Nvidia shares fell more than 7% in after-hours trading on Wednesday, Nov. 11, 2026, after The Wall Street Journal reported that the company’s board is preparing to oust CEO Jensen Huang.[1] Nvidia did not immediately respond to CNBC’s request for comment. The board has not announced any decision.
Related: Nvidia Board Hires Wachtell’s Joon Kim to Lead Huang Probe.
What was reported
The Journal’s report landed minutes after The New York Times reported that Huang had an extramarital relationship with another Nvidia executive, CNBC said.[1]
Days earlier, Huang admitted to an affair with a woman whom news outlets have reported U.S. intelligence believes is a spy for China’s Ministry of State Security.[1] “I was unfaithful to my wife. My actions hurt her and our children. There is no excuse for what I did,” Huang wrote to staff on Sunday.
Nvidia’s board has opened an independent investigation and hired the law firm Wachtell, Lipton, Rosen & Katz to examine the spying allegations.[1]
Pressure from Washington
Some lawmakers have called for Huang to resign, and momentum is building to subpoena him, CNBC reported.[2] “As a matter of his own conscience, he should resign,” said Sen. Kevin Cramer, a North Dakota Republican on the Senate Banking Committee.
The scandal may also give Congress reason to advance bills in this year’s National Defense Authorization Act that would tighten export controls on advanced AI chips.[2]
Who controls the shares
Most of Huang’s Nvidia shares are held in trusts co-owned with his wife, about 800 million shares in all.[1] Huang holds about 70 million shares on his own.
More coverage is in our business section and AI companies hub.
Sources
- CNBC: Nvidia prepares to oust Jensen Huang, WSJ reports — stock sinks
- CNBC: Jensen Huang affair in D.C.: Resignation calls and moves to tighten Nvidia China exports
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