TLDR
Nvidia (NVDA) stock fell 8% to $159.76 after hours, erasing a 2.9% gain from the regular session.
The WSJ reports the board is preparing to oust CEO Jensen Huang.
Huang admitted to one affair, and the NYT reports a second with an Nvidia executive.
Huang owns about 3.6% of Nvidia and has said he does not believe in succession planning.
The board could meet as soon as Wednesday.
Nvidia (NVDA) stock fell 8% to $159.76 in after-hours trading on Wednesday. That wiped out a 2.9% gain from the regular session.
The trigger was a Wall Street Journal report that the board is preparing to remove CEO Jensen Huang. People familiar with the matter said directors could meet as soon as Wednesday.
The stock was already sliding before the report. That slide followed news that the board was looking into Huang’s relationship with a suspected spy.
A Letter Sent on Sunday
On Sunday, Huang told staff in a letter that he had been unfaithful to his wife. “There is no excuse for what I did,” he wrote.
Nvidia CEO Jensen Huang allegedly has a second affair on top of the suspected Chinese spy.
He also had a romantic relationship with Kimberly Powell, someone who worked at Nvidia since 2008, according to a New York Times report. pic.twitter.com/QJRTnJb8c6
— Pubity (@pubity) November 11, 2026
He also confirmed the board had opened an independent investigation into national security concerns. He promised to cooperate fully and said he remained committed to Nvidia.
The first affair was with Alice Huang, an executive at Singapore-based Megaspeed. Megaspeed is a major Nvidia customer.
U.S. intelligence officials believe she works for China’s intelligence services. The Justice Department is now leading multiple investigations involving her.
The New York Times reported a second affair, with Kimberly Powell, who runs Nvidia’s healthcare business. The Times cited five people who worked at the company, and Powell did not respond to requests for comment.
Megaspeed was among several firms using Nvidia chips to build AI data centers in Southeast Asia. The Commerce Department has investigated it since late 2024 over suspicions that some products were sent to China.
The Times first reported the business link between the two Huangs in October 2025. An Nvidia spokesman later said there was nothing “unusual or unexpected” about the relationship.
Who Takes the Wheel?
Huang is 63 and owns about 3.6% of Nvidia. That makes him the company’s largest shareholder.
He has roughly 60 direct reports and has said he does not believe in succession planning. No successor has been named.
Nvidia’s latest proxy statement says the company is “highly dependent” on its longstanding executive team. It also warns that weak succession planning could hurt its strategy and long-term success.
President Trump backed Huang earlier this week. He called him an “honorable man” and said Huang told him he did not know Alice Huang was a suspected spy.
Trump also approved Nvidia chip shipments to China, a decision now under scrutiny from lawmakers and other officials. The board could meet as soon as Wednesday to decide Huang’s future.
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