Nvidia board prepares to oust CEO Jensen Huang amid spy affair scandal

Nvidia's board of directors met on November 11, 2026, to discuss ousting co-founder and CEO Jensen Huang following revelations of dual extramarital affairs. The controversies involve Kimberly Powell, Nvidia's vice president of healthcare, and Alice Huang, an executive at customer Megaspeed International whom U.S. intelligence suspects of being a Chinese spy. The leadership crisis sent Nvidia stock tumbling over 8% in extended trading, threatening to deepen a market capitalization loss exceeding $1.5 trillion.

Nvidia board ouster deliberations

• ▪Nvidia's board hired the law firm Wachtell, Lipton, Rosen & Katz to conduct an independent investigation into allegations of foreign espionage
• ▪Nvidia's board of directors met to determine the future of chief executive Jensen Huang and prepare for his potential ouster
• ▪Nvidia's board has been working with an outside executive search firm to identify potential candidate replacements for Chief Executive Officer Jensen Huang

Dual extramarital affairs

• ▪Nvidia CEO Jensen Huang acknowledged extramarital infidelity and apologized in a Sunday message to company staff
• ▪Nvidia CEO Jensen Huang engaged in an extramarital relationship with Kimberly Powell, Nvidia's vice president of healthcare who reported directly to him
• ▪Kimberly Powell has led Nvidia's healthcare division since 2017, overseeing platforms for medical imaging, life sciences, drug discovery, and healthcare analytics

Nvidia stock collapse

• ▪Nvidia's stock dropped over 8% in extended after-hours trading on November 11, 2026, erasing approximately $600 billion in market value over the week
• ▪Shares of rival chipmakers AMD and Broadcom rose 4% and 3% respectively in after-hours trading following reports of Nvidia's potential leadership change
• ▪Nvidia's share price has fallen about one-third from its October peak, representing a market value decline of more than $1.5 trillion

CEO succession vacuum

• ▪Jensen Huang co-founded Nvidia in 1993, owns roughly 3.6% of its stock, and maintains dozens of direct reports without an established succession plan
• ▪Nvidia's board is considering appointing a temporary chief executive officer while searching for a permanent replacement for Jensen Huang

Chinese espionage affair

• ▪Megaspeed International purchased over $4.8 billion in Nvidia chips since June 2024 and has been under U.S. investigation for potential chip smuggling to China
• ▪Jensen Huang developed a relationship with Alice Huang, an executive at Singapore-based Megaspeed International whom U.S. intelligence identified as a spy for China's Ministry of State Security
• ▪U.S. President Donald Trump voiced support for Jensen Huang, calling him an honorable guy, while China denied espionage allegations involving Alice Huang