SANTA CLARA, Calif. — Nvidia CEO Jensen Huang’s admission of an affair with a woman U.S. intelligence reportedly identified as a Chinese spy has raised questions about what happens if the 63-year-old co-founder is forced out, CNBC reported on Monday, Nov. 9. Melius Research analysts wrote that there is no clear successor. The spying allegation is unproven, and China has called it a smear.
Related: Nvidia Falls About 4% as Board Probes Huang Reports While AMD Gains 11%.
Why succession is hard to map
Nvidia has long kept a flat structure, and Huang is its CEO, president and main public voice, with no clear second-in-command, according to CNBC. “Jensen is Nvidia. Nvidia is Jensen,” Bernstein analyst Stacy Rasgon said on CNBC.
Huang told CNBC in September 2025 that he had as many as 60 direct reports. Internal records reviewed by CNBC show 33 as of this week, including CFO Colette Kress, Chief Scientist Bill Dally, software senior vice president Dwight Diercks and Ian Buck.
Less control than other founders
Compared with founders such as Meta’s Mark Zuckerberg, Huang has minimal formal control, CNBC said. He owns just over 3% of the shares and is one of 11 members on a board with no official chair. Nvidia’s financial filings do not name him as a key person, saying instead that the company depends on its longstanding executive team and warning that poor succession planning could hurt it.
What analysts expect
Timm Schulze-Melander of Rothschild & Co. Redburn wrote that Huang could be forced to step back if the investigation finds something materially more serious than an undisclosed relationship, but that a resignation is not a foregone conclusion. Several analysts said the review could lead to governance changes, including a transition contingency plan.
Melius analysts said Nvidia has a strong bench, pointing to Chief Technology Officer Michael Kagan and Dally, but argued Huang’s energy is needed to maintain confidence in the AI trade. These are analysts’ views.
What happens next
Nvidia says Huang will continue to lead the company during the board’s probe, and the board has said it has no reason to believe national security or company secrets were compromised. CNBC said leaders of both parties are calling for briefings, and Sen. Elizabeth Warren called on Monday for investigations and legislation on AI chips and China. Nvidia did not immediately respond to CNBC’s request for comment.
Earlier coverage: the board’s investigation and Trump’s response. More is on our Artificial Intelligence page.
Sources
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