'Legend replaces legend': Trump backs Tim Cook to replace Jensen Huang as Nvidia shares slide after CEO's exit

US President Donald Trump has backed Apple CEO Tim Cook as a potential successor to Jensen Huang at Nvidia, following the latter's reported resignation amid a controversy over his alleged relationships with two women, one of whom is suspected of having links to Chinese intelligence.

In a post on Truth Social, Trump praised Huang for his work at the chipmaker and described Cook as the ideal person to take over the leadership of the artificial intelligence giant.

"NOW THAT Nvidia CEO JENSEN HUANG, who has done a fantastic job, has resigned, there is only one man to take his place - TIM COOK of Apple. A Legend replaces a Legend!" Trump wrote.

However, neither Nvidia nor Apple has issued any statement suggesting that Cook could move to Nvidia. Trump's remarks therefore amount to a public endorsement rather than an official leadership proposal.

The reported departure of Huang, who co-founded Nvidia in 1993 and led its rise into one of the world's most valuable technology companies, has unsettled investors. The company's shares reportedly fell nearly 13 per cent at the market opening before recovering some losses to trade 4-5 per cent lower. Nvidia shares had also declined more than 8 per cent in after-hours trading to USD 159.51 following reports that the board was considering Huang's future, according to CBS News.

The fall has added to losses of more than USD 450 billion in Nvidia's market value since the company announced an investigation into Huang's conduct on November 8, the report said.

Colette Kress takes charge as interim CEO

Nvidia's board has appointed Chief Financial Officer Colette Kress as interim CEO while it considers internal and external candidates for a permanent replacement. Kress has served as the company's CFO since September 2013 and previously held positions at Cisco and Microsoft. She will continue to oversee financial operations during the transition.

The board has also appointed Harvey C Jones as its first-ever Chair.

Seeking to reassure investors, Jones said the leadership change would not affect the company's business or development plans.

"The Board has full confidence in Colette and the leadership team, and we expect the company’s operations, customer commitments and product roadmap to continue without interruption," he said.

Kress also said Nvidia would maintain its focus on artificial intelligence and accelerated computing.

"We will continue advancing the work that has made NVIDIA a leader in accelerated computing and AI, and execute on the opportunities ahead," she said.

The company is scheduled to announce its third-quarter fiscal 2027 results on November 17, with investors expected to closely examine its performance and leadership transition.

Musk offers to hire Huang; political pressure mounts

As the controversy intensified, Elon Musk said it would be an "honour" to hire Huang. Musk made the remark on X while responding to a social media suggestion that he bring the Nvidia co-founder on board.

"That would be an honour," Musk replied.

Huang's reported relationships have triggered questions about corporate conduct and national security. He acknowledged having an affair with Alice Huang, a Chinese businesswoman who shares his surname but is not related to him. US intelligence agencies have reportedly examined her possible links to China's intelligence network.

The New York Times has separately reported allegations of a relationship between Huang and Nvidia Vice President of Healthcare Kimberly Powell, who reports to him. The report cited five people who had worked at the company.

Huang reportedly acknowledged the affair with Alice Huang in a letter to Nvidia employees, apologising to his wife for being unfaithful and violating her trust. Nvidia's board subsequently initiated an investigation led by law firm Wachtell, Lipton, Rosen & Katz.

The allegations have also drawn attention to Nvidia's workplace policies, which require employees to avoid personal relationships that could create conflicts of interest.

Members of the US Congress have raised concerns about whether Huang's alleged association with a suspected Chinese intelligence asset could have exposed sensitive technology or information to a foreign power.

Congressman Jamie Raskin said the central concern was whether the reported relationship had compromised US national security.

Republican Senator Kevin Cramer, a member of the Senate Banking Committee, described Huang's position at the world's leading AI semiconductor company as a potential security vulnerability.

"The potential for extortion is so tremendous that something as sensitive as Nvidia chips, I just think he’s got to go," Cramer told Politico.

He added: "If the worst thing he did in real life is infidelity with this woman who may or may not be a Chinese spy, but she might be, that’s enough, because whatever else there is, we don’t know. And to me, that’s a security risk."

Senate Democratic leader Chuck Schumer, meanwhile, criticised Trump over his handling of the allegations, claiming that the President had been briefed more than a year ago about Huang's reported relationship with a suspected Chinese intelligence asset.

"We need answers immediately on Trump’s failure to protect our national security," Schumer wrote on X.

Reports of intelligence warning and earlier investigation

The controversy has also raised questions about what US officials knew about Alice Huang and when they were informed.

According to CNN, US Commerce Secretary Howard Lutnick received a highly classified memo warning him about Huang's association with Alice Huang.

CNN also reported that Secretary of State Marco Rubio briefed Trump on intelligence suggesting that the Nvidia chief was involved with a woman suspected of gathering information for Beijing. The briefing reportedly took place aboard Air Force One while the two were travelling towards China in May.

Trump has said he did not know about the allegations at the time and learnt of them only "not too long ago". On Monday, he described Huang as an "amazing guy" and a "very high-quality person", adding that the CEO and his family were "suffering greatly" because of the controversy.

The allegations had surfaced publicly months earlier. On May 13, 2026, US short-selling firm Culper Research published a 40-page report examining Huang's alleged links with Alice Huang and Nvidia's dealings with Singapore-based company Megaspeed.

The report described Megaspeed as Nvidia's largest Southeast Asian chip buyer and claimed that the company was under investigation by US Commerce Department and Singapore authorities.

"Nvidia has repeatedly vouched for Megaspeed – its single largest Southeast Asian chip buyer currently under investigation by both U.S. Commerce and Singapore authorities," the report said.

It further alleged that Huang had maintained an unusually close relationship with Alice Huang and had accompanied Megaspeed's activities at several stages.

"Nvidia CEO Jensen Huang has not only vouched for Megaspeed, but seems to have quite literally walked alongside Megaspeed at every step, while maintaining an uncomfortably close relationship with Megaspeed’s Alice Huang, a Chinese national," Culper Research claimed.

The report alleged that Huang was first seen partying with Alice Huang in June 2024 and later dined with her in Taiwan in May 2025, shortly after news of US trade restrictions emerged. Citing a current Megaspeed employee, it also claimed that Huang visited data centres linked to the company every few months, accompanied by Alibaba representatives.

The employee reportedly described the relationship as "very close". The report also cited a former Nvidia employee who said staff had questioned whether a special relationship existed.

The claims have not, by themselves, established that confidential information was passed to China.

Huang's reported exit marks a major leadership change for Nvidia, which has become central to the global AI industry. The company supplies chips to leading AI developers, and any prolonged disruption to its operations could have wider consequences for the technology sector and financial markets.

With the board searching for a permanent successor and investors awaiting the November 17 earnings announcement, Nvidia faces the challenge of restoring confidence while maintaining its position in the global AI race.

(With ANI inputs)