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 remove Chief Executive Officer Jensen Huang. After-hours trading takes place outside a stock’s regular session, and price moves in that window can be larger because fewer shares change hands.

People familiar with the matter told the Journal that directors could meet as soon as Wednesday to discuss Huang’s future. The stock had already been sliding after reports that the board was examining Huang’s relationship with a woman suspected by U.S. intelligence officials of working for China’s intelligence services. Nvidia’s processors are used to train and run artificial-intelligence systems across the technology industry, making the company’s leadership a matter of broad interest well beyond its own stock.

Huang’s Letter to Employees

On Sunday, Huang told Nvidia employees in a letter that he had been unfaithful to his wife. “There is no excuse for what I did,” he wrote. He also confirmed that the board had opened an independent investigation into national security concerns, pledged to cooperate fully, and said he remained committed to Nvidia.

The first reported relationship involved Alice Huang, an executive at Singapore-based Megaspeed, which is described as a major Nvidia customer. U.S. intelligence officials believe Alice Huang works for China’s intelligence services, and the Justice Department is leading multiple investigations involving her.

The New York Times has reported a second relationship involving Kimberly Powell, who runs Nvidia’s healthcare business and has worked at the company since 2008. The Times cited five people who worked at Nvidia. Powell did not respond to requests for comment.

A post about the report was published by Pubity on X on November 11, 2026: https://x.com/pubity/status/2120640841429467511?ref_src=twsrc%5Etfw

Megaspeed was among several companies using Nvidia chips to build artificial-intelligence data centers in Southeast Asia. The Commerce Department has investigated the company since late 2024 over suspicions that some products were sent to China.

The Times first reported the business relationship between the two Huangs in October 2025. An Nvidia spokesman later said there was nothing “unusual or unexpected” about the relationship.

Nvidia’s Succession Planning

Huang, 63, co-founded Nvidia in 1993 and has led the company as chief executive since its founding. He owns approximately 3.6% of Nvidia, making him the company’s largest shareholder. He has about 60 direct reports and has said he does not believe in succession planning. Nvidia has not named a successor.

The company’s latest proxy statement — the governance document companies file ahead of shareholder meetings — says Nvidia is “highly dependent” on its longstanding executive team. It also warns that inadequate succession planning could damage the company’s strategy and long-term success.

President Trump backed 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 also approved Nvidia chip shipments to China. Sales of advanced artificial-intelligence chips to China have been subject to U.S. export controls in recent years. That decision is now under scrutiny from lawmakers and other officials. Nvidia’s board could meet as soon as Wednesday to decide how to proceed regarding Huang.