Nvidia has lost roughly $600 billion in market value since its board opened an independent investigation into chief executive Jensen Huang, according to reports of the probe and its market fallout.

The board met on Wednesday to discuss Huang's future, Reuters reported, after fresh allegations emerged of two extramarital relationships. One involves Kimberly Powell, the company's vice-president of healthcare. The other centers on Alice Huang, a Chinese businesswoman whom US intelligence officials reportedly suspect of links to Beijing.

The deliberations mark a significant shift. The board had earlier expressed confidence in Huang, who co-founded Nvidia in 1993 and has led it for more than three decades.

What has Huang said?

Huang, 63, has acknowledged being unfaithful to his wife in a message to employees but has not detailed the relationships. He has pledged to cooperate with the investigation.

The company has engaged external legal advisers to examine the allegations and their possible implications for national security and corporate governance.

How much money is at stake?

The market reaction has been severe. Nvidia shares fell sharply after reports surfaced that the board was considering Huang's possible removal, and investment analysts have flagged leadership uncertainty as a growing risk.

The exposure extends well beyond shareholder losses. Nvidia has disclosed financial commitments of about $164.5 billion, including obligations tied to data-centre development and capacity arrangements. Investors are particularly concerned that a leadership change could disrupt the company's strategy of financing and supporting major AI infrastructure projects.

As the dominant supplier of advanced processors for artificial intelligence systems, Nvidia sits at the center of global investment in data centres, cloud computing, semiconductor manufacturing and AI infrastructure.

The pressure has spread to Nvidia's partners and rivals:

• Shares of data-centre operator CoreWeave declined following the latest developments.
• South Korean internet company Naver also saw its stock fall.
• Competing chipmakers Advanced Micro Devices and Broadcom recorded gains as investors reassessed the competitive landscape.

What about supply chains and China?

The uncertainty could ripple through semiconductor supply chains across Asia, particularly manufacturers in Taiwan and South Korea that depend on Nvidia's demand for advanced chips.

Renewed scrutiny of the alleged China connections could complicate US export-control policies and Nvidia's access to one of the world's largest technology markets.

Who could succeed Huang?

Succession is a structural weakness. Huang has not publicly identified a clear successor after more than 30 years at the helm. Chief Financial Officer Colette Kress and data-centre executive Ian Buck have been mentioned in succession discussions, according to reports, but neither carries Huang's public profile or his influence over the company's strategic direction.

The timing compounds the pressure. Nvidia reports earnings on November 17, and investors will scrutinize the announcement for signals on financial performance, future demand for AI processors and management's response to the crisis.

For global technology markets, the situation amounts to more than a leadership dispute. Any prolonged disruption at Nvidia could influence investment decisions, AI infrastructure financing and the fortunes of companies whose business models increasingly depend on its chips.