Nvidia's board of directors met on Wednesday to decide whether to oust Jensen Huang as CEO of the world's most valuable chip company, according to reports relayed by The Guardian.

The meeting came after a tumultuous week in which Huang admitted to an affair with a woman alleged to be connected to Chinese intelligence, and The Guardian further reports the New York Times revealed a separate affair with Nvidia employee Kimberly Powell, the company's former president of healthcare.

The stock slid more than 8% in after-hours trading after The Guardian notes the Wall Street Journal reported the company was preparing to fire Huang.

The meeting marks a sharp reversal from Sunday, when the board's own statement said it had 'confidence in Jensen and his leadership team' while announcing an independent investigation into reports that Huang was the target of a foreign intelligence effort.

In that statement, the board said it had 'no reason to believe that either national security or NVIDIA secrets were compromised,' and that Huang fully supported the review.

Days later, the personal disclosures deepened, and The Guardian reports analysts began treating his departure as the likely outcome rather than a tail risk.

The board's independent directors retained Joon H. Kim of Wachtell, Lipton, Rosen & Katz to conduct what The Times of India reports was described as a 'thorough and independent' investigation.

The Guardian reports Huang admitted the affair in an email to employees Sunday without naming Alice Huang directly, while denying knowledge of any alleged ties to the Chinese government.

If after-hours losses held, The Guardian calculates Nvidia stood to lose about $685 billion in market value since the investigation was announced.

Huang co-founded Nvidia in 1993 and built it into the world's most valuable chip company, with a market cap of more than $4 trillion and chips powering OpenAI, Anthropic and Google.

The Guardian notes he has no obvious successor, personally owns about 3.6% of the company, and runs an unusual management structure with dozens of direct reports — so his exit would leave a leadership vacuum at the apex of the US-China AI arms race.

Under Nvidia's bylaws, the board can remove him 'with or without cause' by majority vote, a threshold the independent directors control.

Donald Trump has backed Huang, saying he had done 'an incredible job' and is 'an honorable guy,' while The Guardian reports Elon Musk said hiring a jobless Huang 'would be an honour.'

The investigation itself remains ongoing, with Huang directed by the law firm to continue helming Nvidia, according to The Times of India.

Meanwhile, The Guardian reports Senators Elizabeth Warren and Chris Coons have asked the administration to preserve all documents tied to Nvidia's chip exports to China, and Taiwan's Mainland Affairs Council minister said Alice Huang visited Taiwan eight times in 2024 and 2025 without raising 'special flags' at the time.