Trump Pushed Huang to Stay
President Donald Trump urged Jensen Huang to fight for his job as chief executive of Nvidia, according to The New York Times. The encouragement came as pressure mounted on Huang in the days before his resignation, which was announced on Thursday, November 12.
Huang resigned as Nvidia's chief executive, president, and board member effective immediately, ending a 33-year run leading the company he co-founded. The board accepted his resignation on November 11, according to the company's 8-K filing. Chief Financial Officer Colette Kress has stepped in as interim CEO while keeping her CFO role.
A Resignation That Shook the Market
The circumstances around Huang's departure have drawn scrutiny in Washington. US officials suspect Alice Huang, the former Megaspeed CEO, was recruited by Chinese intelligence to target Jensen Huang, and the board's handling of the situation has become a political flashpoint.
Support for Huang has also surfaced publicly. A petition calling for his reinstatement as CEO has passed 100,000 signatures, including tens of thousands of shareholders and thousands of current and former Nvidia employees. The board has not commented on the petition.
Trump's reported intervention adds another layer. The president had awarded Huang the National Medal of Science in October, and his public trades disclosed that month showed him selling up to $1 million of Nvidia stock while buying up to $1.6 million, a net addition to his position.
Options and Market Impact
Nvidia shares closed Thursday, November 12 down 4.34% at $166.19, roughly 31% below the stock's October 6 peak of $239.24. The leadership vacuum, with no succession plan in place, remains the central overhang on the name.
Traders are watching Nvidia options flow closely into the company's third-quarter earnings report on Tuesday, November 17, which interim CEO Colette Kress will lead. Any sign that the board is reconsidering Huang's departure, or that Washington is escalating its involvement, could move the stock sharply in either direction. Related chip names like Advanced Micro Devices and Broadcom have also seen elevated flow as investors reposition around the AI trade.
Bottom Line
Trump reportedly wanted Huang to fight. Huang resigned anyway, and Nvidia now heads into a pivotal earnings report with an interim CEO, an unfinished board investigation, and a shareholder petition demanding its founder back. Follow the flow on these names and the rest of the market with Unusual Whales. Create a free account here to start conquering the market with Unusual Whales.