Jensen Huang resigns; Colette Kress becomes interim CEO.
Confirmed by NVIDIA: Jensen Huang resigned as president, CEO and a director, effective immediately. CFO Colette Kress is interim CEO and retains her finance role. The board is considering internal and external candidates for a permanent successor and named Harvey C. Jones its first board chair.
NVIDIA says it expects business operations, customer commitments and its product roadmap to proceed without disruption. Its next scheduled checkpoint is Q3 FY27 results on November 17, 2026, at approximately 4:20 p.m. Eastern, followed by the earnings call at 5 p.m. Eastern.
Primary source: NVIDIA’s CEO-transition announcement, November 12, 2026 ↗
Investigation context
Associated Press reporting links the departure to scrutiny of Huang’s conduct and national-security concerns. Allegations of espionage and a second affair remain allegations; AP said it could not independently confirm those reports. NVIDIA separately confirmed on November 10 that independent directors retained outside counsel for an investigation.
Associated Press report, November 12 ↗ · NVIDIA independent directors’ statement, November 10 ↗
What it changes for the research
AJC interpretation: The transition adds leadership, succession and governance uncertainty. Watch whether customer relationships, product execution and new agreements remain stable, and whether the investigation produces findings or regulatory action. The company’s continuity statement is management’s expectation, not evidence that these risks have been resolved.
“The AI gold rush now accepts wheelbarrows.”
The business case
NVIDIA sits at the center of accelerated computing. The investment debate turns on how durable customer spending remains as infrastructure scales and competing architectures improve.
What to watch
Follow data-center revenue, gross margin, customer concentration and export restrictions. Distinguish purchase commitments from cash-funded end demand.
What could go wrong
Customer spending cycles, custom chips, supply constraints and export restrictions can change the earnings trajectory quickly.
Next checkpoint
Upcoming earnings: test the durability of data-center demand and gross margins.
Source check
NVIDIA reported $96.2 billion in revenue for Q2 FY27, up 106% year over year, with a 75.0% GAAP gross margin.
NVIDIA Q2 FY27 earnings release · Aug 26, 2026
Three paths. Visible assumptions.
Estimated price = inferred trailing EPS × (1 + assumed 12-month EPS growth) × assumed exit P/E. Starting EPS: $7.91. Assumptions below are AJC illustrations, not management guidance.
EPS growth: -15.0%
Exit P/E: 16×
Price return: -35.3%
EPS growth: +20.0%
Exit P/E: 25×
Price return: +42.7%
EPS growth: +40.0%
Exit P/E: 32×
Price return: +113.1%
Make the assumptions your own.
Adjust the inputs to see how sensitive the estimated price is to earnings and the multiple. The calculator does not update the published company scenario.
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Does not model dilution, dividends, debt changes, one-time earnings or multiple-year cash flows. A negative earnings business requires a different method.
Sources & audit trail
- NVIDIA Q2 FY27 earnings release ↗ · Aug 26, 2026
- TradingView NVDA price / trailing P/E snapshot ↗ · Retrieved November 12, 2026; may be delayed. Price $166.29; trailing P/E 21.02×.
- Scenario inputs and calculations: AJC illustrative model, November 12, 2026. No analyst consensus feed is connected.
The business discussion is a research framework, not a full financial statement audit. Check primary filings, accounting adjustments and the latest share count before using any valuation.