Nvidia Without Jensen Huang? What the Board Crisis Means for the $4 Trillion Chipmaker
Developing story, last checked 12 November 2026, early morning India time (evening of 11 November in New York). Nvidia has not announced a decision about its chief executive. Here is what is confirmed, what has only been reported, and what a leadership change would mean for the world’s second most valuable company.
The short answer
Jensen Huang is still Nvidia’s CEO. The Wall Street Journal reported the board is preparing to oust him, and a Reuters source said directors met on 11 November to decide. Nvidia has not confirmed either report. The shares fell about 8% after hours, because Huang has led Nvidia since 1993 and has no obvious successor.
Confirmed, reported, or unknown?
Item | Status | Source |
Huang is CEO as of publication | Confirmed: no change announced | Reuters; Nvidia has made no announcement |
Board investigation, led by independent directors with outside counsel | Confirmed by board (Nov 8) | Nvidia board statement |
Board retained Wachtell, Lipton, Rosen & Katz | Confirmed (Nov 10) | CNBC; Reuters |
Board preparing to oust Huang | Reported, not confirmed by Nvidia | Wall Street Journal via Reuters |
Board met Nov 11 to decide | Reported by a Reuters source | Reuters |
Outside firm identifying successors; interim CEO considered | Reported | Bloomberg reporter via DW |
Espionage allegations | Alleged in US media; denied by China | NBC News |
What has Nvidia’s board actually done?
On Sunday, 8 November, Nvidia’s board said in an official statement that it was opening an independent investigation “in light of recent reporting” that Huang had been the target of a foreign intelligence effort, overseen by a committee of independent directors with outside counsel. It said it had “no reason to believe that either national security or NVIDIA secrets were compromised,” and that it “has confidence in Jensen and his leadership team.” On 10 November, it hired the law firm Wachtell, Lipton, Rosen & Katz to investigate and determine whether national security or company secrets were compromised, according to CNBC.
Those are the only steps the board has taken publicly. The investigation followed US media reports about Huang’s personal conduct, including a relationship with a woman described in those reports as a suspected Chinese intelligence operative. China has denied the allegations, calling them “purely unsubstantiated and directed at smearing China,” NBC News reported. Huang told employees he took “full responsibility,” according to Reuters. We are not repeating further personal details; they are not needed to understand the business story.
Why did the story escalate on November 11?
Two reports landed on the same day. The New York Times reported a second relationship, involving a company executive, which Reuters said it could not immediately verify. Then the Wall Street Journal reported that the board was preparing to oust Huang and could meet as soon as that Wednesday, citing people familiar with the matter, according to Reuters. A separate Reuters source said the board was meeting that day. Nvidia did not immediately respond to requests for comment.
How much has the stock lost?
A lot, very quickly. Nvidia fell about 10% over the two sessions after the board announced its investigation, then rose about 3% on 11 November, Investopedia reported. It had been down 18% for November at the 10 November close, only weeks after record highs. After the Journal report, the shares fell about 8% in after-hours trading, TechCrunch and Reuters reported, and were down nearly 10% at one point, according to Nikkei Asia.
NBC News said the after-hours drop would erase almost $400 billion of value if it carried into the regular session. Reuters put the week’s total loss at about $600 billion, including the after-hours move. Apple, with a market value of $5.16 trillion, has already overtaken Nvidia as the world’s largest company, Investopedia noted.
Why is a CEO change such a big risk for Nvidia?
Because Nvidia was built around one person to an unusual degree. Huang co-founded the company and has led it since 1993, taking it from nothing to a valuation of more than $4 trillion, NBC reported. He has said he has about 60 direct reports and delegates very little, TechCrunch noted, and the company has no obvious successor or published succession plan. He owns about 3.6% of the stock, Reuters said, large but not controlling.
Investors are saying the quiet part out loud. “Huang being removed immediately could be challenging for Nvidia since it does not have a succession plan in place,” D.A. Davidson analyst Gil Luria told Reuters. Pepperstone’s Chris Weston said the company would likely seek someone with similar relationships across Asia’s supply chain, and noted AMD and Broadcom shares moved higher after hours.
Page 21 analysis: three ways this could go
Scenario | What it would mean for the business | What to watch |
Huang stays, possibly with limits | Continuity on products and customer relationships; governance questions linger | Board statement; any new oversight roles |
Interim CEO while a search runs | Operations continue, but big strategic calls may slow | Who is named; how long the search runs |
Permanent outside successor | Biggest change in 30+ years; customers and suppliers reassess relationships | Candidate’s background; reaction from major cloud customers |
This is our framework, not a prediction. Nothing in it depends on which outcome the board chooses; it is a way to read the announcement when it comes.
What does it mean for the AI trade?
Nvidia supplies the chips at the center of the AI build-out, and its swings move the whole market. “It’s difficult for me to envision a sustained rally in the S&P 500 without Nvidia participating,” Mott Capital Management’s Michael Kramer wrote, as quoted by Investopedia. Companies that depend on Nvidia hardware, such as GPU cloud providers, are exposed to any disruption in roadmaps or allocation. Nvidia is also scheduled to report quarterly results next week, which will be the first chance to hear management address the situation on the record.
What happens next?
A board announcement. Either confirming Huang’s position, naming an interim leader, or something in between.
Results next week. Nvidia’s quarterly report will test whether demand, guidance and execution are unaffected.
Legal and political follow-up. Reuters reported a proposed shareholder class action filed on 9 November, and lawmakers in Washington have weighed in on chip-export policy.
We will update this article when Nvidia makes an announcement. Until then, treat any claim that Huang has already been removed as unconfirmed.
FAQ
Is Jensen Huang still Nvidia’s CEO?
Yes, as of publication on 12 November 2026 (India time). The Wall Street Journal reported that Nvidia’s board was preparing to oust him, and a Reuters source said the board was meeting on 11 November US time to decide, but Nvidia had not announced any change.
Why did Nvidia stock fall?
Shares fell about 10% over 9–10 November after the board said it was investigating reports involving Huang, according to Investopedia. After rebounding about 3% on 11 November, they fell about 8% after hours, and nearly 10% at one point, once the Journal reported a possible ouster.
Who could replace Jensen Huang?
Nvidia has not named a successor, and Reuters reported it has no obvious one. Bloomberg reporting cited by DW said the board was working with an outside firm to identify candidates and considering an interim CEO. Any name today is speculation.
How much is Nvidia worth?
Roughly $4 trillion, according to Reuters. Reuters said that, including the 11 November after-hours drop, Nvidia had lost about $600 billion of market value that week. Apple has recently overtaken it as the world’s most valuable company, Investopedia reported.
How much of Nvidia does Jensen Huang own?
About 3.6% of the stock, according to Reuters, making him a large shareholder but not a controlling one.
Sources
NVIDIA Newsroom: Statement From NVIDIA Board of Directors (Nov 8, 2026)
Reuters (via The Indian Express): Nvidia board weighs ousting CEO Jensen Huang
CNBC: CoreWeave Q3 report, including Nvidia board’s law firm hire
TechCrunch: Nvidia’s stock drops as board reportedly preps to oust CEO
Reuters (via Investing.com): Timeline of the Nvidia controversy
Related on Page 21
This is a developing story. Allegations described here are reports by the named outlets and have not been confirmed by Nvidia; China has denied the espionage allegations. This article is for general information and is not investment advice. We will update it when Nvidia announces a decision.
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