Senator Demands Jensen Huang Resign as NVIDIA Loses $429 Billion

A senior Republican senator said on November 10, 2026 that Jensen Huang must step down as NVIDIA's chief executive, hours before House Republicans signaled a likely subpoena. Sen. Kevin Cramer of North Dakota, a senior member of the Senate Banking Committee, told an interviewer late Monday: "I just think he's got to go." His reasoning was blunt. The risk of extortion, he argued, is too great because NVIDIA's chips are so sensitive.

The market context is stark. Roughly $429 billion in market value disappeared between Friday's $186.64 close and Tuesday's close, including a 5.47% single-day drop on Tuesday. The stock still sits 22.6% below its level one month ago. NVIDIA did not immediately respond to a request for comment.

What Did the Senator Actually Say?

Cramer called Huang's actions a clear national security risk. He said the board's internal investigation was "fine" but not nearly enough. That is an opinion from one senator. No committee has acted on it. Only NVIDIA's board can remove a chief executive.

His seat matters nonetheless. Senate Banking holds jurisdiction over the China chip bills now attached to the defense authorization bill: the AI OVERWATCH Act, the Chip Security Act and the MATCH Act. The lawmakers who write export rules are publicly questioning both Huang and the trustworthiness of his company's chips.

The underlying allegations remain unproven and contested. U.S. officials reportedly concluded that a businesswoman close to Huang was a suspected Chinese intelligence asset. China's foreign ministry calls the charges unfounded. Huang told employees he was unfaithful to his wife but gave no details. President Trump said on November 9 that he believed Huang had no idea. Nothing in the public record yet establishes a transfer of secrets.

Is Pressure Moving From Words to Subpoenas?

Rep. John Moolenaar of Michigan, who chairs the House China committee, said on November 11 that Huang is likely to be subpoenaed. Rep. Brian Mast of Florida said he is prepared to issue one if Huang does not agree to a private briefing. House Republicans have asked Huang to appear on November 18. As of early Wednesday afternoon, no subpoena had been issued. Huang had not replied.

The board opened an independent probe on November 8. It said it had no reason to believe any secrets were compromised and that it retained confidence in Huang. The independent directors hired Joon H. Kim and the firm Wachtell, Lipton, Rosen & Katz to run it. A probe can establish what happened inside the company, but it has no say over how Congress treats NVIDIA. That distinction is the core of the story.

What Does the Selloff Already Price In?

Baird downgraded the stock to Neutral and cut its price target to $200 from $500, citing uncertainty over whether Huang will stay. That is a 60% reduction in one revision. It signals analyst discomfort more than any measured view of fundamentals.

Demand is a separate question from the scandal. NVIDIA guided to third-quarter revenue of $108.0 billion, plus or minus 2%, and that figure already excludes China data center sales. The company trades at a price-to-earnings ratio of 34x. At that multiple, leadership risk shows up mainly in the price investors will pay, not in the order book.

By Wednesday afternoon the panic had eased. As of about 1:32 p.m. ET on November 11, shares stood at $177.46, up 5.07% from Tuesday's $168.89 close as chip stocks rallied broadly. Cramer spoke after Monday's close, so he did not cause Tuesday's drop.

What Comes Next for NVIDIA?

Political pressure is rising, but no regulator, court or board has taken action against Huang. The business still guides to growth few companies of any size can match. The board has said it supports Huang, and he intends to stay on as chief executive.

Two risks dominate. The first is tighter export rules, which would constrain NVIDIA's addressable market regardless of who runs the company. The second is Huang's departure itself. The 14.14% one-week decline already reflects a good share of both, in the view of the source's analysis.

Three events will test that view of the risks:

• Whether Huang leads the November 17 earnings call.
• Whether a subpoena is issued before November 18.
• Whether the stock closes below its March closing low of $165.17, a level the source says would signal the market is pricing in a CEO change.

Each date is near. Each outcome is observable. The gap between allegation and verified fact remains wide, and no one in authority has yet closed it; the next week of earnings calls, committee deadlines and price action will show whether the market or Congress moves first.