CNBC reports:

Shares of Nvidia fell more than 7% in after-hours trading on Wednesday after The Wall Street Journal reported that the company’s board is preparing to oust CEO Jensen Huang.

The news landed minutes after The New York Times reported that Huang had an extramarital relationship with another executive at the company.

The alleged relationship was with Kimberly Powell, vice president of health care at Nvidia, according to the report. Powell’s bio on the Nvidia website says she’s “responsible for the company’s worldwide healthcare business, including hardware and software platforms for accelerated computing, AI, and visualization that power the ecosystem of medical imaging, life sciences, drug discovery, and healthcare analytics.”

Huang and Powell were reportedly captured on camera being affectionate with one another at a hotel in San Jose, California in March, according to the Times.

Nvidia did not immediately respond to CNBC’s request for comment. Heller, the crisis PR firm Huang reportedly hired as early as last year, did not immediately respond to CNBC’s request for comment.

The report comes days after Huang admitted to an affair with a woman who is believed by U.S. intelligence of being a Chinese spy. The CEO was romantically involved with Alice Huang, according to The Financial Times, who U.S. intelligence officials believe is a spy for China’s Ministry of State Security, The New York Times reported. [Continue reading…]

JUST IN: Jensen Huang’s yearslong ties to Alice Huang enabled more than $7 billion of Nvidia chip sales to China, per The Information. It reports that she, her sister and her husband built a web of companies in China and Singapore.

That network moved about 240,000 super advanced Nvidia Ai chips, worth at least $7.5 billion, to Chinese buyers. It cites 2 people who know her.

The hub, by that account, was Shanghai Century Litong. It was founded in June 2023 and became an Nvidia preferred cloud partner by October, which put it near the front of the queue.

When export rules stalled orders, The Information says, Alice Huang leaned on her links inside Nvidia and among its distributors.

Some of the hardware ended up serving Alibaba, Tencent and smaller Chinese labs.

The report adds that ‘Megaspeed’, the Singapore cloud firm where she held a senior role, set up a Malaysian unit called Speedmatrix back in 2024. Its equipment later reached Century Litong.

Reuters could not verify the report. Nvidia, Megaspeed and Century Litong did not immediately comment. Megaspeed has denied wrongdoing before.

Nvidia said in October that diversion claims against Megaspeed had been investigated and debunked.

The New York Times reported in October that US officials concluded Alice Huang was a Chinese intelligence asset.

China’s foreign ministry calls that a smear. On Sunday Jensen told staff he had been unfaithful to his wife. His board opened an independent review with outside counsel and said it has no reason to believe national security or company secrets were compromised.

President Trump says the Federal Bureau of Investigation is looking into it, and that Jensen told him he had no idea she was a spy.

The New York Times now reports that the Justice Department asked Commerce to pause its part of the Megaspeed probe after an Nvidia representative contacted Commerce investigators.

Washington is moving fast.

House China committee chair John Moolenaar says Congress must "get to the bottom" of it. 3 House chairs want Huang at a closed-door briefing on 18th November and asked for his answer by 11th November.

Senators Jim Banks and Elizabeth Warren want tighter chip export limits written into the defence bill.

Democrats, who won both chambers in last week’s midterms, say Congress will investigate. A shareholder has already sued Nvidia and Huang in San Jose, claiming investors were misled.

Investors have already marked the stock down. Nvidia closed at $178.67 on Monday, down 4.27%, and traded near $171.57 on Tuesday morning. That is about 8% in 2 sessions, or roughly $360 billion of value. Bank of America took it off its US 1 List of best ideas but kept its Buy rating. Wells Fargo cut its target to $300 from $315, and Aletheia Capital moved to Hold.

The business reports on 17th November. Nvidia guided to $108 billion of revenue, plus or minus 2%, which tops out at $110.16 billion. Analysts expect about $108.8 billion to $109.2 billion.

Nvidia has beaten the top of its own range in each of the last 9 quarters. Its thinnest cushion was 2.6% over the midpoint, in the quarter that ended in April 2025.

The way things are happening, a highly likely scenario is that the 17th November release shows revenue above $110.16 billion. This is very likely!

The guide already leaves out China data centre sales, and every allegation so far concerns where chips went in past years. I am wrong if reported revenue for the quarter is $110.16 billion or less.

— Shanaka Anslem Perera ⚡ (@shanaka86) November 10, 2026