Nvidia’s board is preparing to remove chief executive Jensen Huang, according to The Wall Street Journal — a dramatic escalation in the crisis that has already wiped hundreds of billions of dollars off the world’s most valuable AI chipmaker. The report landed minutes after The New York Times revealed a second alleged relationship, and Nvidia shares fell about 8% in after-hours trading within minutes.
The board could meet as soon as Wednesday to decide Huang’s future, people familiar with the matter told the Journal. As of Thursday morning, Nvidia has announced no decision, and Huang remains chief executive. But the speed of the board’s shift — from publicly backing him on Sunday to reportedly preparing his exit three days later — shows how fast this crisis is moving.
Key Takeaways
- The board move: The Wall Street Journal reported on November 11 that Nvidia’s board is preparing to oust CEO Jensen Huang and could meet as soon as Wednesday to decide his future, citing people familiar with the matter.
- The trigger: Minutes earlier, The New York Times reported a second alleged relationship — with Kimberly Powell, Nvidia’s vice president of healthcare, who reports directly to Huang. Huang had already acknowledged an earlier relationship in a staff letter on Sunday, November 8.
- The market hit: Nvidia shares fell about 8% in after-hours trading on Wednesday, November 11 — closing at $173.73 and sliding to $158.76, a drop of 8.62% — and fell more than 9% at one point, according to CNBC.
- The scale of the slide: Reuters calculates Nvidia has lost about $600 billion in market value since the board opened its investigation, and the stock is down 23.2% from its November 3 close.
- What is NOT confirmed: Nvidia has not publicly confirmed that it has decided to remove Huang, and no successor has been named. The reported board discussions should not be treated as a final dismissal decision.
How the Crisis Escalated
The crisis began with reports that US intelligence agencies believed Huang had been the target of a Chinese espionage effort through his relationship with Alice Huang, a former executive at Singapore-based data centre firm Megaspeed, which US officials reportedly concluded was a Chinese intelligence asset. Megaspeed, an Nvidia customer, is under scrutiny over allegations it transshipped billions of dollars in export-restricted Nvidia AI chips to China. Nvidia says it prohibited all sales and shipments to Megaspeed in June 2025, and that ban is still in place.
On Sunday, November 8, Nvidia’s board announced an independent investigation, saying independent directors would work with external legal advisers. The company said it had no reason to believe US national security or its confidential business information was compromised, and that it had confidence in Huang and his leadership team. The same day, Huang acknowledged in a letter to staff that he had been unfaithful to his wife and apologised for violating his family’s and his employees’ trust.
Then, on Monday, November 9, a shareholder filed a proposed securities class action in federal court in San Jose, accusing Nvidia and Huang of concealing the relationship and the risks it posed. The company’s shares fell 4.3% that day, wiping around $190 billion off its market value.
Wednesday brought the second allegation. The New York Times reported that Huang had also had a relationship with Kimberly Powell, Nvidia’s vice president of healthcare. The Times said both Huang and Powell were seen being affectionate with each other at a hotel in San Jose, California, in March this year. Neither Nvidia, Huang nor Powell has confirmed the account, and the Times said it had not seen the video itself. Within minutes, the Journal reported the board was preparing to oust him.
What the Board Is Weighing
According to the reports, the board is now working with an outside firm to identify possible replacements, and is considering an interim chief executive while it decides. Bloomberg reported the search is under way, and Nvidia’s chief financial officer Colette Kress has been mentioned as a possible interim leader. No successor has been named, and Nvidia has no board chair and no chief operating officer, and has not set out a public succession plan.
Analysts are already pricing in a change. Baird analysts Tristan Gerra and Tyler Bomba wrote in a research note that Huang might have to step down, that the odds of a CEO transition are increasing heading into 2027, and that they favour an outside hire over an internal promotion. Baird also downgraded Nvidia stock. Bettors on Polymarket put 77% odds on Huang leaving his position by resignation or removal by year end.
The US government is watching closely. The Justice Department is now leading multiple investigations involving Alice Huang, according to people familiar with the matter, and three House committee chairmen wrote to Huang on Monday raising significant national security concerns about China’s access to sensitive US technology. He has been asked to brief the committees on November 18. President Trump, who has developed a close alliance with Huang, stood by him earlier this week, saying Huang told him he did not know Alice Huang was a suspected spy and calling him an amazing guy and an honourable man. China’s foreign ministry has called the spy allegations entirely baseless.
What Happens Next
The next fixed date is Nvidia’s quarterly earnings report on November 17 — with or without Huang in charge. The board meeting, expected as soon as Wednesday, will decide whether the man who co-founded Nvidia in 1993 and led it to become the world’s most valuable company stays or goes. If the after-hours price holds when regular trading opens, Nvidia will be down 23.2% from its November 3 close, and the stock is heading towards its sixth consecutive weekly decline.
Investors, rivals and the AI industry are all watching the same question: can the company that powers the AI boom survive losing the chief executive who built it — or will the board find a way to keep him? The answer may come within days.
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Frequently Asked Questions
Q: Is Jensen Huang being removed as Nvidia CEO?
A: The Wall Street Journal reported on November 11, 2026, that Nvidia’s board is preparing to oust CEO Jensen Huang and could meet as soon as Wednesday to decide his future. Nvidia has not publicly confirmed any decision, and Huang remains chief executive as of November 12, 2026.
Q: Why is Nvidia’s board considering removing Jensen Huang?
A: Reports cite two alleged extramarital relationships — one with Alice Huang, a former Megaspeed executive US officials reportedly concluded was a Chinese intelligence asset, and a second with Nvidia executive Kimberly Powell, reported by The New York Times. The board opened an independent investigation on November 8, 2026.
Q: How much did Nvidia shares fall?
A: Nvidia shares fell about 8% in after-hours trading on Wednesday, November 11, 2026 — closing at $173.73 and sliding to $158.76, a drop of 8.62%. Reuters calculates about $600 billion in market value has been lost since the board opened its investigation, and the stock is down 23.2% from its November 3 close.
Q: Who could replace Jensen Huang as Nvidia CEO?
A: Bloomberg reported Nvidia is working with an outside firm to identify possible replacements, and an interim chief executive is under consideration. Chief financial officer Colette Kress has been mentioned as a possible interim leader. No successor has been named, and Baird analysts favour an outside hire.
Q: What happens next for Nvidia?
A: The board is expected to meet to decide Huang’s future, Nvidia reports quarterly earnings on November 17, 2026, and Huang has been asked to brief three House committees on November 18. The shareholder lawsuit filed on November 9 is proceeding, and Justice Department investigations involving Alice Huang are ongoing.
Sources: The Wall Street Journal (Nov 11–12, 2026); The New York Times, via reports (Nov 11, 2026); Reuters, via reports (Nov 11–12, 2026); Bloomberg, via reports (Nov 11, 2026); CNBC, via Financial Express (Nov 12, 2026); Indian Express (Nov 12, 2026); Financial Express (Nov 12, 2026); MacObserver (Nov 12, 2026).
