Jensen Huang is out at Nvidia, creating a void at the center of the global AI economy.

Driving the news: Nvidia announced this morning that its founder and CEO had "resigned" from the company and board.

• The press release did not include any statement from Huang, which strongly suggests that this wasn't his idea.
• He'll be succeeded on an interim basis by CFO Colette Kress, while longtime director and former Synopsys CEO Harvey Jones will serve as Nvidia's first-ever chair.

Catch up quick: This follows a whirlwind news cycle in which Huang admitted to having a romantic relationship with a woman alleged to be a Chinese government spy, after having first lied about it, and then a New York Times report about Huang having a second affair with one of his direct reports.

• There also were calls for Congressional investigations about if Nvidia skirted export controls or otherwise compromised national security, and what role the White House may have played in enabling such maneuvers.

Investor reax: Nvidia shares were down around 8% in premarket trading before the official announcement, and then dipped even lower.

• They hit an all-time high of $239.24 just five weeks ago, but today opened at just $151 — erasing trillions in market cap — before a bit of bounceback in early trading.

Zoom in: Last night there was lots of social media chatter about what Nvidia should do, based on the publicly available information.

• Much of it was from company investors who were watching their shares catch fire, who wanted Huang to stay. Other supporters were founder cultists who argued that Huang's importance to the AI revolution outweighed what they viewed as personal indiscretions. There even were suggestions that the board should release the results of its investigation and then let shareholders vote on his fate, with the assumption that he'd be retained.
• The counter was that Huang had lied about the original affair — which was with a dodgy company customer — and that the second one, if legitimate, violated company policy. This wasn't about the affairs. It was about the judgment in having them, and the risks (financial, national security, etc.) that they created. The board's hands were tied.

The big picture: No one knows what really happens next.

• There have been comparisons made to Steve Jobs at Apple (the second time), but that was much more orderly because Jobs knew he was sick and had created a succession plan.
• Kress is a placeholder without Huang's technical chops or political relationships. She also will need to navigate what could be much more stringent regulatory oversight of the company, plus possible employee revolt in the vein of OpenAI when Sam Altman was briefly ousted.
• Moreover, management apparently doesn't plan an all-hands until next Wednesday, which does not scream "We've got this!"
• Nvidia's order book is stocked for a while, so bulls may believe it has time to work everything out. Bears, however, see long-term risk — not only for Nvidia, but for all the companies that rely upon it for chips and/or financing (neoclouds, for example, are getting hammered again this morning).
• Nvidia also has been an active acquirer, but it's hard to see founders selling to a company that is in severe flux because it just canned its legendary founder.

The bottom line: Jensen Huang's story is just so incredibly American.

• A childhood immigrant sent to a boarding school in Kentucky that, unbeknownst to his family, was for troubled youth. He was bullied but persevered, later working at Denny's to make ends meet while getting his education.
• He creates a company to make gaming chips, facing failure on multiple occasions, before leveraging the AI revolution to turn Nvidia into the world's most valuable company ever.
• Now he's been taken down by a sex scandal of his own making, but is still young enough for a second act.

UForce, a Ukraine-founded developer of autonomous uncrewed platforms, raised $700 million in Series A funding led by Valor Equity Partners and the U.K. National Wealth Fund at a $6 billion post-money valuation.

Why it's the BFD: This is a short-term bet on the persistence of the Ukraine-Russia war and a long-term bet on all of Europe continuing to increase its defense-tech spend.

Behind the scenes: When UForce began fundraising in June, its deck included a slide of "ultimate partners" for the round. Valor, which UForce execs had briefly met in February at the Munich Security Conference, was listed first.

Other investors include Menlo Ventures, Xantium, Hiro Capital and insiders Shield Capital, Ballistic Ventures, Lakestar, and Squadra.

The bottom line: "Europe and the U.S. can only spend around 20% of what's been allocated because there isn't enough supply yet, and I don't think they're going to return to legacy systems. That's why I tend not to look at companies like Anduril as competitors. It's not a winner take all market. It's one in which we all lose if we're not cooperative, and we need more of us." — UForce CEO Oleg Rogynskyy to Axios

• Fractile, a British AI chip startup, raised £540m in Series C funding at a valuation north of £5b. Lightspeed and CapitalG led, joined by Thrive Capital, Founders Fund, Redpoint Ventures, the U.K.'s Sovereign AI fund, British Business Bank, Shopify, Balderton, Dragoneer, and BlackRock. axios.link/4zzjgZb

• Agile Robots, a German robotics startup, raised $500m in fourth-round funding at an $8.5b valuation. SoftBank led, joined by Nvidia, Hitachi Group and T Capital. axios.link/48Loxlc

⚡ Torus, a Salt Lake City-based provider of distributed mesh energy and modular AI infrastructure, raised $500m. Magnetar led, joined by Iconiq, Origin Ventures, Ridgeline Partners, and Trinity Capital. axios.link/4Am0uVF

• Path Robotics, a Columbus, Ohio-based manufacturing robotics developer, raised $300m in Series E funding at a $2.45b post-money valuation. Georgian led, joined by D.E. Shaw Ventures, NAVER Ventures, and insiders Addition, Drive Capital, IronArc Ventures, Tiger Global, and Yamaha Motor Ventures. axios.link/3X08XiW

• Q-CTRL, an Australian provider of quantum infrastructure software, raised US$290m in Series C funding. Salesforce Ventures led, joined by Bullhound Capital and Affinity Partners. axios.link/48f0YRG

• Imprint, a co-branded credit card startup, raised $130m in Series D funding at a $1.9b valuation. Khosla Ventures led, joined by Hedosophia, Ribbit Capital, Spice, Thrive Capital, and Positive Sum. axios.link/4eyfyHn

• Blue J, a Toronto-based tax research and advisory platform, raised US$176m in Series E funding at a $700m-plus valuation. JMI Equity led, joined by Oak HC/FT, Sapphire Ventures, and Intrepid Growth Partners. axios.link/4AqgLsR

• Mavria, a developer of mass-produced AI data centers, raised $100m in seed funding at a $1b post-money valuation. Paradigm led, joined by AMP PBC, Liquid 2, Critical Frontier, and Dream Ventures. axios.link/4iuYLra

• Rox, a builder of revenue agents, raised $100m in Series B funding at a $1.3b post-money valuation led by General Catalyst and March Capital. axios.link/48aL4Yz

⚡ Reflect Orbital, a Hawthorne, Calif.-based space energy startup, raised $73.5m from insiders Sequoia Capital, Lux Capital, Starship Ventures and new investors Buckley Ventures, Convective Capital, The Uncommon Group, and Salesforce Ventures. axios.link/4eNTRDx

• Graphon Labs, an SF-based developer of "maps" for AI memory, raised $35m in Series A funding. RRE Ventures led, joined by HP, Energy Impact Partners, Hitachi Ventures, and Gaia VC. axios.link/4iH4d97

🚑 Zus Health, a Boston-based patient information platform, raised $33m in Series B funding. Drive Capital led, joined by Sanofi Ventures, HealthX Ventures, Alumni Ventures, a16z, F-Prime, Maverick Ventures, and JAZZ Venture Partners. axios.link/4AtBqMN

• Nidus, an NYC-based AI robotics company, raised $30m from Kleiner Perkins, Costanoa, Ludlow Ventures, SF1, Absolute Partners, and Tau. axios.link/4ze2M8k

• SE3, a German spatial intelligence provider for autonomous systems, raised $30m in Series A funding. Accel led, joined by Keen, Lakestar, and Seedcamp. axios.link/4zRL8sf

• Tendrils Compute, a developer of a general-purpose chip/CPU, raised $30m in seed funding led by Benchmark. axios.link/4zbNlxq

⚡️ Finite State, a Columbus, Ohio-based developer of supply chain risk management software, raised $27m in Series C funding. The O.H.I.O. Fund led, joined by CIBC Innovation Banking, Energy Impact Partners, Energize Capital, and National Grid Partners. axios.link/4et9no0

• Luminal, a search compiler and inference cloud provider, raised $25m in Series A funding, per Axios Pro. Standard Capital led, joined by SagaVC, Liquid 2, and Felicis. axios.link/4BVkxvO

• Hatz AI, an NYC-based AI operating system for SMEs, raised $24m in Series A funding from Nadia Partners, Vestigo Ventures, and The Private Shares Fund. axios.link/4AjfEeg

• Nova, a Brazilian fintech that lets consumers use existing credit cards for instant payments and bills, raised $24m in Series A funding, per Axios Pro. Canaan led, joined by Propel Ventures and insiders Canary and Monashees. axios.link/3Wz8nc0

• Nebuly, an Italian platform to measure business value of AI agents, raised $21m in Series A funding. Planven led, joined by Exor Ventures, Tenacity Capital, TGVG Capital, and Fastweb+Vodafone. axios.link/4zcNelv

• Griffin, a British banking infrastructure fintech, raised $20m in Series B funding. Octagon Partners led, joined by Notion Capital, A+ Ventures, Nordic Ninja, and Breega. axios.link/4kLblnA

• WhiteMatter, an SF-based agentic security startup, raised $20m in Series A funding. Blumberg Capital led, joined by Crew Capital and Sprout & Oak. axios.link/3WCOqkq

🚑 Biomatter, a Lithuanian biotech focused on custom enzyme design, raised $18m in Series A funding. Astanor led, joined by insiders UVC Partners, Inventure, and Metaplanet. axios.link/4sTlDUC

⚡️ Gama, a French maker of solar arrays for satellites, raised €15m in seed funding from Transition, Planet A, Draper Associates, and Manta Ray. axios.link/4zfSmFm

🚑 Duet, a nurse practitioner ACO, raised $15 million in Series A funding, per Axios Pro. Kairos led, joined by Lerer Hippeau. axios.link/4BPMoxo

• Axle, a platform that lets investment banks arrange meetings between institutional investors and company execs, raised $9m in seed funding, per Axios Pro. axios.link/48Nnu49

• Qvyon Technologies, a Montreal-based developer of AI testing software, raised US$8m in seed funding, per Axios Pro. MaC Venture Capital led, joined by BDC Capital, BKR Capital, and Spotlight VP. axios.link/4zMLfWa

• Delphina, an SF-based copilot for data science, raised $7.5m led by Radical Ventures and Costanoa. delphina.ai

• Helix, a developer of voice identification tech, raised $6.2m. Chicago Ventures led, joined by BAM Ventures, Aglaé Ventures, Corazon Capital, Press On Ventures, Tusk Ventures, Yonder Ventures, Rule 30, and Brown Angel Group. axios.link/4kNbFCh

• Anorak, a platform for building AI-powered games, raised $5m in pre-seed funding. Play Ventures and Backed VC led, joined by Supercell and MTG. axios.link/4ArTiaI

• Staera Semiconductor, an SF-based developer of tech that brings optical data links into silicon chips, raised $4.6m in pre-seed funding. Openspace Capital led, joined by SGInnovate, Black Kite Capital, 28 Holdings, In Group, and Decimus Technologies. axios.link/4AkgYO1

• Tano, a London-based creator advertising platform, raised $4m in seed funding. Cherry Ventures led, joined by Seedcamp and The Players Fund. axios.link/4BYoXBY

• AEA Investors acquired TFS, a Perrysburg, Ohio-based provider of fleet management services, from Southfield Capital. axios.link/4eW5nws

• Allvia, backed by Trinity Hunt Partners, acquired Humani HR, a Nashville-based provider of outsourced HR services. axios.link/4Ash9XR

• Aquiline invested in Beni Solutions, a Wayne, N.J.-based provider of health benefits for small to mid-sized employers. axios.link/3UUYViz

• Arcus Infrastructure Partners, a London-based firm with over €12b in AUM, is weighing strategic options that could include a sale, per Bloomberg. axios.link/4zH6A30

• Cutting Edge Equity, a Pfingsten portfolio company, acquired Pilot Precision Products, a South Deerfield, Mass.-based maker of consumable industrial broaches, cutting tools and precision drill bits. axios.link/4kLUb9h

• Fort Point Capital formed US Propane, an Auburn, Ga.-based propane distribution platform. axios.link/4t2bIwb

⚽ Gotham FC, an NWSL club, raised $100m led by the Moelis family. axios.link/3USjhZA

• H.I.G. Capital agreed to acquire a majority stake in Go Asia, a German grocery chain for Asian food. axios.link/4zZzJXD

🚑 Inovalon, backed by Nordic Capital, agreed to acquire DrFirst, a Rockville, Md.-based provider of prescription and clinical workflow tech, from backers like Bregal Sagemount and Sixth Street Partners. axios.link/48dEoJa

• Iron Path Capital acquired Boulder Scientific, a Longmont, Colo.-based provider of organometallic compounds, from Quad-C Management. axios.link/4sRmipI

• Marshall & Stevens, a Coalesce Capital portfolio company, acquired Baumann Moreau, a Tampa, Fla.-based provider of business valuation services. axios.link/3Ux5tUt

• Mubadala Capital agreed to acquire a minority interest in LSV Advisors, a New York-based secondaries manager focused on the middle market. axios.link/4erUlir

• Sapient Capital, an Indianapolis-based RIA backed by Lee Equity Partners, acquired Wealthgate, a Nevada-licensed trust company. axios.link/4te37Xz

🚀 Trusted Space, backed by Washington Harbour, acquired Falcon ExoDynamics, a Redondo Beach, Calif.-based developer of tech for maneuverable satellites, per Axios. axios.link/489xrZD

• Waterland invested in Irish pump and temperature control rental company Aska Sykes. axios.link/4zx4RN7

• Wind Point Partners acquired janitorial services firm CCS Facility Services from Silver Oak Services Partners. axios.link/3UmHTd2

• American Barrick Gold, a Henderson, Nev-based gold producer being carved out of Barrick Mining (TSX: ABX), filed for an IPO that Renaissance Capital estimates could raise $6b. axios.link/3X2mVAS

• Cinven is seeking to sell U.K. wealth manager True Potential, per Bloomberg. axios.link/3Wz6dZW

• Marsh (NYSE: MRSH) agreed to buy investment advisory Wilshire from CC Capital and Motive Partners. axios.link/4iKvHKW

🚑 MaxCyte (Nasdaq: MXCT) agreed to acquire Boca Raton, Fla.-based reagent supplier Akron BioProducts from Arcline for $151.8m. axios.link/4zx4q5r

• OpenAI acquired Odessia, an AI travel concierge that had raised $6m from Designer Fund, Sequoia Capital, Mischief, and Spot VC. axios.link/4f2dU0R

🚑 Oura agreed to acquire virtual care startup Counsel Health, a Menlo Park, Calif.-based virtual health platform, for $625m in cash. Counsel had raised $32m from a16z, GV, and Floodgate. axios.link/4AkmeBf

⚡️ BP (LSE: BP) is in talks to sell a stake in the Bumerangue oil block, off the coast of Brazil, to Petrobras, per Bloomberg. axios.link/4iLQ4Ym

🎧 IHeartMedia (Nasdaq: IHRT) hired Moelis to explore a partial or total sale of its podcast unit, per Bloomberg. axios.link/4iLf3fP

⚡️ Iberdrola (Madrid: IBE) is exploring the sale of its German solar assets, per Bloomberg. axios.link/4zLwGSA

• Metro Bank (LSE: MTRO), a British lender, said it's seeking a buyer. axios.link/4zLP25Y

• Nomura (Tokyo: 8604) is exploring a sale of its Laser Digital crypto business, possibly to Marex Group (Nasdaq: MRX), per Bloomberg. axios.link/4Au47co

• U.K. antitrust regulators gave Unilever (NYSE: UL) another week to address competition issues on the merger of its food business with McCormick & Co. (NYSE: MKC), and also expressed concerns about AkzoNobel's (AMS: AKZA) proposed merger with Axalta Coating Systems (NYSE: AXTA).

• Western Union (NYSE: WU) terminated its $500m agreement to buy payment transfers firm Intermex (Nasdaq: IMXI), which says it plans to fight the decision. axios.link/4k5jxPj

• 81 Collection, a Chicago-based investor in "physical world" businesses, raised $82m for its second fund. axios.link/4zQyYjl

• Fidelity Ventures raised $760m for its second growth fund.

🌍 Just Climate of London raised $540m for its second Natural Climate Solutions fund. axios.link/3X3GNDI

• Norwest raised $4b for its 18th multi-stage fund. axios.link/4eqM8Lq

🚑 Proximal Ventures, a California-based biotech investor, raised $27.5m for its debut fund. LPs include SignalFire, Kleiner Perkins, Domino Lane, and Bertelsmann Healthcare Investments. axios.link/48KOXU2

⚡️ Zacua Ventures, an SF-based venture capital firm, raised $135m for its second fund. axios.link/4z9qXVp

⚡️ Dayan Abeyaratne was named chief commercial officer of Westinghouse Electric. He previously was a partner and head of North American power and utilities M&A and advisory at PJT Partners. axios.link/4j9XDJH

• Iris ten Have was promoted to partner at Visionaries Tomorrow, a German early-stage industrial deeptech VC firm. axios.link/4AoNPRN

Private equity and private credit investors aren't getting invited to Wall Street's big bonus party this year, Axios' Emily Peck reports.