world’s AI chips, and of US export rules on those chips.

Key takeaways

• Jensen Huang resigned as Nvidia’s president, CEO and board member on 12 November 2026; CFO Colette Kress is interim CEO and Harvey C. Jones is the company’s first board chair.
• Nvidia shares fell 2.01% on Friday and 12.75% for the week, a sixth straight weekly fall, CNBC reported.
• House committee chairs say Huang agreed to testify before Thanksgiving; the Senate Banking chair has summoned him for December, with subpoenas threatened if he does not appear.
• Nvidia reports its third-quarter fiscal 2027 results on 17 November, the first test of the company under interim leadership.

What Nvidia announced

Nvidia’s board said on 12 November 2026 that Jensen Huang had resigned as president, chief executive and director with immediate effect, according to the company’s announcement. Colette Kress, executive vice president and chief financial officer, is interim CEO and stays on as CFO. The board will consider internal and external candidates for a permanent chief and gave no timeline. Harvey C. Jones, a board member and former Synopsys CEO, became Nvidia’s first-ever chair.

The announcement gave no reason for the resignation. Jones said the board has “full confidence in Colette and the leadership team” and expects operations, customer commitments and the product roadmap to continue without interruption. Kress said the company’s focus “remains on serving our customers, partners, developers and shareholders.”

Why Huang stepped down

Huang’s exit followed weeks of reporting about his relationship with an executive at Megaspeed, a Singapore-based Nvidia customer that US and Singapore authorities had investigated over suspected chip-export evasion, according to TechCrunch’s timeline of the case. The New York Times reported that a US government memo warned the executive was working for China’s Ministry of State Security. On 8 November Huang published a letter to employees admitting he had been unfaithful to his wife, and the board opened an independent investigation, saying it had no reason to believe national security or Nvidia’s trade secrets had been compromised.

Further reports of personal relationships followed in the New York Times and Reuters before the board accepted his resignation. Nvidia, Huang and the people named in those reports have not confirmed several of the claims, and we have left out details that rest only on unconfirmed reporting.

What happened to the stock

Nvidia’s stock closed down 2.01% on Friday, ending the week 12.75% lower and pushing its market value under $4 trillion for the first time since July 2025, CNBC reported. It was Nvidia’s sixth straight weekly decline, its longest such streak since 2012, and the shares were down more than 20% over the past month. Stephane Houri, head of equity research at ODDO BHF, told CNBC that the AI industry’s architecture “really depended on the vision” of Huang.

What Congress wants from Huang

Republican and Democratic lawmakers are both pressing for testimony. House Foreign Affairs chair Brian Mast, Select Committee on China chair John Moolenaar and Intelligence chair Rick Crawford sent a second request to Huang and Nvidia general counsel Tim Teter with an 8 p.m. ET Friday deadline, and Mast said Huang agreed to appear in the coming weeks, likely before Thanksgiving, CNBC reported. Senate Banking chair Tim Scott summoned Huang and Commerce Secretary Howard Lutnick to testify in December. Both Mast and Scott have threatened subpoenas.

The bigger policy question is chip exports. Senators Elizabeth Warren and Chris Coons asked the administration to preserve records on Nvidia’s exports of advanced AI chips to China or to buyers that might divert them there, and the Megaspeed probe has moved to the Justice Department, according to CNBC, citing the New York Times.

What it means for India

Nvidia is one of the largest technology employers and AI suppliers with a stake in India. When Huang visited Bengaluru in September 2023, Nvidia said it had about 4,000 employees in India and announced AI infrastructure partnerships with Reliance Industries and the Tata Group, according to Nvidia’s blog. For Indian companies that buy or rent AI compute, three things are worth watching:

• Export rules. If Congress or the Commerce Department tightens checks on where advanced chips end up, buyers outside the US, including in India, could face more paperwork and slower deliveries.
• Roadmap and supply. The board says product plans continue unchanged; the 17 November results call is the first chance to hear that from Kress directly.
• Jobs. No India hiring changes have been announced. Engineers watching the AI chip market can follow openings on our AI and ML jobs list, and founders can track AI infrastructure rounds on our funding tracker.

This is a news report, not investment advice; check filings and a registered adviser before acting on any stock move.

FAQ

Who is the CEO of Nvidia now?

Colette Kress, Nvidia’s chief financial officer, is interim CEO after Jensen Huang resigned on 12 November 2026. She remains CFO while the board searches for a permanent chief executive among internal and external candidates. Harvey C. Jones, a former Synopsys CEO, was named Nvidia’s first board chair the same day.

Why did Jensen Huang resign from Nvidia?

Nvidia’s announcement gave no reason. Huang resigned after weeks of reporting about his relationship with an executive at Megaspeed, a Singapore Nvidia customer that US officials reportedly linked to Chinese intelligence, and after he admitted on 8 November that he had been unfaithful to his wife, according to TechCrunch’s timeline. Nvidia’s board had opened an independent investigation on 8 November.

Will Jensen Huang testify before Congress?

House Foreign Affairs chair Brian Mast said Huang agreed to appear in the coming weeks, likely before Thanksgiving, CNBC reported on 13 November 2026. Senate Banking chair Tim Scott has separately summoned Huang and Commerce Secretary Howard Lutnick for December. Both chairs have threatened subpoenas if he does not appear voluntarily.

When does Nvidia report its next results?

Nvidia will report results for the third quarter of fiscal 2027 on 17 November 2026, with an earnings call at 2 p.m. Pacific time, according to the company’s 12 November announcement. It will be the first earnings call with Colette Kress as interim CEO.

Sources

1. Nvidia, “NVIDIA Announces CEO Transition”, 12 November 2026. Link
2. Nvidia, “Statement From NVIDIA Board of Directors”, 8 November 2026.
3. CNBC, “Nvidia closes below $4T market cap for first time since July 2025 in Huang fallout”, 13 November 2026.
4. CNBC, “Nvidia is done with Jensen Huang. The fallout in Washington is just beginning”, 13 November 2026.
5. TechCrunch, “The unfolding Jensen Huang scandal: a timeline”, 13 November 2026.
6. Nvidia blog, “NVIDIA Partners With India Giants to Advance AI in World’s Most Populous Nation”, 8 September 2023.
7. US SEC, Nvidia Form 8-K on the CEO transition, 12 November 2026.

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