BREAKING: Nvidia Reportedly Moving to Oust CEO Jensen Huang

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Nvidia’s board of directors is moving to “oust” embattled CEO Jensen Huang after he had two alleged affairs, one with an executive in the company and another with a suspected Chinese spy. The Wall Street Journal broke the news on Wednesday evening after Nvidia’s stock closed slightly up for the day.

“The board is preparing to meet as soon as today to determine his future, people familiar with the matter said,” reported the WSJ.

The New York Times appeared to put the final nail in Huang’s coffin on Wednesday when it reported that he had a second affair, amid the ongoing fallout from the news of the first.

“The relationship, which has not been previously reported, was with Kimberly Powell, Nvidia’s vice president of health care, said the people, who spoke under the condition of anonymity to describe sensitive information,” reported the Times, adding:

Under Nvidia’s code of conduct, employees are told to “avoid situations where our actions create conflict” including “personal relationships,” and the company states that it “promptly investigates reports of misconduct.” Many corporations have policies against managers having relationships with subordinates.

CNBC’s Washington correspondent Megan Cassella reported on the reaction in DC earlier in the day, noting that “lawmakers from both parties are clamoring for more accountability from Jensen Huang.” Cassella added:

Republican Senator Kevin Cramer this morning called for Huang to resign, telling CNBC, “It’s like, my God, this is a guy that’s right now so vulnerable to extortion, to blackmail. I just don’t think, as a national security matter, we can run the risk.” Now, Cramer also said that Huang had been arrogant and dismissive in meetings with lawmakers about the potential national security risks of sending China advanced chips.

He said the chances of some form of export control bill for chips being passed before the end of this year are pretty high. And that’s indicative, guys, of what could be one big near-term impact of this scandal. It has reignited support on the Hill for legislation tightening chip sales, which would have impacts far beyond Nvidia alone. And separately, three House Republicans who have called on Huang to testify next week say they’re giving him until the end of the day today to respond to their request. And if he doesn’t reply, they say they’re prepared to issue a subpoena.

Cramer’s stance was a direct contradiction of President Donald Trump, who has supported Huang. The North Dakota Republican also told the network, “I can’t believe we are even considering him not resigning. I mean, I do feel that strongly about it.”

This is a developing story and has been updated.

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