Nvidia sinks 8% after hours as board weighs CEO’s fate

November 12, 2026 (MLN): Nvidia Corporation shares closed at $173.73 on NASDAQ on Wednesday, up $4.84 or 2.87%, before sliding $13.66 or 7.86% to $160.07 in after-hours trading as per investing.com, as reports emerged that the company’s board is meeting to decide whether to remove chief executive Jensen Huang.

CNBC confirmed late Wednesday that the board was meeting on the matter, following media reports about two alleged extramarital relationships involving Jensen Huang, one with an employee and another with a woman suspected of being a Chinese spy.

The after-hours selloff began after The Wall Street Journal first reported that the board was preparing to push Jensen Huang out.

The Times reported minutes later that Jensen Huang had been romantically involved with Kimberly Powell, Nvidia’s vice president of health care.

Kimberly Powell oversees Nvidia’s worldwide healthcare business, which covers hardware and software platforms for medical imaging, life sciences, drug discovery and healthcare analytics, according to her profile on the company’s website.

The latest report follows Jensen Huang’s admission, days earlier, of an affair with a woman identified by the Financial Times as Alice Huang.

The New York Times reported that US intelligence officials believe she works for China’s Ministry of State Security.

In a message to Nvidia staff on Sunday, Jensen Huang said he had been unfaithful to his wife, that his actions hurt her and their children, that there was no excuse for his conduct, and that he was deeply sorry.

Nvidia’s board has opened an independent investigation and retained the law firm Wachtell, Lipton, Rosen & Katz to examine the spying allegations.

Most of Jensen Huang’s Nvidia shares are co-owned with his wife, Lori Huang, and held in trusts that together hold about 800mn shares.

Jensen Huang personally holds about 70mn shares, and his direct economic control over the company is limited.

Healthcare is a small business for Nvidia. The company supplies chips for medical devices and MRI machines, but the segment is minor next to revenue from its advanced AI systems and graphics processing units (GPUs).

Kimberly Powell, who has led the group since 2017, has spoken at events including the company’s annual GTC conference on how Nvidia’s AI technology can speed up drug discovery, support healthcare providers and improve clinical efficiency, according to CNBC.

Before the after-hours drop, Nvidia’s stock was down 7% for the week and was on course for a sixth straight weekly decline, reflecting broad concern about the sustainability of the AI buildout.

AI infrastructure stocks were hit particularly hard last week after the midterm elections, in which Democrats won sweeping majorities in both houses of Congress, alongside dozens of ballot measures that could make building data centres harder.

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