Nvidia’s board of directors is weighing whether to force out Jensen Huang, the co-founder and chief executive who turned the company into the most valuable chipmaker in history, after reports of two extramarital affairs, one of them with a woman US intelligence officials reportedly believe is a Chinese spy. [1]
The board met late on Wednesday, 11 November, and the session stretched into the evening without a public decision. Shares of Nvidia fell more than 9 per cent in after-hours trading after The Wall Street Journal reported that directors were preparing to remove him. [1][2] Here is what is actually known so far, and what it could mean.
What triggered the board meeting?
Two reports landed within minutes of each other on Wednesday. The New York Times reported that Huang had a romantic relationship with Kimberly Powell, Nvidia’s vice president of health care, and that the pair were captured on camera being affectionate at a hotel in San Jose, California, in March. [1]
That followed an earlier admission by Huang himself. In a message to Nvidia staff on Sunday, he acknowledged an affair with a woman identified by the Financial Times as Alice Huang, who US intelligence officials believe works for China’s Ministry of State Security, according to the New York Times. [1] “I was unfaithful to my wife. My actions hurt her and our children. There is no excuse for what I did,” he wrote. “I am deeply sorry.” [1]
The Wall Street Journal then reported that the board was preparing to force Huang out, and CBS News, citing two sources familiar with the matter, separately reported that directors were preparing to oust him. [1][3]
Why does the second relationship matter so much?
Nvidia sits at the centre of the United States’ most strategically sensitive industry. Its chips train and run the artificial intelligence systems that Washington has spent years trying to keep out of China’s hands, and the company operates under strict US export controls on advanced semiconductors.
A personal relationship between its chief executive and a person US intelligence suspects of spying for Beijing is therefore not only a private matter. It raises questions about judgment, potential blackmail risk and access to sensitive corporate information. Nvidia’s board has opened an independent investigation and hired the law firm Wachtell, Lipton, Rosen & Katz to examine the spying allegations. [1]
Neither Nvidia nor Powell responded to CNBC’s requests for comment, and the allegations against both women remain reports, not findings. [1]
How has the stock reacted?
Badly, but the slide did not start this week. Nvidia shares were already down about 7 per cent this week before Wednesday’s after-hours plunge, and the stock is on pace for its sixth consecutive weekly decline. [1]
Part of that is nerves about whether the enormous spending on AI infrastructure can keep growing. The trade was hit hard after the US midterm elections, when Democrats won sweeping majorities in both houses of Congress and dozens of state and local ballot measures passed that could make building new data centres harder. [1] A leadership crisis at the very top now lands on a market that was already jumpy.
Who is Kimberly Powell?
Powell has led Nvidia’s health care business since 2017. Her company biography says she is responsible for hardware and software platforms for accelerated computing, AI and visualisation used in medical imaging, life sciences and drug discovery. [1]
Health care is a small slice of Nvidia’s business compared with the data-centre chips that drive its revenue. CNBC noted that rumours of a relationship between Huang and Powell had circulated inside the company for years, in part because Powell does not have a background in health or science, according to one former employee. [1]
Could Huang actually be removed?
Legally, yes. Nvidia has a board of directors with the power to replace the chief executive, and Huang’s personal financial grip on the company is weaker than many assume. Most of his shares are co-owned with his wife, Lori Huang, and held in trusts, about 800 million of them. He holds roughly 70 million shares on his own and has limited economic control over the company compared with founders who keep special voting stock. [1]
Practically, it is harder. Huang co-founded Nvidia in 1993 and is so identified with it that customers and rivals call him simply “Jensen”. Removing him during the most valuable product cycle in the company’s history would be an extraordinary step, which is why the board’s outside investigation and its final decision matter more than the meeting itself.
What happens next?
Three things to watch. First, the board’s decision: as of Thursday morning IST, no announcement had been made, and shares remained down about 8 per cent in after-hours trading as investors waited. [5] Second, the findings of the Wachtell investigation into the espionage allegations, which carry national-security weight beyond any personal conduct question. Third, any disclosure about succession planning, because even a decision to keep Huang may come with conditions, new oversight or a timeline.
Final takeaways
Nvidia’s board met on Wednesday to weigh the future of Jensen Huang after reports of two affairs, one involving a woman US intelligence suspects of spying for China. The reports are attributed to the Wall Street Journal, New York Times, Financial Times, CNBC and CBS, and much remains unconfirmed. What is confirmed is the investigation, the apology to staff, and a share price that was already sliding before this week’s news. The board’s choice, whenever it comes, will be one of the most consequential governance decisions in the modern tech industry.
Sources
Checked 12 November 2026. This is a developing story and details may change as the board acts.
- CNBC, Ashley Capoot and Seema Mody, 11 November 2026, Nvidia board meeting to decide CEO Jensen Huang’s fate stretches into evening: https://www.cnbc.com/2026/11/11/nvidia-jensen-huang-affair-employee.html
- The Washington Post, 11 November 2026, Nvidia board weighs fate of CEO Jensen Huang after affair with alleged spy: https://www.washingtonpost.com/technology/2026/11/11/nvidia-board-weighs-fate-jensen-huang-after-affair-with-alleged-spy/
- CBS News, Jennifer Jacobs, updated 11 November 2026, 9:52 PM EST, Nvidia’s board preparing to oust CEO Jensen Huang, sources say: https://www.cbsnews.com/news/nvidia-board-ceo-jensen-huang-china/
- Deutsche Welle, 12 November 2026, Nvidia board reportedly weighs ousting Huang amid alleged affairs: https://www.dw.com/en/nvidia-board-reportedly-weighs-ousting-huang-amid-alleged-affairs-with-exec-and-suspected-chinese-spy/a-79925002
- The Guardian live blog, Jonathan Yerushalmy, updated 12 November 2026, 00:43 EST, Nvidia board reportedly meeting to decide CEO Jensen Huang’s future as chip giant’s share price plunges: https://www.theguardian.com/technology/live/2026/nov/12/nvidia-ceo-jensen-huang-affairs-share-price-plunges-live-latest
Written by Karan Agarwal Author / Reviewer Connect on LinkedIn: https://www.linkedin.com/in/karan-agarwal-901b55117/
