A running brief

The Trillion Dollar Affair

Nvidia. Its founder. And about a trillion dollars in market value, gone in two weeks.

Checked 12 November 2026. This is not an official Nvidia page, and it is not a verdict.

Confirmed

On 8 November, Jensen Huang emailed Nvidia staff to say he had been unfaithful to his wife and that he had fallen short of his responsibilities as CEO.
That same day, Nvidia’s board opened an independent investigation into reports that Huang had been the target of a foreign intelligence effort. The board said it had no reason to believe national security or company secrets were compromised, and that it still had confidence in Huang.
Shareholders have filed a lawsuit in federal court in California after the disclosures and the sell-off in the shares.

The New York Times first reported on 29 October that Huang had a close relationship with Alice Huang, and that US officials had concluded she was a Chinese intelligence asset. China has denied the spy allegation. Huang has admitted being unfaithful; he has not, in public, confirmed the intelligence claim.
On 11 November, the Times reported a second relationship, with Kimberly Powell, Nvidia’s vice president of health care, who reports to him.
The Wall Street Journal then reported that Nvidia’s board was preparing to oust Huang and could meet as soon as 11 November. Reuters later said the board was meeting that day to decide. Nvidia has not announced a decision.

Axios reported that Nvidia had lost about $1 trillion in market value since the Times story of 29 October.
Reuters put the drop at about $430 billion over the two sessions of 9 and 10 November.
The stock closed 11 November at $173.73, then fell about 8–10% in after-hours trading, to around $157–$160, after the Times and Journal reports. CNN had it down 8.4% as of 6 p.m. Eastern.