Nvidia Board Weighs Ousting CEO Jensen Huang Amid Spy Scandal and Second Affair Allegation

Nvidia's board of directors is preparing to meet as soon as Wednesday to decide the future of co-founder and CEO Jensen Huang, the Wall Street Journal reported Wednesday, citing people familiar with the matter. The move follows a week of escalating revelations: Huang's admission of an affair with a woman U.S. intelligence believes is a Chinese operative, and a New York Times report alleging a second extramarital relationship with a direct subordinate.

The board's deliberations cap a rapid unraveling for the 63-year-old executive who has led Nvidia since its founding in 1993 [4]. Shares fell roughly 8% in after-hours trading Wednesday, extending a slide that has erased about $600 billion in market value since the board announced its investigation on Sunday, Reuters reported [1]. The stock dipped below $160, a level not seen since June 2025, according to The Hill [4].

Two affairs, one investigation

On Sunday, Huang sent a memo to employees acknowledging he had been "unfaithful to my wife" and took responsibility, without naming the person involved. He linked his infidelity to "the national security concerns raised in news reports" and said he would cooperate with a board investigation overseen by independent directors and outside counsel from Wachtell, Lipton, Rosen & Katz [5][3].

The woman was identified in subsequent reporting as Alice Huang (no relation), a former executive at Megaspeed, a Singapore-based AI infrastructure company that purchased billions of dollars in Nvidia chips [5]. The New York Times reported in late October that U.S. intelligence officials believe she is a spy for China's Ministry of State Security [5]. Megaspeed has been under investigation by both U.S. and Singaporean authorities since 2025 over suspicions it facilitated Chinese companies' access to Nvidia chips, including by renting computing power to Alibaba [5].

On Wednesday, the Times published a new report, citing five current or former Nvidia employees, alleging Huang also had an affair with Kimberly Powell, Nvidia's vice president of healthcare, who reports directly to him [1][2][3][6]. Powell, who joined Nvidia in 2008 and has led the healthcare group since 2017, is married [2][6]. The Times reported Huang and Powell were captured on camera being affectionate at a San Jose hotel during a company conference in March, and that a security guard sequestered them and offered a nondisclosure agreement [2][3][6].

Nvidia, Huang, and Powell did not respond to requests for comment from multiple outlets [1][2][3][6]. Reuters said it could not independently verify the reports [1].

Congressional pressure mounts

The revelations have drawn congressional scrutiny. On or about November 4, the Republican chairs of three House committees—John Moolenaar (Select Committee on China), Brian Mast (Foreign Affairs), and Rick Crawford (Intelligence)—requested a closed-door briefing from Huang on his relationship with Alice Huang [5][7]. Moolenaar told Fox Business on Wednesday that Huang had until 5 p.m. ET to agree to the briefing or face likely subpoenas [7]. Mast's spokesperson said he is open to issuing a subpoena if Huang does not respond [7].

Lawmakers have cited the affair as evidence that current export controls on advanced chips to China are insufficient. Former White House AI adviser Ben Buchanan has argued the case intensifies the need for stricter enforcement, including reinstating the "diffusion rule" rescinded by the Trump administration in May 2025 [8].

Trump backs Huang; succession questions loom

President Donald Trump, who has called Huang an ally, voiced support on Sunday. "I just know he's a fine person, but you never know what is going on," Trump told reporters [4]. Asked if Huang should remain CEO, he added, "I think so. Oh yeah, sure" [5]. Trump said he had not discussed the allegations with Huang [1].

Analysts and governance experts have flagged the lack of a succession plan as a critical vulnerability. "Huang being removed immediately could be challenging for Nvidia since it does not have a succession plan in place," said Gil Luria of D.A. Davidson [1]. Huang famously manages with a flat structure and roughly 60 direct reports; his two children and son-in-law hold positions at the company [5]. Nvidia does not have dual-class shares, and Huang owns about 3.6% of the company, making him "easier to dislodge" than founders with voting control, according to corporate governance professor Ann Lipton [5].

What happens next

The board's meeting Wednesday will determine whether Huang remains at the helm of the roughly $4 trillion chipmaker that dominates the AI accelerator market. The independent investigation launched Sunday is ongoing. The board's initial statement Sunday said it had "no reason to believe that either national security or NVIDIA secrets were compromised" [2].

Huang has not publicly addressed the Times' report on Powell. Reached by phone Wednesday, he told a Times reporter, "I don't think you should be talking to me directly," and hung up [1][6].

Whether the board ousts Huang, suspends him, or retains him pending the investigation's outcome remains unknown. What is clear is that the confluence of personal misconduct, national security allegations, and congressional pressure has created an unprecedented governance crisis at the center of the U.S. AI infrastructure.