Jensen Huang resigned from Nvidia on November 12, wiping out $1.6 trillion in market value as shares tumbled over 30% from their October peak amid a federal probe into his ties to businesswoman Alice Huang, whom U.S. intelligence suspects of passing secrets to China.
Nvidia said it has no reason to believe company secrets or national security were compromised, though it is still investigating.
Investors have faced this exact panic before. In August 2011, Steve Jobs stepped down as Apple CEO, leaving Tim Cook to run a company entirely synonymous with its mercurial founder. Six years later, Uber investors forced out Travis Kalanick, paving the way for Dara Khosrowshahi to take over.
Both tech giants ultimately became far more valuable under their new leadership, but they carved out drastically different trajectories to get there.
Cook Led Apple to Massive Growth and Revenue Increases
Cook faced the daunting task of succeeding a leader so closely identified with Apple. Analysts at Wharton mentioned at the period that he had to discover a personal management style while maintaining stability in Apple’s corporate direction.
Even JPMorgan analysts were uncertain, assigning the stock a hold rating amid concerns about the leadership transition.
When Cook took over in 2011, Apple’s market capitalization hovered around $350 billion. By 2026, it surpassed $5 trillion.
Annual revenue surged from $108 billion in fiscal 2011 to $479 billion in fiscal 2026. Cook oversaw the launch of the Apple Watch and AirPods while expanding manufacturing into India and growing services revenue to a record $123.3 billion.
Khosrowshahi Managed Uber Following Kalanick's Departure
In 2017, Uber encountered an entirely distinct crisis as co-founder Travis Kalanick was ousted in the wake of numerous workplace scandals and regulatory disputes. Private investors had valued the startup at roughly $70 billion.
As observed by The Atlantic back then, Uber confronted a tough test: overhauling its corporate structure without shedding the fierce competitiveness that had fueled its rapid expansion.
Dara Khosrowshahi took over after spending 12 years as CEO of Expedia. He inherited mounting reputational damage and active lawsuits just as the company prepared for an IPO.
Jensen Huang and the Nvidia board just made a massive mistake. He should not have resigned. The board should have taken the time to conduct a thorough investigation, consult with shareholders, and carefully evaluate the long-term implications of this decision. There is no…
On Khosrowshahi’s watch, Uber went public in 2019 and grew annual revenue from $7.9 billion in 2017 to $52 billion in 2025, according to SEC filings. The company reported $5.6 billion in operating profit in 2025, bringing its market capitalization to $142 billion.
Colette Kress Faces the AI Empire
Nvidia’s interim CEO, Colette Kress, has big shoes to fill. She has served as chief financial officer since 2013 and brings nearly 25 years of previous finance experience at Microsoft and Cisco.
Still, her core expertise is in corporate finance, whereas Huang spent three decades overseeing deep technical development and forging intimate relationships with major enterprise customers.
Adam Kobeissi, who leads the financial publication The Kobeissi Letter and commands 2.7 million followers on X, asserted that both Nvidia and Huang committed a severe error regarding his departure.
“The board should have taken the time to conduct a thorough investigation, consult with shareholders and carefully evaluate the long-term implications of this decision.”
Nvidia isn’t starting from scratch. It commands an estimated 80% to 90% share of the AI accelerator market.
Apple and Uber both went on to thrive following the departure of the executives who laid their foundations, and Nvidia could follow a similar trajectory, though finding successors for Huang’s technical background and industry connections might prove more difficult than merely filling his position.
