Jensen Huang Resigns as NVIDIA CEO, Congress Seeks Testimony

By Rebecca Stone

NVIDIA announced on November 12, 2026 that Jensen Huang resigned as president, CEO and director, effective immediately, and NASDAQ:NVDA closed at $166.19, down $7.54, or 4.34%, after touching a 52-week low of $148.80.

Within hours, House Foreign Affairs Chair Brian Mast (R-Fla.) said Huang had agreed to appear before Congress by Thanksgiving, November 26. No statement from Huang, his lawyers or NVIDIA supported Mast’s account, leaving the promised appearance unconfirmed.

NVIDIA appointed CFO Colette Kress as interim CEO. Shares recovered to $167.82 after hours, leaving a market value of about $4.01 trillion. Through November 12, the stock still stood 27.28% lower for the month and 8.49% lower for the week.

24/7 Wall St. described the leadership change as the start of a multi-week political and legal process running through NVIDIA’s November 17 earnings report. Investors will weigh whether that concern is already priced in.

The after-hours rebound did not erase the broader losses, and the immediate succession question now sits beside a larger export-control dispute. Huang left all three leadership posts at once, while Kress moved from the finance job into the chief executive role for an interim period.

What testimony has lawmakers requested?

• Mast said the congressional session would likely take place under oath and be transcribed. He also said he had told Huang that he would issue a subpoena if needed. Mast’s committee said no date had been set.
• Later on November 12, Mast joined House China Select Committee Chair John Moolenaar and House Intelligence Committee Chair Rick Crawford in asking Huang for a closed-door, transcribed interview on December 1, after Thanksgiving. Huang reportedly had until Friday evening, November 13, to accept or face a subpoena.
• Senate Banking Chair Tim Scott (R-S.C.) asked Huang to testify publicly on December 3.
• Commerce Secretary Howard Lutnick asked him to appear on December 10. Both dates were requests, and neither hearing was scheduled.

Scott wrote on X on November 12: “The American people deserve answers.” Scott’s request would put Huang before the Senate Banking Committee if a hearing were scheduled; Lutnick’s request gave the Commerce Department a separate proposed date.

The requests do not amount to a settled hearing schedule. Mast’s proposal carried a possible subpoena and no fixed date. The December 1 proposal would be closed and transcribed, while Scott and Lutnick sought later appearances. Every proposed appearance beyond November 26 remained contingent.

What does the export inquiry cover?

Mast and the other House chairs also asked NVIDIA General Counsel Tim Teter to appear on December 2 and Commerce Under Secretary Jeffrey Kessler to testify on December 3. Adding the company’s top lawyer and a Commerce official broadened the inquiry from Huang’s testimony to NVIDIA’s export approvals.

Sen. Ron Wyden and Rep. Richard Neal, the top Democrats on the tax committees, separately opened investigations into approvals of NVIDIA chip exports to China-linked companies. Their probes followed reports that Huang had been the target of a suspected Chinese intelligence effort, which China denies.

The testimony requests and tax investigations cover different targets. The requests put Huang, NVIDIA’s general counsel and a Commerce official before lawmakers. Wyden and Neal’s investigations extend the political pressure to the licensing decisions themselves, beyond any single hearing.

How much China revenue is exposed?

In the second quarter of fiscal 2027, China received less than 1% of NVIDIA’s data center revenue, shipped under U.S. licenses. Third-quarter guidance of $108.0 billion, plus or minus 2%, already excludes China data center compute revenue.

For scale, direct China data-center sales supplied less than 1% of second-quarter data-center revenue, against a $108.0 billion third-quarter guide that does not count China compute. A stricter licensing regime would mostly remove sales NVIDIA already excludes from its forecast.

24/7 Wall St. identified a larger risk: broader chip limits could reach sovereign customers. That business more than tripled year over year in the second quarter, making export policy more consequential than the small direct China line alone suggests.

The direct and indirect channels carry different weight for the quarter. Shipments to China sit below 1% of data-center revenue under U.S. licenses, while sovereign-customer sales form a faster-growing business. Restricting the first channel would remove little from current guidance; limiting the second could reach a larger line.

What can investors learn on November 17?

Kress will present NVIDIA’s results on November 17 after the close. The report follows second-quarter revenue of $96.221 billion, up 105.85%.

In August, Kress said supply would remain a constraint through at least the end of fiscal year ’28. Her first earnings presentation as interim CEO therefore arrives with supply guidance already defined and export-policy scrutiny mounting.

24/7 Wall St. said leadership and policy commentary would matter most at the report. It also assessed that a subpoena fight would look worse than a voluntary appearance for a company that depends on export licenses.

The timing gives investors a compressed test of governance and policy execution. With China data-center compute already outside the $108.0 billion guide, management’s comments on sovereign demand and export approvals will carry more weight than a direct China sales figure.

What are the near-term markers?

The revenue directly affected by the political process is small compared with a company guiding to $108.0 billion in one quarter without China data-center compute revenue. The 27.28% one-month stock decline came as governance concerns mounted.

24/7 Wall St. counted 59 buy ratings, two hold ratings and one sell rating, with an analyst target price of $319.99. The ratings did not settle the policy question, but they showed that most of the tracked coverage still viewed NVIDIA as a buy despite the leadership shock and export probes.

Other U.S. AI chip suppliers answer to the same export rules, so the policy risk extends beyond NVIDIA. The November 17 report will provide the first scheduled financial and management checkpoint under Kress.

24/7 Wall St. identified two markers: Huang’s refusal followed by a subpoena, or a stock close below the $148.80 52-week low after the November 17 report. Either development would weaken the case that the concern is contained.

The report identified the November 13 deadline as the first checkpoint; by November 17, investors will judge whether the immediate leadership change and widening export scrutiny alter NVIDIA’s $108.0 billion guide.