Nvidia Shares Slide 8.6 Percent on Report Board May Oust Huang

Nvidia shares fell about 8.6 percent to roughly $159 in after-hours trading on Wednesday, after The Wall Street Journal reported that the company's board was preparing to remove chief executive Jensen Huang. The drop erased a 2.92 percent gain that had lifted the stock to $173.73 at the regular close, and it came just days before the company's fiscal Q3 2027 results, due on 17 November.

At 8 p.m. Eastern time the stock stood at $158.78, according to Forbes. Bloomberg had measured the decline at 9 percent as of 5:30 p.m. in New York. Earlier extended-hours quotes sat near $160.69. No board decision had been announced as of 07:30 GMT on Thursday 12 November, and Nvidia had not commented publicly. The lesson for traders is simple: until the board speaks, the stock trades on the headline, not on the business.

What triggered the report?

The Wall Street Journal said directors could meet as soon as Wednesday to remove Huang after reports of two extramarital relationships. Reuters reported that the board met late Wednesday to decide his future. The New York Times had earlier reported a second relationship, with Nvidia executive Kimberly Powell, who leads the healthcare business. Huang acknowledged an affair in a memo to staff on 8 November.

The backdrop is an independent probe the board opened on 8 November. Two days later, on 10 November, the independent directors appointed former acting US Attorney Joon H. Kim and the law firm Wachtell, Lipton, Rosen & Katz to run it. US officials reportedly suspected the other woman involved of passing information to Chinese authorities. Those allegations are unproven, and the board stated on 8 November that it had no reason to believe US national security or Nvidia's proprietary information had been compromised.

Huang co-founded Nvidia in 1993 and owns about 3.6 percent of the company, according to the Korea Times. Bloomberg reported that the board has worked with an outside firm to identify possible replacements and is weighing an interim chief executive if Huang is removed. Nvidia has no obvious successor, which is why the leadership question matters more than any single headline.

How far has the stock fallen?

The damage started before Wednesday. Nvidia closed at $186.64 on Friday 6 November, then fell 4.27 percent on Monday and 5.47 percent on Tuesday as the investigation weighed on the price. Tuesday's close was $168.89. The Wednesday rebound, led by strong results from CoreWeave — one of Nvidia's largest customers, which posted Q3 revenue of $3.66 billion and raised its 2026 forecast — pushed the stock back to $173.73.

An after-hours price near $159 sits about 15 percent below the 6 November close. Forbes estimates the company has lost more than $300 billion in market value this week. Al Jazeera put Nvidia's value at about $4.2 trillion before the after-hours drop. The selling spread overseas on Thursday: Taiwan's Taiex fell 1.2 percent and Japan's Nikkei 225 slipped 0.1 percent, according to the Associated Press. In the US, AMD rose more than 3 percent after hours as some traders rotated into rival chipmakers, Benzinga reported.

What do analysts say Huang is worth?

Dan Ives of Yorkville Ives wrote that Nvidia is worth $300 per share with Huang as chief executive and $225 without him, according to Al Jazeera. Both figures sit well above the after-hours price, which suggests analysts see the underlying business as intact. Jay Goldberg, senior analyst at Seaport Research Partners, told Al Jazeera that replacing Huang "will be very painful organisationally."

The CNBC Investing Club downgraded Nvidia to its hold-equivalent rating on Tuesday, citing uncertainty over Huang's future. Most analysts frame the risk as a leadership question rather than a demand question. The danger for shareholders is a stretch without a clear leader, and the time the board takes to settle the matter.

Where are the key price levels?

Reference levels frame the range:

• Bear, $145: the board removes Huang without a permanent successor, and selling continues into the 17 November results — a second fall the size of Wednesday's 8.6 percent drop from about $159.
• Base, $159–$174: an interim arrangement or a delayed decision holds the stock between the after-hours quote and Wednesday's close.
• Bull, $187: the board keeps Huang or settles the question quickly, and results show demand holding up — anchored to the $186.64 close of 6 November.

These are reference levels measured from the latest quotes, not forecasts. After-hours trading is thin, and the regular session opens at 14:30 GMT.

What happens next?

The next fixed dates are firm. Nvidia reports fiscal Q3 2027 results on Tuesday 17 November after the US close, with a call at 5 p.m. Eastern time. Republican lawmakers have asked for a closed-door briefing on 18 November. Guidance, and any comment on leadership, will matter as much as the numbers, and a board statement or SEC filing on Huang's role remains the single event that could reset the price.