Nvidia (NVDA) shares fell 8% to $159.76 in after-hours trading on Wednesday, erasing a 2.9% gain recorded during the regular session.

The decline followed a Wall Street Journal report that Nvidia’s board is preparing to oust Chief Executive Officer Jensen Huang. The report cited people familiar with the matter. The board could meet as soon as Wednesday to decide Huang’s future.

Directors are weighing Huang’s position after reports of two extramarital affairs, one of which involves an executive at a company suspected by U.S. intelligence officials of having ties to Chinese intelligence services.

BREAKING: Nvidia, $NVDA , CEO Jensen Huang reportedly had another affair with a senior Nvidia employee, per NYT. The relationship was reportedly with Kimberly Powell, Nvidia's VP of Health Care who reports to Jensen Huang. Witnesses claim that Jensen Huang's security detained a… — The Kobeissi Letter (@KobeissiLetter) November 11, 2026

https://x.com/KobeissiLetter/status/2120638848086733130?ref_src=twsrc^%5Etfw

How the reports reached Nvidia’s board

On Sunday, Huang told Nvidia employees in a letter that he had been unfaithful to his wife. “My actions hurt her and our children,” he wrote.

BREAKING: 🇺🇸 Nvidia CEO Jensen Huang had a second affair with VP of Health Care Kimberly Powell, per the New York Times. pic.twitter.com/OyeMo2Xq1S — Bull Theory (@BullTheoryio) November 11, 2026

https://x.com/BullTheoryio/status/2120643194861822205?ref_src=twsrc^%5Etfw

Huang also confirmed that the board had opened an independent investigation into national security concerns raised in news reports. He said he would cooperate fully and remained committed to Nvidia.

One reported affair involved Alice Huang, an executive at Megaspeed, a Singapore-based data company and major Nvidia customer. U.S. intelligence officials believe Alice Huang works for China’s intelligence services. The Justice Department is leading multiple investigations involving her.

The New York Times separately reported an affair involving Kimberly Powell, who runs Nvidia’s healthcare business. The Times cited five people who worked at Nvidia. Powell did not respond to requests for comment.

The Times first reported the business relationship between the two Huangs in October 2025. Megaspeed was among several companies using Nvidia chips for artificial-intelligence data centers in Southeast Asia. The U.S. Commerce Department had been investigating the company since late 2024.

No clear succession plan

Huang is 63 and owns approximately 3.6% of Nvidia, making him the company’s largest shareholder. He has roughly 60 direct reports and has said he does not believe in succession planning. No successor has been named, and it is unclear who would take over if he left.

Nvidia’s latest proxy statement says the company is “highly dependent” on its longstanding executive team. The filing also warns that inadequate succession planning could harm the company’s strategy, execution and long-term success.

President Trump stood by Huang earlier this week, calling him an “honorable man.” Trump said Huang told him that he did not know Alice Huang was suspected of being a spy.

Trump approved Nvidia chip shipments to China, a decision that is now under scrutiny from lawmakers and other officials. The board’s potential meeting could determine whether Huang remains Nvidia’s chief executive. Until then, the reported board meeting, the independent investigation and whether Nvidia identifies a succession plan are the immediate developments to watch.