Nvidia Board Weighs Removing CEO Jensen Huang Amid Investigation And Stock Selloff

Nvidia's board of directors is reportedly considering removing co-founder and CEO Jensen Huang following allegations involving his personal relationships and concerns surrounding a possible foreign intelligence operation.

The development has rattled investors, with Nvidia shares falling more than 8% in after-hours trading and reports suggesting that the company's board is assessing its leadership options.

Here's what happened.

TL;DR

 

• Nvidia's board reportedly met on November 11 to decide whether to remove CEO Jensen Huang.
• The development follows reports of two extramarital relationships, including one involving a woman suspected of links to Chinese intelligence.
• Nvidia shares declined more than 8% in extended trading.
• The company previously announced an independent investigation, although Huang's removal remains unconfirmed.

Nvidia Board Reportedly Considers Removing CEO Jensen Huang

 

Nvidia, one of the world's most valuable technology companies, could be facing a significant leadership change.

According to an exclusive report published by The Wall Street Journal, Nvidia's board was preparing to remove Jensen Huang following reports concerning two extramarital relationships, one involving a businesswoman suspected of connections to Chinese intelligence and another involving a company executive.

Source

The report, citing people familiar with the matter, said the board was planning to meet as early as Wednesday to determine Huang's future.

Reuters subsequently reported, citing a source familiar with the situation, that Nvidia's board was meeting late Wednesday to decide whether to remove its longtime CEO.

The Guardian also reported that Nvidia directors had met to deliberate Huang's position, while The Verge highlighted the possible leadership change following new allegations involving an Nvidia executive.

However, none of these reports established that the board had formally voted to remove Huang.

Nvidia did not immediately respond to requests for comment on the reported board meeting.

Investigation Follows Reports Of Alleged Foreign Intelligence Links

The leadership uncertainty follows growing scrutiny surrounding Huang's relationship with businesswoman Alice Huang, who has been alleged to have connections with Chinese intelligence.

According to Reuters, U.S. intelligence authorities were investigating whether Alice Huang had facilitated shipments of Nvidia chips to Chinese companies.

The reports also raised concerns about whether Jensen Huang could have been targeted through a foreign intelligence operation.

However, the allegations about Alice Huang's intelligence connections remain unproven, and Jensen Huang has denied knowing that she allegedly worked for the Chinese government.

On November 8, Nvidia's board officially announced an independent investigation into reports that its founder and CEO had been targeted by foreign intelligence.

"The Board prioritizes U.S. national and economic security, which is paramount to the interests of NVIDIA and its shareholders," Nvidia said in its statement.

The company also clarified that it had no reason to believe either national security or its corporate secrets had been compromised.

A committee of independent directors, supported by external legal counsel, was appointed to supervise the investigation.

Interestingly, the board expressed confidence in Huang's leadership at the time.

"The Board has confidence in Jensen and his leadership team and will provide further updates as appropriate," Nvidia stated.

The subsequent reports about discussions concerning Huang's removal therefore represent a significant potential shift from the board's earlier public position.

Meanwhile, The New York Times separately reported allegations of another extramarital relationship involving Kimberly Powell, an Nvidia healthcare executive.

Reuters and The Verge cited that reporting, although Reuters said it could not independently verify the allegations.

Nvidia Shares Fall As Investors React To Leadership Uncertainty

The reports triggered a sharp reaction in financial markets.

According to Reuters, Nvidia shares fell more than 8% in extended trading following The Wall Street Journal's report about the potential removal of Huang.

If those after-hours losses were sustained, Nvidia's market capitalization would have declined by approximately $600 billion since the company announced its investigation earlier in the week.

The market reaction also extended to other semiconductor and artificial intelligence infrastructure companies.

Reuters reported that shares of CoreWeave fell around 6% in after-hours trading, while Micron declined nearly 2%.

Meanwhile, rival chipmakers AMD and Broadcom gained approximately 4% and 3%, respectively.

These movements highlighted how developments involving Nvidia's leadership were influencing investor sentiment across the broader semiconductor industry.

"The market is starting to price Nvidia without its founder as the likely outcome, not a tail risk," said Armina Rosenberg, portfolio manager and co-founder of Minotaur Capital, which holds Nvidia shares.

"Losing Jensen would be a real blow," Rosenberg added.

Who Could Replace Jensen Huang At Nvidia?

Huang co-founded Nvidia in 1993 and has led the company through its transformation from a graphics processor manufacturer into a central supplier of AI computing infrastructure.

His potential departure would create significant questions about leadership succession, particularly as Nvidia plays a crucial role in supplying chips and computing systems to companies developing advanced AI models.

According to Reuters, Huang owns approximately 3.6% of Nvidia and maintains an unusually large number of direct reports, reflecting his involvement in the company's strategic and operational decisions.

Reuters also cited that Nvidia's board had been working with an outside firm to identify potential successors.

Among the executives discussed by market observers is Nvidia Chief Financial Officer Colette Kress.

Rosenberg suggested that Kress could be a natural interim replacement, given her extensive experience at the company.

However, identifying a permanent successor capable of overseeing Nvidia's technology roadmap, customer relationships, and semiconductor strategy could prove considerably more complicated.

Nvidia's board consists of 11 directors, with all but Huang considered independent.

Under the company's bylaws, directors can remove its CEO with or without cause through a majority vote.

However, the ability to remove Huang does not establish that such a vote has occurred.

What Happens Next For Nvidia And Jensen Huang?

The leadership uncertainty arrives ahead of Nvidia's quarterly earnings announcement scheduled for November 17, 2026.

Investors will be watching for updates about the company's leadership, the ongoing independent investigation, and the potential implications for Nvidia's longer-term strategy.

 

The investigation also raises broader questions about corporate governance, executive accountability, and national security considerations surrounding companies involved in advanced semiconductor technology.

For now, Nvidia has confirmed an independent investigation, while multiple news organizations have reported discussions about Huang's future.

However, the company's board has not publicly confirmed a final decision to remove Huang, announce his resignation, or appoint a successor.

Until an official announcement is made, Huang's reported removal remains a developing story rather than a completed leadership change.