Nvidia’s Board Is Meeting on Jensen Huang’s Fate, and $600 Billion Is Already Gone
At a Glance
- Nvidia’s board is meeting to decide whether to oust CEO Jensen Huang, a source told Reuters.
- Shares fell more than 8% after hours on Wednesday.
- The slide has erased about $600 billion in value this week, if the losses hold.
- Huang has no obvious successor.
- Polymarket puts the odds he leaves by year-end at 83%.
The $4 trillion chipmaker could lose the man who built it, with no clear plan for what comes next.
On Sunday, Nvidia’s board said it backed Huang. By Wednesday night, it was meeting on whether to remove him. Two reported affairs turned that confidence upside down.
Key details
Huang, 63, told staff in a Sunday memo that he had been unfaithful to his wife. The board then opened an investigation into whether a foreign intelligence operation had targeted him. Reports say one relationship was with a woman suspected of being a Chinese spy. China calls those claims groundless.
On Wednesday, the New York Times reported a second affair, with an executive who reports to him. The Wall Street Journal said the board was preparing to fire him. Reuters could not verify the second report.
Under the bylaws, a majority of the 11 directors can remove him “with or without cause.” All but Huang are independent. He owns about 3.6% of the company.
Market reaction
Nvidia dropped more than 8% in extended trading. S&P 500 E-mini futures slipped 0.4%.
Why it matters
Nvidia sits at the center of the AI boom, and Huang is its face. Analysts name CFO Colette Kress and engineer Ian Buck as likely stand-ins. Chinese AI firms are already rushing to rent Nvidia computing power outside China, worried Washington may tighten the rules.
What to watch
Look for the board’s decision, any word on a successor, a statement from Nvidia, and how the stock opens at the next session.
Stay ahead of every market-moving headline with QuoMarkets.
Source: Reuters
