Nvidia’s board met on Huang’s exit as about $600 billion came off the stock this week

If your family group has a red Nvidia screenshot this morning, read the caption before you forward it. On Wednesday, Nvidia’s board met to consider removing Jensen Huang, the only CEO the company has ever had. Business Today reported that on 12 November 2026, citing Reuters and people familiar with the meeting. The Wall Street Journal had already said the company was preparing to remove him. Nvidia did not immediately comment. That is a board discussion reported by two newsrooms, not a resignation letter.

The stock showed how nervous the market is. Shares fell about 8% in after-hours trading. Moneycontrol, in a story timed 7:44 am IST on 12 November, put the drop at 8.6%. Count that after-hours move and Business Today says Nvidia has lost about $600 billion in market value this week, since the board announced an investigation into Huang’s relationship with a Chinese businesswoman. The company is still described as a roughly $4 trillion chipmaker. A big fall from a giant base is still a giant fall.

One founder, no number two#

Huang is 63. He owns about 3.6% of Nvidia. He has dozens of direct reports and no obvious successor. Gil Luria, head of technology research at D.A. Davidson, said removing him immediately could be challenging because there is no succession plan. He also said that if Huang broke the law or violated company policy, the board is likely to act once it has proof. Moneycontrol put the choice in plainer words: oust the founder who oversaw a more than 700,000% surge in the share price, or keep him while lawmakers, investors, customers and employees are all watching.

He co-founded Nvidia in 1993 with Curtis Priem and Chris Malachowsky. For more than thirty years the company has had one public face. There is no named COO in these reports waiting with a handover note. That is the corporate problem sitting under the headlines. Chip demand does not vanish because a CEO is in a scandal. A company that has never had to introduce a second leader still has to decide, in public, whether the person and the company are the same thing.

Separate the memo from the allegations#

On Sunday, Huang sent employees a memo. He acknowledged being unfaithful to his wife, took “full responsibility”, and did not give details. The same day, the board opened an investigation into whether he had been targeted by a foreign intelligence operation. Independent directors are running that inquiry with outside lawyers. That much is the company’s own process, described by Business Today.

The first relationship in the reporting is with Alice Huang, a Chinese businesswoman. Business Today says US intelligence has said she was involved in facilitating shipments of Nvidia chips to Chinese companies. That is why this is not only a personal story. US export controls are supposed to limit China’s access to Nvidia’s most advanced chips. A reported personal relationship sitting next to those shipments is what pulled Washington in.

House Foreign Affairs Committee Chairman Brian Mast and two other senior Republican lawmakers asked Huang for a closed-door briefing on allegations that the businesswoman passed information to Beijing. Mast’s office is open to a congressional subpoena if he does not respond. House China Committee Chairman John Moolenaar said Huang had until 5 pm ET on Wednesday to agree to a meeting or propose another date, and that subpoenas were likely if he did not. These reports do not say a subpoena has already been served. They say the clock was running.

The second report is still a report#

On Wednesday, The New York Times said Huang had also had a relationship with Kimberly Powell, Nvidia’s vice president of healthcare, who reported to him. The paper cited five people who had worked at the company. When a reporter called, Huang said, “I don’t think you should be talking to me directly,” and hung up. Nvidia and Powell did not immediately comment. Reuters said it could not immediately verify the Times report.

So if a caption says “Nvidia confirmed a second affair”, it is ahead of the story. What Huang himself acknowledged, in that Sunday memo, is infidelity, without names. The Powell account is a news report the company has not answered. Treat it as an allegation until Nvidia, Powell or a filing says otherwise.

Where the money moved#

The after-hours tape was not only a Nvidia story. Nasdaq futures fell about 1%. AMD rose about 4% and Broadcom about 3%. Some traders were asking who else sells the tools if the Nvidia story gets messy. Nick Ferres, chief investment officer at Vantage Point Asset Management, pointed at a different risk: Nvidia sits in the middle of the financing that is feeding the AI build-out, including financing its own customers. He said that in this kind of boom, a slowdown can be enough to turn the mood. That is a market opinion, not a shipment figure.

None of this is an Indian exchange print. It is the US after-hours session you will see in a US-stock app before the regular open. After-hours is thin. The regular session can look different. The $600 billion figure is Business Today’s count of the week’s damage including that after-hours move, not a promise of tomorrow’s close.

If you are sitting in India#

You do not need to own the stock directly to feel it. A lot of Indian portfolios now touch Nvidia through a Nasdaq 100 fund, a US feeder, or the tech basket a broker pushed last year. If that line is red, this is the reason, not a random inflation print. Before you pause a SIP, check how much of that fund is actually Nvidia. Selling a basket of twenty US companies because one CEO is in a board meeting is how people lock in a bad day.

The other India link is the work. IT firms, global capability centres and every startup still pitching an “AI platform” have spent two years treating Nvidia GPUs as the default engine. A leadership vacuum does not cancel a purchase order on Friday. It does put export-control headlines on the risk slide. If the congressional briefing becomes a tighter story about chips reaching China, the people who should pay attention are the ones buying or reselling advanced GPUs. A phone launch is unrelated. Your ChatGPT bill does not change because of this meeting.

There is a governance contrast Indian founder groups will flatten into a joke. One founder. Dozens of direct reports. No named number two. A board learning the facts from newspapers. This week’s Unacademy handoff, Munjal to executive chairman and a new CEO, was at least announced as a plan. This is the opposite. Huang’s memo was a personal admission. The board has not said he is staying, and it has not said he is out.

What is still unknown#

Nobody in these reports has published a successor’s name. Nvidia has not confirmed the Wednesday meeting in its own statement. The intelligence claim about Alice Huang is reported, not a judgment you can quote as proven. Lawmakers have asked for a briefing. Luria’s test is the one the board actually has to answer: is there proof of a legal or policy breach? Until that answer exists, “Huang is finished” is a rumour with a very large price tag.

Watch for a board statement, not another anonymous quote. Watch whether Huang takes the congressional meeting. Watch the regular-session open, not only the 8% after-hours print. And if the only Nvidia you own is inside an Indian fund, look at the weight before you react to a screenshot. The chip-demand story and the CEO story just got separated. Do not let a forward glue them back together.