November 9, 2026

Jensen Huang has become the focus of news over the past couple of days. In an internal letter to Nvidia employees, he admitted to having had an affair and apologized to his family and colleagues for his actions. Meanwhile, Nvidia’s board has formed an independent committee to investigate whether he was ever targeted by a foreign intelligence operation. These are two separate matters: Huang himself has admitted to the affair; whether the woman he was involved with was acting at the direction of a foreign intelligence agency remains an allegation under investigation and should not be treated as a proven conclusion. Frankly, the private lives of public figures can easily become a hot topic, but what could really affect Nvidia is whether the board’s investigation implicates corporate governance, business dealings, or the security of sensitive information.

Nvidia’s share price has already been hit by the news, falling about 4% to 6% at one point in premarket trading. The market’s concern isn’t just about the CEO’s personal image; it’s that Jensen Huang is so central to Nvidia. He has long led the company’s strategy and public communications, and is one of the most influential figures in the AI industry. If the investigation affects his role or ability to carry out his duties, it could undermine the stability of the company’s leadership as well as the confidence of customers and investors. However, a premarket decline doesn’t mean the share price will necessarily keep falling. Nvidia’s core business and financial results remain important factors in its long-term valuation. Tech stocks have already been digesting concerns about excessive AI investment and the time it may take for returns to materialize. This news adds another source of uncertainty for the market.

Some people are also asking why this didn’t come out earlier, and only started spreading after the Democrats won both chambers. First, let’s get the timeline straight: reports about Jensen Huang’s relationship with this woman and its possible connection to intelligence operations were published on October 29, before the results of the November 3 midterm elections. Huang admitted to an extramarital affair, and Nvidia’s board announced an investigation, on November 8, after the election results were in. The two events happened close together, but so far there is no reliable evidence that the disclosure was arranged after the Democrats’ victory or that anyone pushed the story for political purposes. A more reasonable interpretation is that the media reports first drew attention, after which the company and the people involved responded, and the board then launched a formal investigation. As for why the relationship had not previously been made public, there isn’t enough information available to judge. We can’t infer the motives behind it solely from when the story broke.

Now that we’ve covered the gossip, let’s talk about the markets. With U.S. stocks already under pressure, news like this breaking over the weekend is bound to deal a major blow to market confidence. U.S. markets open tonight, and I don’t expect things to look good. We’ve already seen this reflected in crypto prices. Bitcoin has now fallen below 75,000, and Ethereum briefly plunged to nearly 2,000. The one piece of somewhat good news is that this decline hasn’t been a one-way nosedive; buyers have been stepping in to buy the dip. The market could continue to be dragged down by U.S. stocks, and the timing also fits the second year-end downturn I mentioned earlier. If that’s what happens, there may be even better entry prices ahead.

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