Nvidia CEO Jensen Huang resigns amid alleged affair with suspected spy
Jensen Huang, CEO of NVIDIA, gives a keynote address at the Berlin GPU Technology Conference on Oct. 21, 2026, in Berlin, Germany. (Sean Gallup/Getty Images)
Nvidia CEO Jensen Huang has resigned, the tech giant announced Thursday.
The resignation comes amid reports of Huang’s alleged affair with a suspected Chinese spy.
Colette Kress, current executive vice president and chief financial officer, has agreed to take over as interim CEO, the company said in a statement.
“The Board has full confidence in Colette and the leadership team, and we expect the company’s operations, customer commitments and product roadmap to continue without interruption,” said Harvey Jones, chair of the NVIDIA Board of Directors, in a statement.
The Nvidia board is launching a search for a permanent CEO, and it will consider both applicants from within and outside the company, the statement said.
Huang’s resignation came days after the company announced an investigation into him over the alleged affair.
Shares of Nvidia sank more than 13% in early trading on Thursday.
Produce is offered for sale at a grocery store on Sept. 10, 2026, in Chicago, Illinois. (Scott Olson/Getty Images)
Grocery prices ticked lower in September, according to the latest government data, cooling off slightly from a surge earlier this year.
The drawdown provides some relief for shoppers, but they may notice uneven price changes as they browse different parts of the grocery store.
Costs dropped last month for meat, ice cream and bread, among other foods. However, prices climbed for the likes of coffee, candy and fresh fruit.
Overall, grocery prices dropped 0.1% on a seasonally adjusted basis last month, leaving them 1.8% higher than a year earlier, U.S. Bureau of Labor Statistics (BLS) data released on Thursday showed.
That year-over-year figure came in well below the overall inflation rate of 3.7%, making grocery prices a bright spot in the government report.
A leap in food prices earlier this year stemmed in part from a historic oil shock set off by the Iran war, which pushed up diesel costs. Higher fuel costs for trucks and ships meant price hikes in grocery aisles as the increased costs were passed down the supply chain.
Diesel prices remain highly elevated but the pass-through to consumers appears to have eased, at least for some products.
Meat prices, for instance, dipped 0.9% in September, putting them 1.3% higher than a year earlier.
The cooldown in meat prices hit a range of products, including bacon, which costs 3.3% less than it did a year ago. Chicken prices fell in September, though they still stand 1.3% higher than a year ago.
Some food items have undergone a significant reduction in price, according to the BLS. Egg prices plummeted more than 20% over the year ending in September, indicating continued recovery from a shortage caused by an outbreak of bird flu.
Butter prices plunged 10.3% last month compared to a year earlier, while prices for ice cream, milk and cheese each fell more than 2% over that period.
By contrast, prices rose for some popular food items.
Perishable foods like produce and some meats are particularly sensitive to a rise in diesel costs, since their short shelf life leaves them especially vulnerable to sudden increases in supply-chain costs, some analysts previously told ABC News.
Seafood prices have jumped more than 6% over the past year, while uncooked ground beef has climbed 5.4% over that period. Some good news could be found for uncooked ground beef, which fell 0.8% from August to September, suggesting a trend in the right direction.
Prices for fresh fruits and vegetables jumped 4.9% in July compared to a year earlier, the BLS report showed, putting them above the overall inflation rate.
Apple prices climbed 7.5% in September from a year prior, while tomatoes surged 6.8%, according to the BLS.
Grocers in the U.S. import a large share of their tomatoes from Mexico, but weather-related damage in that country has slashed tomato output. A resulting dearth of supply has failed to keep up with demand, pushing up prices. At the same time, a tariff on tomatoes from Mexico took effect last year, ratcheting up costs for foreign suppliers.
Drought-related shortages have helped drive a rise in coffee prices, which climbed more than 7% over the year ending in September.
Federal Reserve Chair Kevin Warsh speaks during a news conference on July 29, 2026, in Washington, D.C. (Win McNamee/Getty Images)
(WASHINGTON) — The Federal Reserve on Wednesday will issue a decision on the level of interest rates as the United States weathers a months-long bout of elevated inflation set off by the Iran war.
Global oil prices are hovering near a four-month high and the average price for a gallon of gasoline tops $4.30, according to AAA.
The U.S. economy has shown signs of additional strain in recent days, including a bond selloff that is pushing up borrowing costs for credit cards and mortgages.
The price woes have divided central bankers eager to contain inflation but reluctant to cool off the economy and weaken the labor market.
The Fed opted to hold interest rates steady at its most recent meeting in July. Three of the 12 members on the Fed’s policymaking board, however, voted in favor of a rate hike, marking the largest number of dissenters casting ballots in the same direction in a decade.
Financial markets expect the central bank to raise interest rates by a quarter of a percentage point, which would mark its first rate hike since 2023.
The odds of a quarter-point rate hike stood at 94% as of Tuesday afternoon, according to the CME Group’s FedWatch tool, a measure of investor sentiment.
Federal Reserve Chair Kevin Warsh, who took the helm of the central bank in May, has vowed to cool off persistently elevated price increases.
“The Fed’s predominant focus right now should be on prices,” Warsh said in remarks last month at the Fed’s annual summer gathering in Jackson Hole, Wyoming.
Prices rose 3.4% in August compared to a year earlier, maintaining the same level from the prior month, federal government data last week showed.
Inflation stands more than a percentage point higher than the Federal Reserve’s target rate of 2%.
Despite a stubborn bout of inflation, the economy remains fairly robust by some measures.
A blockbuster jobs report earlier this month showed employers added 162,000 workers in August, demonstrating continued resilience for the nation’s labor market. The economy grew over three months ending in June, defying fear of a downturn triggered by the Iran war.
Attacks on oil tankers in the Middle East pushed global crude prices above $108 a barrel as of Tuesday, which amounted to a rise of about 50% since the Iran war broke out in late February.
The average price of a gallon of gas in the U.S. stands at $4.32 as of Tuesday, putting it more than $1.30 higher than before the war, AAA data showed.
Record-high diesel prices have raised transport costs for many everyday products, including groceries, clothes and furniture.
The war in Iran, which began with a large-scale U.S.-Israeli attack in the winter, prompted Iran’s near-closure of the Strait of Hormuz, which facilitates one-fifth of global crude supply. Saudi Arabia over the weekend shut down a key pipeline bypassing the strait, which further constrained oil delivery and put upward pressure on prices.
Donald Trump speaks with guests during an event announcing the expansion of a foster care initiative in the Rose Garden of the White House on August 20, 2026 in Washington, DC. Finn Gomez/Getty Images
(WASHINGTON) — President Donald Trump’s 50% tariffs on some Canadian goods are set to take effect early Saturday morning, just days after he pushed back a previous deadline while the two sides negotiated a trade agreement.
Trump claimed earlier this week the United States had reached a preliminary deal to resolve a dispute with one of its top trade partners, saying the breakthrough had prompted him to issue a reprieve from the levies.
A statement from Canada appeared to downplay Trump’s assertion about the trade agreement, touting “substantial progress” but noting that important work remained.
The new tariffs, targeting dozens of products from hockey sticks to wine, are poised to take hold at 12:01 a.m. ET on Saturday.
Due to exemptions on key goods, the tariffs were expected to hit only a fraction of U.S. imports from Canada. Still, the list of affected goods features an array of food items such as dairy products, honey, whey protein and molasses as well as alcoholic beverages like whiskey and vodka.
It all comes weeks after Trump imposed sweeping new tariffs on 60 trade partners, including the European Union. Those levies ramped up an effort to reconstruct far-reaching duties struck down by the Supreme Court earlier this year.
Trump said Wednesday that he had held a “very good conversation” with Canadian Prime Minister Mark Carney on Tuesday night, repeating that he’d struck a deal to avert the 50% American tariff on a hodgepodge of Canadian goods.
The president claimed that as part of the deal, Canadian tariffs on American agricultural goods would be “non-existent.”
“The tariffs will be non-existent for our farmers. Our farmers were paying tremendous tariffs into Canada. And those tariffs are going to be totally eviscerated down to zero,” Trump noted.
In a statement, Carney said the country’s representatives aimed to achieve an agreement that would bolster its domestic industry.
“While we continue this work, Canada remains focused on building a stronger, more independent, and more competitive economy at home,” Carney said in a statement.
When later asked by a reporter whether the deal would reduce tariffs on Canadian steel and aluminum, Trump added, “Well, we’re looking at that.”
The U.S. trade representative’s office on X responded to Trump’s announcement Tuesday, providing a bit of insight into what a final deal might entail.
“The deal will include comprehensive market access for all American goods, economic security commitments, digital trade alignment, and many important provisions that will continue to protect our market and American workers, along with our Canadian partners,” the USTR posted.
Trump had suggested the deal might include a renewed effort to build the Keystone Pipeline despite the project being canceled in 2021 after years of criticism about the project’s environmental impact.
“Keystone XL Pipeline, long ago killed by Sleepy Joe Biden, may be awoken from the grave!” Trump added in the post.
Unlike previous tariffs, the new U.S. tariffs on Canada would have applied to products compliant with the United States-Mexico-Canada Agreement, or USMCA, a free trade agreement. The levies included significant exemptions, however, leaving out some top Canadian imports such as oil, gas and potash.
Trump has carried out on-again, off-again trade negotiations with Canada since he took office, aiming to resolve a dispute that began with tariffs announced by Trump early in his second term.
Trump sought to impose the new tariffs under a legal authority enshrined in section 338 of the Tariff Act of 1930, which allows the president to enact levies up to 50% for countries found to have discriminated against the U.S. relative to their treatment of other nations.
The provision has never been invoked before, meaning the move lacks judicial precedent, Abigail Watt, an economist at UBS, said in a memo shared with ABC News.
ABC News’ Michelle Stoddart contributed to this report.
