Nvidia shares fall after hours as reports raise questions over Jensen Huang’s future
Nvidia shares fell as much as 8% after hours amid unconfirmed reports of a board meeting on CEO Jensen Huang’s future.
By Deshawn Carter · Sports Writer
2 min read
Nvidia shares after hours Jensen Huang: The chipmaker’s stock fell as much as 8% in late trading Wednesday, NBC News reported, as fresh reports raised questions about the chief executive’s future.
The Wall Street Journal, citing people familiar with the matter, reported that Nvidia’s board planned to meet Wednesday night to discuss Huang’s position. NBC News said it had not confirmed reports that the board was meeting that night.
Yahoo Finance showed Nvidia down 8.74% in after-hours trading at 6:11 p.m. EST. The figures were snapshots during the session, not a final after-hours closing result.
Why did Nvidia shares fall after hours?
The drop came amid reports about a possible board discussion and a New York Times report concerning an alleged relationship between Huang and an Nvidia executive. NBC News said it had not independently confirmed either the Times report or the report of a Wednesday-night board meeting.
Huang wrote in a note to employees Sunday that he had been unfaithful to his wife, according to NBC News. The supplied reporting does not confirm any removal of Huang or a board decision on his employment.
Nvidia’s official newsroom separately says the board initiated an independent investigation in light of recent reporting concerning Huang. It also says the independent directors retained former acting U.S. Attorney for the Southern District of New York Joon H. Kim and his firm.
The company’s supplied statement does not describe the investigation’s scope, give a timetable, state findings or say whether the board had reached any conclusion about Huang.
What had happened to Nvidia stock before Wednesday?
The after-hours slide followed declines during the prior two regular trading sessions. NBC News reported that Nvidia shares fell 4.2% on Monday, Nov. 9, after the company announced it had opened an investigation. CNBC reported a further 5.47% fall in Tuesday’s regular session.
Some reports have linked the scrutiny to Huang’s relationship with Alice Huang, a Chinese businesswoman. NBC News reported that U.S. officials believed she was a Chinese intelligence operative; China denied the allegations, according to NBC News. Those claims remain allegations in the reporting provided.
For now, the confirmed corporate step is the independent board investigation. The reported Wednesday board meeting and any outcome from it had not been confirmed by NBC News.
This story draws on original reporting from NBC News.