Nvidia shares plunged about 8% in after-hours trading on 11 November 2026 following reports that its board was preparing to meet and possibly oust CEO Jensen Huang amid a scandal involving allegations of an extramarital affair and a wider investigation into possible foreign intelligence involvement.
Multiple independent outlets, including Reuters, CNBC, CBS News, TechCrunch, and the Wall Street Journal, reported that Nvidia’s board planned a meeting to discuss Huang’s future on Wednesday, 11 November. CNBC stated the company had engaged law firm Wachtell, Lipton, Rosen & Katz for an independent investigation. Nvidia had confirmed on 9 November it opened an investigation into allegations tied to Huang and a foreign intelligence effort.
Huang admitted in a statement to employees that he had been unfaithful to his wife, saying, “I was unfaithful to my wife. My actions hurt her and our children. There is no excuse for what I did.”
Reports surfaced alleging that one woman involved in the affair was reportedly linked to Chinese intelligence agencies. CBS News cited two sources familiar with the matter saying U.S. intelligence agencies viewed the first woman as a Chinese operative, although Nvidia spokesperson John Rizzo told CBS News, “We trust that if we were the target of a genuine threat, the U.S. government would have notified us.” The Chinese Ministry of Foreign Affairs dismissed these claims as “entirely baseless” and “slander and smear,” according to spokesperson Guo Jiakun.
Despite the sharp stock drop and widespread media coverage, NBC News emphasised that it had not independently confirmed whether the board actually convened the reported meeting. Similarly, no official confirmations have been made regarding any formal board decision to remove Huang or the specifics of any espionage allegations. The Wall Street Journal and other outlets continue to report the story as developing.
The scandal shakes Nvidia during a pivotal time in the global tech and semiconductor sectors, given the company’s leading position. Investor confidence has clearly been affected by the leadership uncertainty and potential national security concerns, as reflected in the market’s reaction.
This story remains fluid. Nvidia has not confirmed any personnel decisions yet. Cape Flats News journalist will continue monitoring official statements and market developments for updates.