On November 11, The Wall Street Journal reported, citing people familiar with the matter, that Nvidia's board is preparing to oust founder and CEO Jensen Huang, with a meeting to decide his future possible as soon as that day. Nvidia shares fell about 8% in after-hours trading on the news. Only three days separate the launch of the investigation from a discussion of removal: on November 8 the board publicly expressed confidence in Huang; by November 11 the question had become whether he can stay.
According to the Journal, the trigger is two extramarital affairs: one with Alice Huang, a Singapore data-center executive whom U.S. officials concluded was sharing information with the Chinese government, and another with an Nvidia employee who reports to Huang, first disclosed by The New York Times on November 11. Huang wrote to staff on November 8, admitting he had been unfaithful to his wife and apologizing. When the board announced its investigation that day, it said it had no reason to believe Nvidia secrets or national security had been compromised, expressed confidence in Huang and his leadership team, and put a committee of independent directors, assisted by outside counsel, in charge of the probe. A Chinese Foreign Ministry spokesperson denied on November 9 that any espionage plot targeting Huang existed, calling the claims groundless. Asked about the matter on November 8, U.S. President Donald Trump said Huang should stay on. Huang has long argued for looser limits on chip exports to China, and the scandal now casts a shadow over his export lobbying.
What happens to Nvidia if Huang goes?
What really worries investors is not the affairs themselves but succession. Huang has been CEO since founding Nvidia in 1993, is its largest individual shareholder with about 3.4% of the stock, has roughly 60 direct reports, and has said publicly that he does not believe in succession planning. Nvidia's latest proxy statement warns the company is "highly dependent on the services of our longstanding executive team" and that a failure to ensure succession could "hinder our strategic planning, execution, and long-term success." Analysts at Baird see the odds of a CEO transition rising and have downgraded the stock. Bettors on Polymarket now put the chance of Huang leaving by year-end at about 77%.
No final decision has been made and the investigation continues. Three things matter next: whether the November 11 meeting produces a decision, whether the independent probe finds evidence that secrets were leaked, and whether the board can present a succession plan investors believe in. Until then, Nvidia's share-price swings are unlikely to stop.
