Nvidia’s board is preparing to oust CEO Jensen Huang after two extramarital affairs, including one with a suspected Chinese spy, The Wall Street Journal reported Wednesday.

Shares fell 8.07% to $159.72 in after-hours trading at 7:42 p.m. Eastern on Nov. 11, after closing up 2.87% at $173.73. Nvidia had not announced a decision at publication and did not immediately respond to requests for comment.

The board planned to meet as soon as Wednesday to decide Huang’s future, people familiar with the matter said. The New York Times separately reported a Wednesday-night board meeting on his possible ouster. The company has lost about $1 trillion in market value since Oct. 29, when his relationship with a suspected spy first became public.

Two affairs

One affair involved Alice Huang, an executive at Singapore-based Megaspeed, which has been a major Nvidia customer. U.S. intelligence officials believe she works for China’s intelligence services. On Sunday, Huang acknowledged that affair in a letter to staff. “I was unfaithful to my wife,” he wrote.

The second, first reported by the Times and confirmed to the Journal by a person familiar with the matter, involved a senior Nvidia executive who runs the company’s healthcare business and reports to him. She did not respond to requests for comment.

Nvidia’s board opened an independent investigation and hired the law firm Wachtell, Lipton, Rosen & Katz to conduct the probe.

Investigations and succession

Megaspeed was one of several companies suspected of diverting Nvidia chips to China and had been under Commerce Department investigation since late 2024. The Justice Department is leading multiple investigations involving Alice Huang, according to people familiar with the matter.

President Donald Trump called Huang an “amazing guy” and an “honorable man” earlier this week. Trump said Huang had told him he did not know Alice Huang was a suspected spy.

Huang, 63, co-founded Nvidia and is its largest shareholder, with about 3.6% of the company. He has roughly 60 direct reports and has said he does not believe in succession planning. No successor has been named. Nvidia’s latest proxy statement says the company is “highly dependent on the services of our longstanding executive team.”

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Editor-in-Chief and founder of Implicator.ai. Former ARD correspondent and senior broadcast journalist with 10+ years covering tech. Writes daily briefings on policy and market developments. Based in San Francisco. E-mail: editor@implicator.ai