Nvidia’s board is preparing to remove Jensen Huang as CEO, according to The Wall Street Journal, which cites people familiar with the matter. The report landed on Wednesday, hours after The New York Times alleged a second extramarital relationship, and it sent the stock tumbling in after-hours trading. Nvidia hasn’t publicly confirmed any plan to replace its co-founder, and we couldn’t find a board announcement at the time of writing.
What was reported
As Fox Business reports, the Times alleged that Huang had a relationship with Kimberly Powell, Nvidia’s vice president of healthcare, who reports directly to him. The claim stacks on top of Huang’s admission on Sunday that he was unfaithful to his wife in a separate relationship, involving a woman described as an alleged Chinese spy. Huang has acknowledged falling short of his responsibilities to Nvidia and pledged to cooperate with an independent investigation by the board. Nvidia didn’t immediately respond to Fox Business’ request for comment on the latest reports.
The timing of the board’s next step is the live question. The WSJ said directors could meet as soon as Wednesday to decide Huang’s future. A source familiar with the matter told Reuters the board was indeed meeting that day to decide whether to oust him. We haven’t found a confirmed outcome, so treat “preparing to remove” as exactly that: a report from anonymous sources, not a decision.
How we got here
This has moved fast. As we covered on 9 November, Nvidia’s board opened an independent investigation after reports that a foreign intelligence effort targeted Huang, and the board said then that it had confidence in him and his leadership team. The board also said it had no reason to believe national security or company secrets were compromised, while promising to examine all available information. A shareholder lawsuit over Nvidia’s disclosures followed within a day.
Two days after the board’s vote of confidence, the tone has flipped. CBS News reports the Trump administration is aware of the board’s plans, citing its sources. CBS also notes that corporate governance experts say the alleged relationship with Alice Huang (no relation) appears to breach Nvidia’s code of conduct, which flags personal relationships as potential conflicts of interest. That is the experts’ reading, and the board’s own investigation hasn’t reported findings.
The market reaction
Wall Street was already uneasy before the WSJ story. Fox Business reports that Baird downgraded the stock to neutral, citing uncertainty over Huang’s tenure, possible softness in demand and limited visibility into 2027 data centre spending. Morgan Stanley removed Nvidia from its Top Pick list while keeping an overweight rating, and Bank of America Global Research dropped it from its US 1 List. Fox puts the market value lost in the first two sessions after Huang’s disclosure at more than $427 billion.
The after-hours move added to that. CBS says shares fell more than 8% to $159.51 after the Journal’s report, and the company’s market value has sunk more than $450 billion since the probe was announced on 8 November. Other outlets give lower totals (a Reuters video caption cites $330 billion), which likely reflects different start points and measurement windows.
Who could take over
Nvidia has no named successor, and that is what worries analysts most. Gil Luria, managing director at D.A. Davidson, told Reuters an immediate removal could be challenging without a succession plan, and that the board is likely to act as soon as it has proof if Huang broke the law or company policies. Shay Boloor, chief market strategist at Futurum Equities, told Reuters he doesn’t expect the next 12 to 18 months of revenue to vanish, because Blackwell demand, the Rubin roadmap and the CUDA ecosystem were established long before the scandal. His bigger worry is the next decade, and he named Ian Buck and Arm CEO Rene Haas as possible long-term candidates.
Dan Ives, the analyst, has estimated that Nvidia would be worth 25% to 30% less without Huang. That estimate is one analyst’s view, and Boloor’s comment shows how split the market is on how much of Nvidia’s value rides on one person. Huang co-founded the company in 1993 and has led it ever since, which is why analysts compare this case with hired-manager exits rather than founder departures.
What to watch next
Nvidia reports quarterly earnings on 17 November, and, as we noted earlier, three House Republican committee chairs have asked Huang for a closed-door briefing the next day. Whether Huang is still CEO by then is now an open question. We’ll update this story if the board announces a decision or Nvidia responds.
Is Jensen Huang still Nvidia’s CEO?
Yes, as far as we can confirm. The WSJ and Reuters reports describe the board preparing to decide his future, but we found no announcement that he’s been removed or has resigned.
Will this affect Nvidia’s earnings on 17 November?
Nvidia hasn’t changed its reporting date, and no company statement addresses the earnings call. Analysts quoted by Reuters are divided: some expect demand for its chips to hold up, while others point to uncertainty over China, funding commitments to cloud partners and who leads the company.
Who would replace Huang?
There’s no named successor. Analysts quoted by Reuters have floated Nvidia’s Ian Buck and Arm CEO Rene Haas, and Reuters also reports speculation about an interim leader, but none of this has come from Nvidia.
