Nvidia’s board weighs Jensen Huang’s future after 13.8% drop

By Rebecca Stone

According to 24/7 Wall St., Nvidia (NASDAQ: NVDA) traded at $160.95 after hours, down 13.8% from its November 6 close, the last before Huang’s admission. At 6:30 PM ET on November 11, 2026, the stock was also down 7.4% from Wednesday’s close. The Wall Street Journal reported at 5:27 PM ET that Nvidia’s board was preparing to oust CEO Jensen Huang and could meet as soon as Wednesday night. The report cited people familiar with the matter. Nvidia had not commented, according to 24/7 Wall St.

What triggered the reported board action?

The New York Times reported that Huang had a relationship with Kimberly Powell, Nvidia’s vice president of healthcare, citing five former employees. Powell was one of roughly 60 executives who reported to Huang, according to the paper.

That story came three days after Huang told employees he had been unfaithful to his wife. It also followed reports that linked him to Alice Huang, a former executive at Singapore’s Megaspeed.

24/7 Wall St. reported that U.S. officials suspect Alice Huang of spying for China. China calls the claim groundless. The 24/7 Wall St. account said Jensen Huang has not been accused of a crime.

For Nvidia shareholders, the issue combines personal conduct with succession risk at a company that has not named Huang’s replacement. Huang co-founded Nvidia in 1993 and has run it ever since, according to 24/7 Wall St. That continuity made him harder to replace than Brian Krzanich or Steve Easterbrook, both hired managers.

Why do Intel and McDonald’s matter to Nvidia?

24/7 Wall St. compared two CEO removals from the past decade over consensual workplace relationships. Shareholders saw opposite results after one year, with succession planning and operating health emerging as the key differences.

The comparison matters because Nvidia’s after-hours decline already exceeded the first-day drops at both companies. Its founder-led structure also has no direct equivalent in either precedent.

What happened when Intel removed Brian Krzanich?

On June 21, 2018, Intel said CEO Brian Krzanich had resigned after an investigation found a past consensual relationship with an employee. The relationship broke a company policy that applied to managers.

Intel had no successor ready, according to 24/7 Wall St. Chief financial officer Bob Swan ran the company as interim CEO for seven months before the board gave him the job in January 2019. Intel was also struggling to get its next generation of chips into production.

24/7 Wall St. recorded these market results:

• Intel fell 2.4% on June 21, 2018, counting from the prior close. The S&P 500 fell 0.6%.
• One year later, with dividends counted, Intel was down 8.7%. The S&P 500 was up 8.5%, leaving a 17-percentage-point gap.

What happened when McDonald’s removed Steve Easterbrook?

On Sunday, November 3, 2019, McDonald’s said its board had fired CEO Steve Easterbrook for a consensual relationship with an employee, which violated company policy.

The board named Chris Kempczinski, who ran the U.S. business, as CEO in the same announcement, according to the company. McDonald’s therefore had a successor before investors began trading on the news.

In August 2020, the company sued Easterbrook, saying he had hidden other relationships. In 2021, he agreed to return more than $105 million in pay.

24/7 Wall St. also reported:

• McDonald’s stock fell 2.7% on the next trading day.
• Six months later, during the 2020 crash, McDonald’s was down 7.6%. The S&P 500 was down 6.1%.
• One year later, with dividends counted, McDonald’s was up 14.7%. The S&P 500 was up 11.9%, even with the crash between the two dates.

Which factors separated the shareholder outcomes?

The first-day declines at Intel and McDonald’s were both below 3%, according to 24/7 Wall St. Nvidia had already fallen more after hours than either company fell on the first day of its CEO transition.

24/7 Wall St. said two factors separated the longer-term results: whether a board had a successor ready on day one and whether the underlying business was healthy. McDonald’s had both. Intel had neither, and its stock lagged for the following year.

Nvidia has no named successor, according to 24/7 Wall St. Gil Luria of D.A. Davidson told Reuters: “Mr. Huang being removed immediately could be challenging for Nvidia since it does not have a succession plan in place.”

What do analysts and employees say?

Earlier Wednesday, Baird analysts Tristan Gerra and Tyler Bomba wrote that a CEO change was growing more likely and that an outside hire would be favored.

Dan Ives of Yorkville Ives said Nvidia would be worth 25% to 30% less without Huang. His assessment placed a measurable value on the founder’s continued leadership, even as Baird’s analysts expected the board to seek an outside replacement.

24/7 Wall St. also contrasted Nvidia’s business with Intel’s condition in 2018, calling Nvidia’s operation far healthier. A Blind survey found that 88% of 232 Nvidia employees wanted Huang to stay.

What would $100,000 have become?

24/7 Wall St. translated the two precedents into the following one-year outcomes. The annual returns included dividends.

Company and CEO exit	First day	One year later	S&P 500, same year	$100,000 after one year
Intel, Brian Krzanich, 2018	-2.4%	-8.7%	+8.5%	$91,334
McDonald’s, Steve Easterbrook, 2019	-2.7%	+14.7%	+11.9%	$114,657

For a holder with $100,000 in Nvidia, 24/7 Wall St. counted about 621 shares at the after-hours price. On the Intel path, the stake would be worth about $91,334 a year later. On the McDonald’s path, it would be worth about $114,657.

Neither precedent involved a founder. For that reason, 24/7 Wall St. said the likely range around Nvidia could be wider in both directions.

What can shareholders control now?

24/7 Wall St. said the first useful question was the one Nvidia’s board would answer first: whether the company would name a successor quickly or leave the job open. Its Intel and McDonald’s comparisons made a fast, credible choice the central variable.

Until that decision becomes known, the article advised holders to treat position size as the variable they control. It said a stake that would hurt under the Intel outcome was a stake worth trimming, preferably inside an IRA, where selling does not trigger a tax bill.

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The next board announcement will determine which precedent Nvidia follows: a same-day handover like McDonald’s, or a leadership vacuum like Intel’s seven-month interim period.