Nvidia stock plunges 8.6% as board discusses Jensen Huang future

Nvidia shares plummeted 8.6% in after-hours trading as the board met Wednesday evening to discuss CEO Jensen Huang's future, according to CNN. The emergency meeting followed reports that Huang had an extramarital relationship with a company executive, adding to scrutiny over a separate relationship with a woman US officials believe to be a Chinese spy.

Trump administration insiders expected the meeting could result in Huang being ousted after leading the company for 33 years. Nvidia shares were trading down 8.6% as of 8 p.m. ET following the Wall Street Journal report on the board meeting. The stock had already dropped 9.5% across Monday and Tuesday after Huang apologized for an affair over the weekend and the board launched an intelligence investigation.

Nvidia shares were down 27% from a peak in early October as of the market close on Wednesday. Huang has no clear successor, having previously told Bloomberg in 2023 that he does not believe in succession planning. Investors are weighing the outlook for the company at the center of the artificial intelligence boom if its founder is removed.

The drop in Nvidia shares weighed on the broader market, sending Nasdaq 100 futures down 0.9% and S&P 500 futures down 0.5% as of 7 p.m. ET. Meanwhile, competitor Advanced Micro Devices shares rose 4.5% and Broadcom shares climbed 2.9% in after-hours trading.