US President Donald Trump has suggested that former Apple CEO Tim Cook take over Nvidia following the resignation of its longtime chief Jensen Huang, who stepped down after reports of two extramarital affairs, including one with a woman suspected of spying for China
“A legend replaces a legend!” Trump wrote, floating Cook, who now chairs Apple’s board, as a potential successor to Huang. The American president had previously defended Huang as “an amazing guy,” saying he believed that the executive had been unaware of the alleged espionage.
Trump and Cook have maintained ties for years, with the president previously claiming that the Apple executive had called him to “kiss my ass” while seeking help during his first term. In August 2025, Cook visited Trump in the Oval Office, presenting him with a plaque featuring a 24-karat gold base as Apple announced plans to increase its US investment commitment to $600 billion over four years. Trump later praised Cook as an “incredible guy,” describing their relationship as “long and very nice.”
Nvidia announced on Thursday that Huang had stepped down as president, chief executive, and board member “effective immediately,” ending his 33-year tenure. Finance chief Colette Kress will serve as interim CEO while Nvidia seeks a permanent replacement.
The crisis erupted over reports linking Huang to Alice Huang, also known as Huang Le, a businesswoman formerly associated with Singapore-based Nvidia chip buyer Megaspeed International. The New York Times and Financial Times reported that US intelligence officials suspected her of gathering information for Beijing and influencing Huang to seek looser chip export restrictions.
Beijing has rejected the espionage allegations, with Foreign Ministry spokesman Guo Jiakun calling the Chinese spy narrative “a groundless accusation, slander, and a smear.”
Huang admitted on Sunday that he had been unfaithful to his wife, without identifying the woman.
On Wednesday, the New York Times wrote that Huang also had an affair with Kimberly Powell, Nvidia’s vice president of healthcare, who reported directly to him.
Nvidia’s board launched an independent investigation into the affair on November 8. It initially backed Huang and said it had no reason to believe company secrets or US national security had been compromised.
The subsequent resignation announcement gave no specific reason or explanation for his departure.
Nvidia and Huang also face a proposed shareholder class action alleging that they deliberately concealed the relationship and misled investors about the risks.
Following the announcement, Nvidia shares plunged more than 13% in early trading on Thursday, wiping over $575 billion off its market value and leaving the stock down roughly 17% over the past year. On Wednesday, its valuation had already fallen below $4 trillion for the first time in over a year.
The turmoil has spread across the AI sector and weighed on the broader US market, erasing hundreds of billions of dollars in share value. Nvidia-linked cloud computing provider CoreWeave fell about 11% at the opening, while the S&P 500 and Nasdaq also declined.
Polymarket traders, meanwhile, were pricing a roughly 12% chance of an “AI bubble burst” by year-end.