Nvidia CEO succession went from unthinkable to openly priced overnight. The Wall Street Journal reported Wednesday that Nvidia’s board is preparing to remove Jensen Huang, and shares fell 8.61% after hours to $158.78, according to Forbes. The stock traded at $162.28 before dawn Thursday. No decision has been announced, no successor is named, and earnings land November 17.
Key takeaways
- Nvidia fell 8.61% after hours to $158.78 after the board report, per Forbes.
- Huang owns about 3.6% of Nvidia, according to The Next Web.
- Nvidia reports third-quarter results November 17, with its call at 5 p.m. ET.
What did the Nvidia board reportedly decide?
Nothing final yet. The Wall Street Journal reported Wednesday evening that Nvidia’s board was preparing to oust Jensen Huang as CEO. Reuters reported that directors met late Wednesday to decide his future. As of early Thursday, no decision had been announced, The Next Web reported, and Nvidia had not commented on the reports.
Bloomberg added that the board is working with an outside firm to identify replacements. It is also weighing an interim CEO if Huang is removed, according to a person familiar with the matter.
From “confidence” to a search firm in four days
The speed is the story. On Sunday, November 8, the board opened an independent investigation into reporting that Huang “has been the target of a foreign intelligence effort.”
That same statement expressed confidence in Huang and his leadership team. It said the board had no reason to believe national security or Nvidia secrets were compromised. Huang acknowledged an extramarital affair in a memo to employees the same day.
On November 10, the independent directors retained former acting U.S. Attorney Joon H. Kim and Wachtell, Lipton, Rosen & Katz to run the review.
Then came Wednesday. The New York Times reported that Huang also had a relationship with an Nvidia executive who reports directly to him. Governance experts told CBS News that the alleged relationship appears to conflict with Nvidia’s code of conduct, which warns that personal relationships can create conflicts of interest.
How much has Nvidia stock lost?
Somewhere between $450 billion and $600 billion in market value, depending on who is counting and from when. Nvidia closed Wednesday at $173.73, up 2.92%, then fell 8.61% after hours to $158.78, Forbes reported. By 4:27 a.m. ET Thursday it was at $162.28, down 6.59%.
Yahoo Finance logged an overnight low of $156.20, the lowest since July 2025. Here is how the week unfolded.
| Date | Event | Source |
|---|---|---|
| Oct. 6, 2026 | Record close of $239.24 | Yahoo Finance |
| Nov. 8 | Board opens independent investigation, backs Huang | Nvidia board statement |
| Nov. 10 | Independent directors retain Joon H. Kim and Wachtell Lipton | Nvidia statement |
| Nov. 11, close | $173.73, up 2.92% | Forbes |
| Nov. 11, evening | WSJ reports board preparing to oust Huang; stock falls 8.61% to $158.78 after hours | WSJ, Forbes |
| Nov. 12, 4:27 a.m. ET | $162.28, down 6.59% premarket | Yahoo Finance |
| Nov. 17 | Third-quarter fiscal 2027 results; call at 5 p.m. ET | Nvidia |
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Why the estimates of lost value disagree
CBS News put the damage at more than $450 billion since the probe was announced. Yahoo Finance calculated more than $600 billion since last Thursday, most of it after Wednesday’s close. The gap is mostly the start date.
Measured from the October 6 record, Yahoo puts the drawdown near $2 trillion. Treat the after-hours print with caution, though. Extended-hours trading is thin, and the stock was already about $6 above its overnight low before the open.
Who will replace Jensen Huang? The Nvidia CEO succession problem
Nobody has been named, and that is the problem. Huang co-founded Nvidia in 1993 and has led it ever since, and the company has no publicly identified successor. Bloomberg reported the board is working with an outside firm on candidates and is weighing an interim chief, but it has not reported any names.
The names in circulation are speculation, not reporting. Analysts have pointed to CFO Colette Kress as a possible interim CEO, according to The Next Web. Outside governance experts have also floated lead independent director Stephen Neal, OfficeChai noted.
Before anything is announced, the board has four questions to settle:
- Whether to remove Huang now, accept a resignation, or wait for the Wachtell-led review.
- Who runs the company in the interim: a finance insider for continuity, or a director as caretaker.
- What role, if any, Huang keeps. He owns about 3.6% of the company, per The Next Web.
- What management tells investors on the November 17 earnings call.
Why succession is harder at Nvidia
Huang is not a typical CEO. CBS News describes him as widely seen as the public face of the AI sector. For a company whose biggest customers sign multi-year supply deals, the person across the table matters.
There is also Washington. House Republicans asked Huang to attend a closed-door briefing on November 18, citing “significant national security concerns,” Forbes reported. A new CEO would inherit that inquiry on day one.
What are analysts saying about Nvidia stock?
Most say the business will hold if the founder goes, but the stock deserves a discount until the board acts. Bernstein cut Nvidia to Market-Perform with a $200 target, and Baird moved to Neutral, according to Yahoo Finance’s live coverage. Raymond James kept its Strong Buy, saying it doubts the scandal changes fundamentals.
| Firm or analyst | Call | Price view |
|---|---|---|
| Bernstein | Downgrade to Market-Perform | $200 target |
| Baird | Downgrade to Neutral | Not reported |
| Raymond James | Kept Strong Buy | Not reported |
| Dan Ives | Says an exit is “in the cards” | $300 if Huang stays, $225 if he leaves |
“The market is starting to price Nvidia without its founder as the likely outcome, not a tail risk,” Armina Rosenberg of Minotaur Capital, an Nvidia shareholder, told Reuters. Prediction market Polymarket put the odds of Huang leaving by year-end at 88% late Wednesday, The Next Web noted.
Rivals moved the other way. AMD rose 4% and Broadcom 3% in extended trading, while Nasdaq futures slipped 1%. That reading assumes customers will shift orders over a leadership change. There is no evidence of that yet.
Why this matters
Nvidia is the AI trade’s bellwether, and its founder was part of the premium. When the stock drops 8%, the whole stack feels it. CoreWeave closed up 24.71% on Wednesday after its third-quarter beat, then gave back about 6% after hours, Stock Titan data show.
This lands on a market that was already fragile. Last week’s chip selloff, covered in our weekly AI money roundup, had only just reversed. Fund holders are exposed too: Nvidia is a top weight in the chip ETFs we compared in SMH vs SOXX.
The bigger shift is conceptual. Key-person risk was rarely part of the Nvidia debate. It is now, and it will not disappear with one board vote. This is not financial advice.
What to watch next
Two dates are fixed and two signals could arrive any hour. The board’s decision comes first, but the earnings call is the hard deadline, because someone has to speak for the company to investors.
- November 17: Nvidia reports third-quarter fiscal 2027 results at about 1:20 p.m. PT, with a conference call at 2 p.m. PT (5 p.m. ET). Who leads that call is the tell.
- November 18: the date House Republicans requested for a closed-door briefing with Huang, per Forbes.
- Any day: a board announcement on Huang’s status and any interim CEO.
- Later: findings from the Wachtell-led review, which has no published timeline.
FAQ
Has Nvidia removed Jensen Huang as CEO?
Not as of early Thursday, November 12. The board met late Wednesday, Reuters reported, but no decision had been announced.
Who could replace Jensen Huang?
No candidate has been reported. Bloomberg says an outside firm is helping the board search. Analysts have floated CFO Colette Kress as a possible interim CEO.
Why did Nvidia stock fall?
The Wall Street Journal reported the board was preparing to oust Huang. Shares fell 8.61% after hours to $158.78, per Forbes.
When does Nvidia report earnings?
Tuesday, November 17. Results come at about 1:20 p.m. PT, and the call starts at 2 p.m. PT (5 p.m. ET).
How much of Nvidia does Jensen Huang own?
About 3.6%, according to The Next Web. Forbes estimates his net worth at roughly $151.2 billion before Thursday’s open.
What is the Nvidia board investigating?
Reporting that Huang was the target of a foreign intelligence effort. Wachtell, Lipton, Rosen & Katz and former acting U.S. Attorney Joon H. Kim are running the review.
The bottom line
Expect a decision before November 17. A board that went from public confidence to a search firm in four days is unlikely to send Huang out to front an earnings call with his job in question. The order book did not change overnight. The premium investors paid for its founder did.
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Sources
- Statement from NVIDIA Board of Directors, GlobeNewswire, Nov. 8, 2026
- Statement from the Independent Members of the NVIDIA Board, GlobeNewswire, Nov. 10, 2026
- NVIDIA Sets Conference Call for Third-Quarter Financial Results, Nvidia Investor Relations
- Nvidia Shares Plunge As Board Reportedly Prepares To Oust CEO Jensen Huang, Forbes, Nov. 12, 2026
- Jensen Huang’s fate hangs on Nvidia’s board after overnight meeting, The Next Web, Nov. 12, 2026
- Nvidia’s stock dives as chipmaker’s board weighs move to oust CEO Jensen Huang, CBS News, Nov. 11, 2026
- Nvidia live updates, Yahoo Finance, Nov. 12, 2026
- Nvidia’s board working with outside firm to replace Jensen Huang (citing Bloomberg), OfficeChai
- Stock market today, November 11, 2026, Stock Titan
Wealth Engine researches and drafts with AI tools and checks every figure against the sources above. How we report.
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