By Sophie Lindqvist

Nvidia, the roughly $4 trillion chipmaker that the report calls the world's leader in artificial-intelligence chips, faced a possible leadership ouster on November 11, 2026 after the Wall Street Journal reported that directors were preparing to remove chief executive Jensen Huang. After the report, Nvidia shares fell more than 8% in after-hours trading (trading outside regular market hours) Wednesday.

The development marked a sharp reversal. On Sunday, November 8, 2026, Nvidia's board had said it had confidence in Huang and expected him to continue as chief executive. By Wednesday, November 11, the Wall Street Journal, Reuters and other outlets reported that directors were preparing to oust him.

Preparation did not equal dismissal. The board could meet as soon as late Wednesday to discuss whether Huang should remain at the helm. The report disclosed no vote, final decision or successor, so the immediate governance signal remained serious but provisional.

What triggered the board review?

Huang admitted earlier in November to an affair with Alice Huang and apologized to his company, his wife and his family. Nvidia said the board had opened an independent investigation (a review conducted without direct management control). U.S. officials reportedly believe Alice Huang exploited the relationship to gather intelligence for Beijing.

In a public statement Sunday, Huang said: “Regarding the national security concerns raised in news reports, NVIDIA’s Board of Directors has initiated an independent investigation.” He added: “I support the investigation and will cooperate fully.”

The statement continued: “I love our country and our company. I am committed to protecting NVIDIA and supporting America’s national security.” Huang also said: “I am proud and grateful to be an American.”

Those statements committed Huang to cooperation and expressed loyalty, but they supplied no findings, timetable or assurance about his continued tenure. President Donald Trump said earlier this week that the Federal Bureau of Investigation (FBI) was investigating Huang's relationship with Alice Huang.

Alice Huang is an executive at Singapore-based data center company Megaspeed, which U.S. intelligence officials reportedly believe has links to the Chinese government. Nvidia had previously defended Huang's ties to an executive accused of aiding Chinese intelligence, according to a linked earlier report, although the current account did not describe that defense.

The distinction matters. The cited reports described official suspicion and board scrutiny, not an adjudicated conclusion, and they disclosed no supporting evidence, charges or investigative findings. The source also did not say whether the FBI had reached any finding.

A second relationship enters the case

The New York Times reported on November 11 that Huang had a second extramarital affair (a sexual relationship outside marriage) with company employee Kimberly Powell, Nvidia's vice president of healthcare. The allegation followed the first case and surfaced on the same day directors were reportedly considering Huang's removal.

Camera footage reportedly showed Powell and Huang being affectionate at a hotel in San Jose, California, in March. The account did not publish the footage or specify what it showed beyond that description, limiting independent assessment of context.

What does this change for Nvidia?

For investors, customers and employees, the immediate change is uncertainty about leadership rather than evidence of disruption to operations. The issue is governance risk (the risk of a change in board control or accountability), because Huang's leadership has become uncertain at a roughly $4 trillion company that the report describes as the world's leader in artificial-intelligence chips.

A leadership transition could raise questions about decision-making and continuity. The source provides no evidence of disruption to chip operations, customers or strategy.

The strategic logic of the review rests on the convergence of three matters: an admitted affair, reported intelligence gathering linked to Beijing, and an FBI investigation into the relationship. Huang's pledge of cooperation does not resolve the board's leadership question or substitute for the investigation's findings.

The unresolved issues are substantial. The report did not identify a successor, explain a voting threshold, give a final timetable or set out any effect on Nvidia's corporate strategy.

For now, the most defensible conclusion is narrower than “Nvidia has removed Huang” and broader than “the board remains fully supportive.” The board publicly retained confidence on Sunday, then reportedly prepared to reconsider that position three days later.

Shares recorded the market's immediate response, losing more than 8% after hours, but that move measures perceived governance risk rather than a final corporate outcome. The Washington Examiner said it had sought comment from Nvidia, and the published account included no company response beyond Huang's statement and the board's earlier expression of confidence.