Dawn Capital

Jensen Huang has formally stepped down as Nvidia CEO after 33 years at the helm, sending shockwaves through the tech industry. As one of the most active investors in the AI startup ecosystem, with 105 funding rounds this year alone, Nvidia's pullback under expected more conservative interim CEO Colette Kress could tighten capital for early-stage AI companies and pressure valuations. Most observers doubt this ends the AI boom, but near-term deal flow and competitive dynamics face significant uncertainty.

Nvidia co-founder and CEO Jensen Huang has stepped down after 33 years, with CFO Colette Kress named interim CEO. As one of the most prolific AI investors—participating in 105 rounds this year alone, often as lead—Nvidia's potential shift in investment direction threatens a capital gap for AI-native startups, with VCs warning of impacts on dealmaking, valuations, and competition.