Treasury Secretary Scott Bessent said on Sunday that Nvidia needs a “dramatic shakeup” and should look outside the company for its next chief executive, CNBC reported, speaking on Fox News.
The Financial Times reported the same day that Jensen Huang is weighing a return as chief executive, according to summaries of its report. He resigned on Thursday.
The two positions collide two days before Nvidia reports its third-quarter results. Bitcoin fell to $71,360 last Thursday as Nvidia’s shares tumbled on his exit.
The business model, in one line: Nvidia sells the chips that train AI models, and Washington decides which of them may be shipped to China.
What Bessent said
“This makes me think that as the board conducts a search for a new leader that they need to go outside the company,” Bessent said, per Reuters. “They need a dramatic shakeup.”
He put a deadline on it. “I think we need answers in the next 10 days from the board and from the outside counsel,” he said, according to The Telegraph.
The questions concern Nvidia’s compliance with US export rules. “I want to keep coming back to what was the culture at Nvidia,” Bessent said, “and were they pressing these seemingly illicit sales to goose their revenues and their earnings?”
CNBC reported that he also pointed to a rise in Nvidia’s reported Singapore revenue while its China sales fell. Nvidia stopped reporting Singapore revenue separately in November 2025, saying a new method based on customers’ headquarters better reflected where sales go.
Huang resigned on Thursday after revelations about a relationship with a former executive of Singapore-based Megaspeed, according to CNBC. It reports that US intelligence officials suspect her of spying for China and that Megaspeed is suspected of diverting Nvidia chips to China. Nvidia named finance chief Colette Kress interim chief executive.
The campaign to bring Huang back
The FT reported that Huang has talked with people close to him about returning, and that allies are lobbying the board and plan to seek White House support. Neither Nvidia nor Huang’s spokesperson commented, it said.
An open letter asking the board to bring him back during its independent investigation has drawn support from Elon Musk and Tim Sweeney, the Epic Games chief executive, Hindustan Times reported, citing the FT. The letter says Nvidia and Huang have not endorsed it.
Two large shareholders, Altimeter Capital and Atreides Management, have asked the board to “leave all options on the table, including the potential return of Jensen Huang”, the Telegraph reported.
The board decides. Huang does not hold a controlling stake, the FT noted.
It also reported on Friday that the board had approached Arm chief executive Rene Haas. Nvidia says no formal search has started.
The skeptics’ reading
Dan Ives, an analyst, said in a note on Sunday that Huang is “gone for good”, the Telegraph reported.
Bessent’s remarks also land in a dispute inside the administration. CNBC reports a feud between Bessent and Commerce Secretary Howard Lutnick over the suspected chip diversion, and it says Axios reported that Bessent confronted Lutnick in the White House Situation Room. Commerce denied that. A White House official told Reuters on Thursday that the president has “complete confidence” in Lutnick.
What’s next
Nvidia reports at about 21:20 UTC (22:20 CET) on Tuesday, with its call at 22:00 UTC, per our calendar. Kress is due to present.
Bessent’s 10 days run to about 25 Nov by our count. Bitcoin traded near $65,000 on Kraken at 20:52 UTC on Sunday, after a 24-hour low of $61,970.
This article is for information only and is not investment advice.