Here's a story about how fast things can move in Washington and Silicon Valley at the same time.

President Donald Trump personally urged Nvidia Corp. (NASDAQ:NVDA) CEO Jensen Huang to fight for his job during a Tuesday phone call, according to a media report on Thursday. Two days later, the chipmaker announced Huang's resignation amid allegations involving a woman suspected of ties to Chinese intelligence.

Trump Backed Huang Despite Security Warnings

The New York Times reported, citing two people briefed on the conversation, that Trump continued supporting Huang despite mounting scrutiny. Neither Trump nor the White House responded to the newspaper's requests for comment.

The Times reported that officials had briefed Trump twice about Huang's relationship with Alice Huang, a Chinese businesswoman whom U.S. intelligence suspected of working for Beijing. Advisers said Trump regarded Nvidia as too important to the economy and feared removing its founder could shake financial markets.

Trump had publicly defended Huang earlier, saying, "I really believe him," after Huang denied knowing the woman was a spy. Republican Sen. Kevin Cramer (R-N.D.) meanwhile, called for Huang's resignation, citing the "potential for extortion" involving sensitive chips.

The White House did not immediately respond to MarketDash's request for comment.

Nvidia Launches Search For New Leader

In its announcement on Thursday, Nvidia confirmed Huang's immediate resignation as CEO, president and board member. The company appointed finance chief Colette Kress interim CEO and named Harvey Jones board chair while launching a permanent successor search.

Nvidia's board had previously opened an independent investigation into possible foreign intelligence targeting. It said it had "no reason to believe" company secrets or national security were compromised. Huang acknowledged infidelity in a November 8 employee message.

Trump Praises Huang As Markets React

Following Huang's departure, Trump proposed former Apple Inc. (NASDAQ:AAPL) CEO Tim Cook as his replacement, writing on Truth Social, "A Legend replaces a Legend!" The endorsement followed his reported private effort to keep Huang in charge.

Nvidia shares closed Thursday down 4.3% after plunging 14% intraday. Investors now face leadership uncertainty even as Nvidia promises uninterrupted customer commitments and product development.

Price Action: NVDA shares were up 0.99% at $167.84 in after-hours trading on Thursday, according to market data.