Authorities and Nvidia’s board have yet to formally accuse Huang of wrongdoing in his interactions with the businesswoman and suspected intelligence asset Alice Huang, and China has denied that she’s a spy. President Donald Trump said on Tuesday that the FBI “is looking into it.” Nvidia’s board has stated that it doesn’t believe Huang compromised any secrets, but it has hired the law firm Wachtell Lipton to investigate.

Add to all that, some corners of Nvidia had already been whispering about the relationship with Alice Huang; one venture capitalist who declined to be named recalled a recent dinner where an Nvidia executive claimed there had been rumors about Jensen’s romantic relationship with a young Asian woman.

On Monday, the venture capitalist had estimated a “less than 10 percent” chance Huang would lose his job at the top of the world’s most valuable company. “The wind’s going to blow over on this,” they said. “People are going to hate him for three months, and forget this ever happened.”

Huang’s resignation left them in shock.

The big anxiety in Silicon Valley remains the possibility that instability at Nvidia will burst an AI bubble, but analysts aren’t so sure.

The chief executive of one AI company, who spoke on condition of anonymity so as not to affect business relationships, says Nvidia’s recent bankrolling of AI startups and even buying companies such as model-hosting provider Hugging Face has helped prop up the need for chips. A “new professional CEO won’t do any of that,” meaning “systemic risk for the AI trade and AI bubble increases substantially,” the entrepreneur says.

Between bubble talk and Huang rumors, Nvidia shares in recent days have sunk to their lowest point in more than a year. Nvidia reports its latest quarterly earnings next week.

Inside Nvidia, meetings, projects, and the company’s aggressive culture are rapidly pressing ahead with what’s left of Huang’s vision.

Additional reporting by Will Knight and Zoë Schiffer.

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