Nvidia Stock Tumbles as Company Prepares To Remove Huang Following Second Affair (UPDATED)

Editor’s note: This story has been updated to include information from an additional report about the potential removal of Nvidia’s CEO.

NVIDIA Corp (NASDAQ:NVDA) shares are moving lower in extended trading Wednesday following a report that CEO Jensen Huang had an affair with an Nvidia executive.

• NVIDIA stock is trading near recent lows. What’s next for NVDA stock?

Huang’s Reported Relationship With Nvidia Exec

According to a report from The New York Times, Huang had an alleged affair with Nvidia Vice President of Health Care Kimberly Powell, who reports to him.

Nvidia did not immediately respond to Benzinga’s request for comment.

The report, citing five people who worked at the company, indicates that Huang and Powell were caught on video “being affectionate” at a hotel during an Nvidia conference in March. Huang and Powell are both married to other people.

The news comes as Huang is under scrutiny after admitting to an affair with a Chinese executive, Alice Huang, who has been reported to be a suspected Chinese spy. The situation has raised national security concerns in Washington. Nvidia has hired a law firm to lead an independent investigation.

A separate report from The New York Times late Wednesday states that Nvidia’s board is now preparing to remove Huang after learning he had two extramarital affairs. The board could meet as soon as Wednesday to decide its next steps.

NVDA Shares Extend Fall

Nvidia shares were down 8.48% in after-hours on Wednesday, trading at $159 at the time of publication, according to Benzinga Pro. Nvidia stock is now down about 23% over the past month.

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