Nvidia shares fell 8.6% in after-hours trading on Wednesday, November 11, 2026, after reports that its board was meeting to consider the future of chief executive Jensen Huang. The co-founder, who has led Nvidia since 1993, heads one of the world’s key suppliers of chips used to train and run artificial intelligence systems.
The fall hit a company valued at roughly $4.2 trillion before the latest market reaction. Nvidia was down about 6% in US premarket trading on Thursday. Nasdaq 100 futures slipped 0.64%, while Intel, Marvell and Micron shares declined between 1.9% and 2.8%, according to market figures reported by Reuters.
The Wall Street Journal reported on Wednesday that directors were preparing to consider Huang’s removal. Reuters separately confirmed with a person familiar with the matter that Nvidia’s board was discussing his future. Huang remained Nvidia’s chief executive on Thursday, November 12, as the company had not announced a replacement.
That represented a sharp shift from the board’s public position on Sunday, November 8. At the time, directors expressed confidence in Huang while opening an independent investigation following reports that he had been targeted by a foreign intelligence effort. Nvidia said it had no reason to believe either national security or company secrets had been compromised.
Former federal prosecutor brought into independent review
On November 10, independent directors appointed Joon H. Kim, a former acting US attorney for the Southern District of New York, and law firm Wachtell, Lipton, Rosen & Katz to conduct the investigation. The appointment moved the review beyond an initial board announcement to an externally supported inquiry.
A leadership change would involve more than an ordinary executive transition. Huang co-founded Nvidia in 1993 and holds about 3.6% of its shares, according to Reuters. Nvidia’s bylaws allow a majority of its directors to remove the chief executive. The board has eleven members and the company has not publicly designated a successor.
Market pressure has also reached companies linked to the wider AI infrastructure business. CoreWeave, a supplier of computing infrastructure, was down about 6% before Thursday’s US opening bell. Nvidia’s position as a major supplier of data-centre accelerators connects its leadership uncertainty to a wider network of technology and cloud businesses.
US export controls are another commercial consideration. Since January 2026, some shipments of Nvidia H200 processors to China have been permitted on a case-by-case basis, while restrictions on entities on US trade lists remain in force. Nvidia’s dealings with Washington and Chinese customers therefore form part of the broader business context.
Nvidia’s next scheduled financial update is on Tuesday, November 17, when it will discuss results for its third fiscal quarter of 2027, which ended on October 25. The company has scheduled a conference call for 2 p.m. Pacific time. In its August outlook, Nvidia projected quarterly revenue of $108 billion, plus or minus 2%, excluding any data-centre computing sales to China.