Nvidia’s $362 Billion After-Hours Drop Complicates Succession Search

By Rebecca Stone

Nvidia’s market value fell by an estimated $362 billion after hours on November 11, 2026, implying a drop from $4.20 trillion at the regular-session close to about $3.83 trillion based on 24.15 billion shares.

Shares closed at $173.73, up $4.84 or 2.87% for the day. They touched $156.20 around 5:25 p.m. ET, about 10.1% below the close, then traded at $158.76 at 7:59 p.m., down $14.97 or 8.62% and below the 52-week low of $164.27.

Bloomberg reported that evening that Nvidia’s board had been working with an outside firm to identify potential replacements for CEO Jensen Huang. Directors were considering a temporary chief executive while they searched for a permanent successor. No leadership change had been announced, and Nvidia had not immediately returned requests for comment.

The stock was already under pressure before the succession report, down 13.19% over one week and 23.24% over one month. After-hours trading was thin, leaving the regular-session opening at 9:30 a.m. ET on November 12 to provide the more meaningful price test.

What has Nvidia confirmed about Huang?

On November 8, Nvidia’s board opened an investigation into reports that Huang had been the target of a foreign intelligence effort. The board said it had no reason to believe national security or company secrets had been compromised and expressed “confidence in Jensen and his leadership team.”

On November 10, the independent directors retained former acting U.S. Attorney Joon H. Kim and his firm, Wachtell, Lipton, Rosen & Katz, to run the probe. In an employee memo, Huang said he supports the investigation and would “cooperate fully.”

A separate New York Times report described a second affair involving Huang and Kimberly Powell, Nvidia’s vice president of healthcare. That allegation came as directors assessed Huang’s position; separate reporting said the board was preparing to remove him.

Who could lead Nvidia?

Board members favor Chief Financial Officer Colette Kress as interim CEO if Huang is removed, according to the reporting. The board also briefed the White House, per a senior administration official. One person said Apple hardware chief Johny Srouji is under consideration, indicating that directors may look beyond Nvidia’s own executive ranks.

None of those steps amounts to an announced succession plan. The White House briefing gives the matter national scope, while the reported consideration of Srouji points outside the company. The board has set no timeline for naming either an interim or permanent chief.

Why does an interim CEO matter?

D.A. Davidson’s Gil Luria said an immediate removal would be difficult because Nvidia lacks a succession plan. A company of Nvidia’s size needs a search firm and an interim leader, and such a search usually takes months.

An interim chief typically preserves strategy and avoids major new commitments. Kress already manages Nvidia’s guidance, including third-quarter revenue of $108.0 billion, plus or minus 2%. Giving her the interim role would put the executive who sets the forecast in the position of explaining it to investors.

A brokerage that downgraded Nvidia on Wednesday still said demand for Nvidia chips exceeds supply. Nothing in the succession reporting affected orders, products, or $279.0 billion in supply commitments, leaving those near-term commercial indicators unchanged even as investors debate slower AI spending.

The risks now center on execution rather than demand or order cancellations: leadership uncertainty during a debate over slowing AI spending, the possible loss of Nvidia’s founder, and a board process without a timetable. An interim appointment could steady strategy, but it would not settle the permanent-successor question.

What does the November 17 report test?

Nvidia’s third-quarter report arrives Tuesday, November 17, with a 5 p.m. ET call. Investors will have three immediate tests: who leads the call, whether the $108.0 billion revenue forecast holds, and whether the board addresses the leadership situation. Kress would face a sharper test if she has to present the forecast she manages.

Concern would deepen if shares close below the $156.20 after-hours low in the days after November 17. Another reported affair or a move by Huang to a rival would add further uncertainty.

For now, excess chip demand and $279.0 billion in supply commitments support the operating case; the call will show whether succession risk starts to reach guidance before Nvidia names a permanent leader.