Nvidia's board is reportedly meeting on whether to remove CEO Jensen Huang. Here is what is reported, what Nvidia has said, and what to watch Thursday.
Nvidia's board was meeting as soon as Wednesday, Nov. 11, to decide whether to remove co-founder and CEO Jensen Huang, according to a Wall Street Journal report that TechCrunch, IGN and Reuters relayed. As of late Wednesday night Eastern, Nvidia had not confirmed any decision, and Huang was still the company's CEO. Nvidia shares fell about 8% in after-hours trading on the news, TechCrunch reports.
Here is what is reported, what Nvidia has actually said, and what to watch when U.S. markets open Thursday, Nov. 12.
Is Nvidia really firing Jensen Huang?
Not officially, and that distinction matters. The Journal's sources say the board is preparing to oust him, and Reuters reported that the board was meeting to settle his future, citing a source. Bloomberg, as summarized by TechCrunch, says Nvidia is working with an outside firm to identify possible replacements. Nvidia has not issued a statement about removing him, and IGN says it asked the company for comment.
The trigger is a pile-up of reports. On Sunday, Nov. 8, the board opened an independent investigation after reporting tied Huang to an executive at Megaspeed, an Nvidia customer, whom U.S. officials reportedly suspect of working for Chinese intelligence. Huang then told employees in a letter that he was unfaithful to his wife and apologized. On Wednesday, the New York Times reported that he also had a relationship with an executive who reports to him, TechCrunch says. Neither Nvidia nor Huang has confirmed that second report. The board said Sunday it had no reason to believe national security or Nvidia secrets were compromised.
What has happened to the stock?
TechCrunch puts the after-hours drop at roughly 8% on Wednesday, after a fall of about 11% over the previous five days. Data Center Dynamics says around $430 billion has come off Nvidia's market value since the scandal began and that shareholders have filed a lawsuit over the losses. Those are outlet figures, and the first regular-session price Thursday will be the real test of how far the reaction runs.
Who would run Nvidia next?
That is the hard part. Huang has led Nvidia for 33 years and, by his own account, has about 60 direct reports. TechCrunch notes the company has no obvious successor and no public succession plan. Nvidia has also hired the law firm Wachtell, Lipton, Rosen & Katz, with former acting U.S. Attorney Joon Kim leading its side of the review, Data Center Dynamics reports. Nvidia has given no timeline for the findings.
Congress is circling too. TechCrunch, citing Bloomberg, reports that two House Republicans said Huang would likely be subpoenaed if he did not agree to a closed-door briefing on the Megaspeed relationship. Nvidia had not responded to TechCrunch's request for comment on that.
What to watch
- A statement or filing from Nvidia confirming or denying a leadership change.
- Thursday's opening price and trading volume for NVDA.
- Nvidia's quarterly earnings report, expected Tuesday, Nov. 17, per our earlier story and Yahoo Finance.
- Whether the House briefing or a subpoena materializes.
Our take
A board does not usually meet about a founder's future unless it is serious, but a meeting is not a verdict. Treat "preparing to oust" as a report from anonymous sources until Nvidia says otherwise. The part we find hard to shrug off is the missing succession plan: the company sits at the center of AI spending, and a messy handoff would reach well beyond one stock. If you hold Nvidia in a 401(k) or index fund, there is nothing to do tonight. Watch for the company's own announcement rather than a screenshot of a headline.
This story is developing and we will update it as the company or major outlets confirm more. It follows our earlier report on the board's investigation.
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Picture credit: Nvidia
