Nvidia's board is preparing to oust co-founder and CEO Jensen Huang after he admitted to two extramarital affairs, one reportedly with a suspected Chinese spy, people familiar with the matter told The Wall Street Journal. The decision places the leadership of the $4 trillion chipmaker in question. It also casts light on a less examined fact of the Huang family's finances: Lori Huang, not Jensen, controls the bulk of its institutional wealth.

Lori Huang serves as president of the Jen-Hsun & Lori Huang Foundation, which reported approximately $9.2 billion in assets at the end of 2024, according to its most recent tax filing. Jensen holds the titles of secretary and CFO. Lori has appeared as president on every available filing dating back to 2014.

Her authority extends to the family's Nvidia holdings. As of March 23, Lori and Jensen were co-trustees of three family trusts holding nearly 669 million Nvidia shares, according to Nvidia's latest proxy statement. That figure represents most of the 870.6 million shares — worth roughly $151 billion as of late Nov. 11 — that the proxy reports as beneficially owned by Jensen, including the foundation's stock.

The proxy also states that, as foundation board members since 2007, the couple may be deemed to share voting and investment power over its 58.7 million Nvidia shares, though neither holds a financial interest in them.

What did Huang admit?

Huang acknowledged his conduct in a company memo made public on Nov. 8. "I was unfaithful to my wife. My actions hurt her and our children. There is no excuse for what I did. I am deeply sorry," he wrote. The New York Times reported one affair involved Kimberly Powell, Nvidia's vice president of health care. Lori Huang has not commented publicly on the memo.

Nvidia's board said on Nov. 8 that it was investigating reports Jensen had been the target of a foreign intelligence effort, adding that it "has no reason to believe that either national security or NVIDIA secrets were compromised." The independent directors hired former acting U.S. Attorney Joon H. Kim and his firm, Wachtell, Lipton, Rosen & Katz, to run the probe. China's foreign ministry has called the spying allegations groundless.

Who is Lori Huang?

Lori, born Lori Mills, met Jensen as his lab partner in an electrical fundamentals class at Oregon State University, where she graduated in 1985; he was 17, she was 19. They married that year, and she later left the workforce to raise their two children, Madison and Spencer, who now both work at Nvidia. "Every moment of Nvidia, she was there," Jensen said in an interview with Singapore-based outlet CNA.

How large is the foundation?

The foundation's growth has tracked Nvidia's rise and the Huangs' stock gifts. Its net assets climbed from about $819 million at the end of 2020 to more than $9.1 billion at the end of 2024, with roughly $8.6 billion held in stocks that year. In 2024 alone, it recorded about $5 billion in paper gains.

In June and September 2024, Jensen and Lori, as co-trustees of their living trust, gave the foundation a combined 1.3 million Nvidia shares valued at about $160 million, according to Form 4 filings and the foundation's tax return. In September, the trust also gave 688,000 shares to an unnamed donor-advised fund (a charitable account where donors advise on grants).

The foundation reported paying no salaries in 2024. Lori and Jensen each logged one hour a week, unpaid; paid help consisted of an investment manager and an accounting firm.

Where did the money go?

The foundation paid out about $126.3 million in grants in 2024:

• More than $82 million to Schwab Charitable Fund, a sponsor of donor-advised funds
• About $30.5 million to Oregon State University
• About $10.8 million to Crisis Text Line

Federal payout rules required the foundation to distribute roughly $344.6 million in 2025. Its 2025 return, which would confirm compliance, has not been made public. Public announcements show the foundation matched $22.5 million in donations to the California College of the Arts, and in November the Huangs committed $5 million a year to San Francisco Opera.

In 2026, the foundation bought about $108.3 million of computing capacity from CoreWeave to donate to universities and nonprofit research institutes, according to a filing Reuters reviewed. Vanderbilt University also announced a $75 million matching gift from the Huangs for its art, architecture and design campus in San Francisco.

Nvidia and the foundation did not respond to Fortune's requests for comment.