NVIDIA Faces Congress Test After Huang’s Immediate Resignation

NVIDIA (NASDAQ: NVDA) shares closed at $166.19 on November 12, 2026, down $7.54, or 4.34%, after touching a 52-week low of $148.80. That day, the company said Jensen Huang resigned as president, CEO and director, effective immediately, with CFO Colette Kress serving as interim CEO.

After-hours trading lifted the shares to $167.82, leaving a market value of about $4.01 trillion. The stock still stood 27.28% lower for the month and 8.49% lower for the week through November 12. The leadership shock has become a multiweek political and legal process that runs through the November 17 earnings report.

Will Huang appear before Thanksgiving?

House Foreign Affairs Chair Brian Mast (R-Fla.) said within hours that Huang had agreed to appear before Congress by Thanksgiving, November 26. No statement from Huang, his lawyers or NVIDIA supports Mast’s account. The committee has set no date.

Mast said the session would likely be under oath and transcribed, and that he told Huang he would subpoena him if needed. Later on November 12, Mast, China Select Committee Chair John Moolenaar and Intelligence Chair Rick Crawford asked 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. That deadline applies to the December 1 request from the House chairs.

Senate Banking Chair Tim Scott (R-S.C.) asked Huang to testify publicly on December 3, while Commerce Secretary Howard Lutnick requested an appearance on December 10. Neither hearing is scheduled. Scott wrote on X on November 12: “The American people deserve answers.”

Which officials and export approvals are now in scope?

The 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. Their involvement extends the inquiry into NVIDIA’s export approvals.

Separately, Sen. Ron Wyden and Rep. Richard Neal, the top Democrats on the tax committees, opened investigations into approvals of Nvidia chip exports to China-linked companies. Those probes follow reports that Huang was the target of a suspected Chinese intelligence effort, which China denies.

How much China-linked revenue is at risk?

China represented less than 1% of NVIDIA’s data center revenue in the second quarter of fiscal 2027, with those shipments covered by U.S. licenses. Third-quarter guidance calls for $108.0 billion, plus or minus 2%, and already excludes China data center compute revenue.

A stricter licensing regime would therefore remove mostly sales absent from guidance. The larger risk comes from broader chip limits reaching sovereign customers; NVIDIA’s business with those customers more than tripled year over year in the second quarter. Other U.S. AI chip suppliers answer to the same export rules, extending the policy risk beyond NVIDIA.

What changes at the November 17 earnings report?

Kress will present results after the close on November 17, following second-quarter revenue of $96.221 billion, up 105.85%. In August, she said supply would remain a constraint at least through the end of fiscal 2028. Investors will focus most closely on management continuity and policy commentary.

The revenue exposed to the congressional process is small compared with a company guiding to $108 billion in one quarter without China. The 27.28% one-month decline came as governance concerns mounted. Analysts still hold 59 buy ratings, two holds and one sell, with an analyst target price of $319.99.

What should investors check next?

The first checkpoint arrives Friday evening, November 13. If Huang refuses and lawmakers issue a subpoena, the argument that the concern is contained weakens. A stock close below $148.80 after the November 17 report would weaken that case as well.

A subpoena fight would read worse than a voluntary appearance because NVIDIA depends on export licenses. Investors still have to judge whether governance and policy risks already sit in the share price.