BREAKING | Nvidia shares fall after hours as reports say board may oust CEO

Photo: Daniel J. Prostak / CC BY-SA 4.0, via Wikimedia Commons. Image cropped; headline added. The photograph shows the Nvidia logo at the company’s Santa Clara headquarters.

Nvidia shares fell about 8% in after-hours trading Wednesday after The New York Times reported that CEO Jensen Huang had a relationship with a company executive and The Wall Street Journal reported that Nvidia’s board is preparing to remove him. Nvidia has not announced a decision, and the company did not immediately comment on the new reports, CNN reported.

After-hours prices fluctuate. CNN said the stock was down 8.4% as of 6 p.m. Eastern. CNBC, in a market update at 6:25 p.m. Eastern, said shares were last down around 8%.

In regular trading Wednesday, Nvidia had rebounded, closing up about 2.9% at $173.73 after falling about 9.5% over Monday and Tuesday, according to CNN and Yahoo Finance historical prices.

The earlier slide followed Huang’s weekend admission of an extramarital affair and the company’s announcement of an independent board investigation. In a Sunday email to staff, Huang wrote, “I was unfaithful to my wife. My actions hurt her and our children. There is no excuse for what I did,” CNBC reported. He also told colleagues, partners and shareholders, “you deserve better from me,” according to NBC News. CNN reported that the email did not name the other party.

The New York Times and the Financial Times have reported that Huang had a relationship with Alice Huang, an executive affiliated with Megaspeed, an Nvidia customer. The two are not related. The Times reported on Oct. 29 that U.S. officials had concluded Alice Huang was “a Chinese intelligence asset, funneling information to Beijing” and was “possibly steering advanced Nvidia A.I. chips to China.” China has dismissed the espionage accusations, Reuters and NBC News reported. Those accusations have not been proven in court, and this report presumes innocence.

Nvidia’s board said Nov. 8 that it was opening an independent investigation “in light of recent reporting that founder and CEO Jensen Huang has been the target of a foreign intelligence effort.” A committee of independent directors, assisted by outside counsel, would oversee the inquiry. In a statement, the board said it “has no reason to believe that either national security or NVIDIA secrets were compromised” but that the inquiry would “examine all available information.” It said Huang was cooperating and that the board had “confidence in Jensen and his leadership team.”

An Nvidia spokesperson has said Huang was committed to continuing as CEO without interruption, CNBC and NBC News reported.

President Donald Trump said Monday that the FBI was looking into the matter. “I know the FBI is looking into it,” Trump told reporters, adding, “I think that he’ll be in good shape,” according to CNBC and Reuters.

On Tuesday, Reuters reported that The Information said Alice Huang had facilitated at least $7.5 billion of Nvidia chip shipments to Chinese firms. CNBC reported that Nvidia said it had hired the law firm Wachtell, Lipton, Rosen & Katz to assist the board’s review. A proposed shareholder class-action lawsuit was also filed in federal court in San Jose, California, alleging Nvidia and Huang made false or misleading statements about the relationship and Nvidia’s ties to Megaspeed. The lawsuit’s claims have not been proven.

The Times report on Wednesday, citing people who had worked at Nvidia, said Huang had a relationship with Kimberly Powell, the company’s vice president of health care, who reports to him. The Times said both are married to other people. Yahoo Finance, citing the Times, reported that Nvidia declined to comment and that Huang hung up when the newspaper contacted him. Axios reported that Powell did not respond to a request for comment. Those accounts have not been independently confirmed.

Minutes later, The Wall Street Journal reported that Nvidia’s board is preparing to remove Huang and could meet as soon as Wednesday to decide his future, citing people familiar with the matter. No official announcement has been made. Shares of rivals including Advanced Micro Devices and Broadcom rose in after-hours trading, CNN and MarketWatch reported.

Nvidia is scheduled to report third-quarter earnings on Nov. 17. This is a developing story.

Sources:
CNN Business, “Nvidia stock drops as board reportedly weighs Jensen Huang’s future,” Nov. 11, 2026: https://edition.cnn.com/2026/11/11/investing/nvidia-stock-jensen-huang
CNBC, “Stock market today: Live updates,” updated Nov. 11, 2026, 6:25 p.m. ET: https://www.cnbc.com/2026/11/11/stock-market-today-live-updates.html
CNBC, “Nvidia shares rebound as Jensen Huang faces scrutiny ahead of earnings,” Nov. 11, 2026: https://www.cnbc.com/2026/11/11/nvidia-stock-jensen-huang-affair-china.html
CNBC, “Nvidia sells off for second day in fallout from Jensen Huang’s affair with alleged spy,” Nov. 10, 2026: https://www.cnbc.com/2026/11/10/nvidia-nvda-jensen-huang-affair-chinese-spy.html
CNBC, “Nvidia investigates CEO Jensen Huang’s relationship with alleged Chinese spy,” Nov. 8, 2026: https://www.cnbc.com/2026/11/08/nvidia-jensen-huang-investigation-china-spy.html
Axios, “Nvidia sinks after report implicates CEO Jensen Huang in 2nd affair,” Nov. 11, 2026: https://www.axios.com/2026/11/11/nvidia-jensen-huang-affair-shares
Yahoo Finance, “Nvidia Stock Sinks Nearly 10% on Second Jensen Huang Affair Report: Is He Out as CEO?,” Nov. 11, 2026: https://finance.yahoo.com/markets/stocks/articles/nvidia-stock-sinks-nearly-10-223837419.html
Yahoo Finance, NVIDIA Corp. historical prices, including the Nov. 11, 2026, regular-session close of $173.73: https://finance.yahoo.com/quote/NVDA/history/
NBC News, “Nvidia shares sink while stock market surges,” Nov. 9, 2026: https://www.nbcnews.com/business/markets/nvidia-stock-falls-probe-ceos-relationship-chinese-spy-rcna608290
Reuters, “Nvidia faces deepening scrutiny over China chip ties, CEO affair,” Nov. 10, 2026: https://www.reuters.com/world/china/nvidia-ceos-affair-aided-75-billion-chip-shipments-china-information-reports-2026-11-10/
MarketWatch / Dow Jones, “Nvidia’s stock drops as the board reportedly prepares to remove CEO Jensen Huang,” Nov. 11, 2026, via Morningstar: https://www.morningstar.com/news/marketwatch/20261111357/nvidias-stock-drops-as-the-board-reportedly-prepares-to-remove-ceo-jensen-huang
NVIDIA Newsroom, “Statement From NVIDIA Board of Directors,” Nov. 8, 2026: https://nvidianews.nvidia.com/news/statement-from-nvidia-board-of-directors