Nvidia CEO Jensen Huang has stepped down from the company following his reported affairs with a suspected Chinese spy and a senior Nvidia executive.

The $4.2 trillion tech giant has lost more than $600bn in market value this week as Huang’s scandals rocked the company, which supplies most of the chips powering advanced AI technology.

Nvidia’s board met on Wednesday night to discuss ousting Huang, whose relationship with the alleged Chinese spy – an executive at a Nvidia business partner – triggered investigations by the FBI, the United States Congress and the California-based tech giant. Nvidia is also facing a shareholder class-action lawsuit.

Huang, 63, is Nvidia’s co-founder, president and CEO. A close ally of United States President Donald Trump, he has pushed to ease US restrictions on chip exports to China. Trump said earlier this week that Huang told him he had “absolutely no idea” that he was in a relationship with an intelligence operative.

Huang owns about 3.6 percent of Nvidia’s stock, making him one of the richest people in the world.

More to come…