Nvidia falls after hours on reports of second affair and possible removal of CEO
Written by AI from finance.yahoo.com's report. Not checked by a person.
After US markets closed on Wednesday, the New York Times reported that Nvidia CEO Jensen Huang had a second affair, and the Wall Street Journal reported the board is preparing to oust him. Nvidia shares fell in after-hours trading; Huang has not been reported to have commented on these latest reports.
Nvidia stock fell in after-hours trading on Wednesday, 11 November, after two reports about CEO Jensen Huang. The New York Times reported that Huang had a second extramarital affair, this time with Nvidia executive Kimberly Powell, who heads the company's healthcare business. According to the Times, the two were seen being affectionate at a hotel during a company conference in March, and a security guard offered them a nondisclosure agreement after a bystander took a photo. The Wall Street Journal reported that the board is preparing to oust Huang and is meeting to decide whether to do so. These are media reports, and the source does not include a response from Nvidia, Huang or Powell.
The reports follow a week of scandal. Huang admitted to an affair on Sunday in an email to employees, and the woman involved is alleged to be a spy for the Chinese government. Nvidia's board has launched an independent investigation into that allegation.
During the regular session, Nvidia had risen more than 3%, snapping a two-day losing streak, as chip stocks rallied on CoreWeave's better-than-expected results. Even so, the stock was down about 14% in November and had lost about $700 billion in market value. Baird also downgraded the stock to Neutral. The Nasdaq Composite gained 1.6% on the day.
