Nvidia's CEO is out and the stock is getting crushed, in a story that's bad news for the company and a growing headache for Washington.

• Jensen Huang stepped down as Nvidia CEO after reports he was romantically involved with a Chinese businesswoman now suspected of ties to Chinese intelligence.
• Nvidia stock has dropped over a trillion dollars in value in just weeks, on track for its worst losing streak since 2012.
• Commerce Secretary Howard Lutnick has agreed to testify about Nvidia's chip sales to China, and lawmakers expect hearings and possible testimony from Huang himself.
• Separately, a major Microsoft outage hit users worldwide, raising worries about how much the economy depends on just a few tech giants.
• Trump publicly floated Tim Cook as a possible replacement and said Huang is distraught mainly over the impact on his family.

Outlook: Expect congressional hearings, more revelations about Nvidia's China dealings, and continued stock pressure as the scandal drags on for months.