Huang’s future in doubt as Nvidia board mulls leadership change

• Nvidia's board considers Huang's future as reports of two extramarital relationships deepen the leadership crisis.

• Alleged Chinese intelligence links trigger FBI scrutiny, congressional questions and investigations in Taiwan and Singapore.

• Shares slide as investors assess the risks of losing Nvidia's founder amid growing US-China technology tensions.

Nvidia's board has reportedly considered removing chief executive Jensen Huang as an escalating controversy over his alleged relationships with two women — one of whom US intelligence agencies suspect of having links to Chinese espionage — threatens to engulf the world's most valuable semiconductor company.

The board met on Wednesday, 11 November to discuss Huang's future, according to a person familiar with the matter cited by Reuters, marking a dramatic shift from its public expression of confidence in the 63-year-old co-founder and his leadership team just days earlier. No decision on his removal has been announced.

The developments have sent shockwaves through the technology industry and financial markets, raising questions about corporate governance, the security of sensitive American technology and the extent to which China's intelligence apparatus may have sought access to one of the most influential figures in the global artificial intelligence industry.

At the centre of the controversy is Alice Huang (no relation to Jensen Huang), a Chinese businesswoman and former executive of Singapore-based Megaspeed International, who US intelligence agencies reportedly believe was gathering information for Beijing.

The New York Times reported that US intelligence had identified Alice as a Chinese intelligence asset who allegedly cultivated a relationship with the Nvidia chief executive. The FBI is investigating the matter, according to statements by US President Donald Trump, though the precise nature of the alleged intelligence operation and whether any sensitive information was obtained remain unclear.

Huang has acknowledged being unfaithful to his wife, issuing an apology to his family and Nvidia employees in a memo on 8 November. He took 'full responsibility' for his actions but did not identify the woman or provide details of the relationship.

The controversy widened on Wednesday after the New York Times reported that Huang had also had an extramarital relationship with Kimberly Powell, Nvidia's vice-president of healthcare. The newspaper cited five people familiar with the matter. Reuters said it could not independently verify the report. Neither Nvidia nor Powell immediately responded to requests for comment.

When contacted by the newspaper about the reported relationship, Huang said, "I don't think you should be talking to me directly," before ending the call, according to the report.

The boardroom battle

Under Nvidia's bylaws, Huang can be removed as chief executive with or without cause through a majority vote of its 11-member board. All directors other than Huang are considered independent.

The board has hired external legal counsel to investigate the allegations and assess whether any corporate information or national security interests were compromised. Bloomberg has also reported that Nvidia's directors have been working with an external firm to identify potential successors.

Huang's possible departure would leave a significant leadership vacuum at the company he co-founded more than three decades ago and transformed into the dominant supplier of processors powering the global AI boom.

He owns approximately 3.6 per cent of Nvidia and has maintained an unusually hands-on management style, with dozens of executives reporting directly to him. Chief financial officer Colette Kress has been mentioned as a possible interim successor, while Ian Buck, who oversees the company's data centre business, has emerged as another potential contender.

The uncertainty has already rattled investors. Nvidia shares fell 8.6 per cent in after-hours trading on Wednesday following reports that the board was considering Huang's removal. Reuters reported on Thursday that the company's market value had fallen by approximately $600 billion since the investigation into his relationship with Alice became public.

The leadership crisis comes just days before Nvidia is scheduled to announce its quarterly results on 17 November, adding to investor anxiety over the company's outlook and its ability to maintain its strategic direction without its founder.

A suspected intelligence operation

The allegations involving Alice have acquired significance beyond Huang's personal life because of her reported connections to Megaspeed, a Singapore-based company that describes itself as an Nvidia cloud partner.

US authorities have scrutinised the company over suspicions that it helped Chinese technology firms obtain advanced Nvidia chips in violation of American export restrictions. Reports have linked the alleged network to billions of dollars in chip shipments to China, although the extent of any illegal diversion has not been established.

Megaspeed said on Thursday that it would cooperate fully with US investigations into possible national security risks and export-control violations. The company said it took American export laws seriously, had worked with the US Commerce Department's Bureau of Industry and Security and had engaged a US law firm to review its chip inventory and compliance procedures. It has denied wrongdoing.

Singapore is also investigating the company amid concerns over possible shipments of restricted technology to China.

Nvidia, meanwhile, has said it has no reason to believe that corporate secrets or national security information were compromised. Huang has also maintained that he did not know Alice was allegedly linked to Chinese intelligence.

Trump, who has publicly backed the Nvidia chief executive, said he had spoken to Huang and believed he had "absolutely no idea" that the woman was a suspected spy. The US president described Huang as an "honourable man" who had built a great American company.

China has rejected the espionage allegations as unsubstantiated.

Washington and Taipei step in

The controversy has drawn increasing scrutiny from US lawmakers, who are seeking answers about whether the alleged relationship could have exposed sensitive American technology or information to Beijing.

Republican lawmakers have sought a closed-door briefing from Huang on his reported interactions with Alice and Nvidia's safeguards against foreign espionage. House foreign affairs committee chairman Brian Mast and other senior lawmakers have indicated that a subpoena could be considered if Huang does not cooperate.

Democratic lawmakers have separately pressed the Trump administration for information about the alleged intelligence operation and the possible implications for US semiconductor export controls.

The affair has also put a spotlight on Taiwan, where Huang has long enjoyed celebrity status. Born on the island, he is frequently welcomed like a rock star during business visits and has become a familiar face at restaurants and shops across Taipei.

That public image has taken a hit following the allegations. A video showing Huang and Alice dining at a Taipei restaurant in 2025 has gone viral, attracting widespread attention.

The Associated Press reported on Thursday that some Taipei businesses which proudly displayed photographs of Huang visiting their premises were reconsidering whether to keep them. Residents who once regarded him as a local icon said the allegations had changed their perception of the billionaire executive.

Taiwanese authorities have also begun examining Alice's movements and activities on the island.

Mainland affairs council minister Chiu Chui-cheng said Alice, who is originally from mainland China, had entered Taiwan using Hong Kong identity documents. Taiwan's Central News Agency reported that she had visited the island eight times in 2024-25, though there was no record of her entry this year.

Taiwan's interior minister Liu Shyh-fang said Alice's entry permit had been revoked. She added that the National Immigration Agency would cooperate with national security agencies in investigating her activities during her visits.

Authorities are also examining her connections with Megaspeed and the circumstances surrounding her business activities in the region.

With AP/PTI inputs