Nvidia stock fell 9.5% in two trading days, from $186.64 on Friday, November 6, 2026 to $168.89 at Tuesday's close, after the company's board opened an investigation into reports that CEO Jensen Huang was the target of a Chinese intelligence effort. That wiped out roughly $430 billion to $500 billion of market value, depending on the measure used. On Wednesday, November 11, the stock opened at $172.80 on Nasdaq and was trading near $172.20 at 14:44 GMT, up about 2.0% on the day, ahead of results on November 17.[1][4][5][11][13] After the bell, the shares fell about 8% to 9% when The Wall Street Journal reported that Nvidia's board is preparing to oust Huang; the company had not commented.[25][26]
 | |
| Stock | Nvidia Corp. (Nasdaq: NVDA) |
|---|---|
| Close, Nov 10 | $168.89 (-5.47%) |
| Close, Nov 9 | $178.67 (-4.27%) |
| Close, Nov 6 | $186.64 |
| Two-day fall | -9.5% |
| Since Oct 29 report | About -21% (from $213.66) |
| Close, Nov 11 | $173.73 (+2.87%) |
| After hours, Nov 11 | Down about 8% to 9% on the WSJ board report |
| Pre-market, Nov 12 | $159.95 (-7.9%) at 7:37 a.m. ET[33][34] |
| Open, Nov 11 | $172.80 |
| Day range, Nov 11 | $170.77 to $177.54 |
| Board probe | Wachtell, Lipton, Rosen & Katz, led by Joon H. Kim |
| Next results | Tuesday, November 17, 2026 |
Latest: the board meets on Huang's future
Nvidia's directors met late on Wednesday, November 11, US time, to decide whether to oust Huang, a source familiar with the matter told Reuters, as reported by France 24. Al Jazeera and The New York Times also reported that the board was meeting on his position. It is a sharp turn from Sunday, when the board said it had confidence in Huang and his leadership team. Nvidia did not respond to requests for comment from either outlet.[30][31]
Two new reports raised the stakes on Wednesday. The New York Times reported that Huang had also had an extramarital relationship with a company executive who reported to him, which France 24 and Al Jazeera both repeated. This is a workplace conduct question, separate from the spy probe, and it goes to the heart of how a board judges a CEO. Separately, Bloomberg reported that the board has been working with an outside firm to identify potential replacements, according to France 24 and Al Jazeera's summaries.[30][31]
Huang, 63, co-founded Nvidia in 1993 and has no obvious successor, France 24 notes. He owns about 3.6% of the company. Reuters reports that a top engineer and the finance chief are seen as the favoured candidates, and Semafor reported that some directors favour the CFO as an interim chief. None of that is a board decision. If the board does act, we will cover the new leadership in a separate article.[30][32]
The market reaction was fast. Nvidia shares fell 8.6% in after-hours trading on Wednesday, Al Jazeera reported, and France 24 put the drop at more than 8%. Analyst Dan Ives of Yorkville Ives told clients he values the stock at $300 a share with Huang as CEO and $225 without him, according to Al Jazeera. Regular trading on Nasdaq opens at 14:30 GMT on Thursday.[30][31]
Thursday morning: the pre-market slide
The after-hours drop carried into Thursday. At 7:37 a.m. ET (12:37 GMT), Nvidia was at $159.95 in pre-market trading, down $13.78 or 7.93% from its $173.73 close on Wednesday, according to CNBC's extended-hours quote; Yahoo Finance's pre-market chart showed the same $159.95 print. About 24.7 million shares had changed hands before the open.[33][34] That price is below Tuesday's $168.89 close, the lowest close since the scandal began. Pre-market prices are thin and often move before the 9:30 a.m. ET open, so treat them as a signal, not a settled price.[34]
The worry spread to the wider market. City AM reports that Nasdaq futures slipped 0.9% and that investment platform AJ Bell estimates about $671 billion (£510 billion) has been wiped from Nvidia's market value since Sunday. City AM notes Nvidia makes up about 8% of the Nasdaq and 7% of the S&P 500, which is why a move in one stock shows up in index funds and pensions.[35] City AM also says Nvidia's directors met on Wednesday but that no official decision had been announced.[35]
How far Nvidia stock has fallen
Nvidia closed at $186.64 on Friday, November 6. On Sunday, November 8, the board said it was opening an independent investigation after reports that Huang had been the "target of a foreign intelligence effort". The stock dropped 4.27% on Monday to $178.67 and another 5.47% on Tuesday to $168.89, close to its 52-week low of $164.27.[4][6][13]
CNBC reported that Nvidia's market value briefly dipped below $4 trillion during Tuesday afternoon before closing just above that level. The Guardian's business live page put the loss since the allegations at about $430 billion, which matches the two-day fall in the share price. The BBC put the figure at $500 billion since Friday and NBC News said "almost $500 billion", both including the intraday lows.[1][2][4][11]
The damage started earlier. On October 29, the day The New York Times published its main report on the spy concerns, Nvidia closed at $213.66. Tuesday's close is about 21% below that. Part of the slide was not about Huang at all: on November 5 the whole chip sector sold off, with Nvidia down about 9%, AMD down about 17% and Broadcom down about 10% that day.[4][13][15]
Wednesday: the rebound, the downgrades and the Commerce memo
Nvidia opened at $172.80 on Wednesday, November 11, about 2.3% above Tuesday's close of $168.89, and was changing hands near $172.20 at 14:44 GMT, a gain of roughly 2.0%. That is well short of the 5% bounce seen in early premarket trading, so most of the two-day loss is still in place. The wider market was also higher, with the Nasdaq Composite up about 1.3% and the S&P 500 up about 0.8% at the same time. Nvidia's early high was $175.13, so buyers faded the bounce within the first quarter of an hour. US stock markets are open on Veterans Day, as our Veterans Day open and closed guide explains.[13][17]
The close. Nvidia finished the regular session at $173.73, up $4.84 or 2.87% on the day, after trading between $170.77 and $177.54. It was the first gain since the scandal broke, but it won back only about a quarter of the two-day fall from $186.64. The Nasdaq Composite closed about 1.6% higher and the S&P 500 about 1.3% higher, so Nvidia moved with a broad tech rebound rather than far ahead of it.[21][22]
The downgrades. Wall Street turned more cautious during the day. Baird cut Nvidia to neutral, citing poor visibility on data centre spending in 2027, possible softer demand and uncertainty over Huang's future in the job. Morgan Stanley kept its overweight rating but took Nvidia off its Top Pick list, saying Huang's leadership is "crucial" to the company's direction. Fox Business also reported that Bank of America removed the stock from its US 1 List. Even so, most analysts still rate the shares a buy.[21][23]
The House deadline. House China committee chairman John Moolenaar said on Fox Business that Huang had until the end of Wednesday to answer the briefing request, and that a subpoena was likely if he did not agree. TechCrunch, citing Bloomberg, reported that Brian Mast's Foreign Affairs Committee is preparing one. Nvidia had not commented publicly by the close.[24]
After the bell: report that the board may remove Huang. Late on Wednesday, The New York Times reported that Huang had also had a relationship with an Nvidia executive who reports to him, and minutes later The Wall Street Journal reported that the board is preparing to oust him, with directors meeting as soon as Wednesday to decide his future. Huang has led the company for 33 years. Nvidia shares dropped about 8% to 9% in after-hours trading on the reports. Nvidia did not immediately respond to requests for comment, and neither report has been confirmed by the company, so for now Huang is still chief executive.[25][26] That is a governance question as much as a personal one: TechCrunch notes that Huang has about 60 direct reports and that Nvidia has no obvious named successor.[26]
CBS News confirms the board's plan. CBS News later reported, citing two sources familiar with the matter, that Nvidia's board is preparing to oust Huang soon, and that the Trump administration is aware of the matter. NBC News reported that several outlets said the board would meet on Wednesday night to discuss Huang's future, while noting it had not confirmed the meeting itself. As of 00:43 GMT on November 12, no board decision, interim chief executive or company statement had been made public, so Huang remained CEO.[28][29]
The new headline on Wednesday came from Axios, which reported, citing people familiar with the matter, that Commerce Secretary Howard Lutnick was sent a classified memo warning him about Huang's relationship with the woman US officials suspect of working for Chinese intelligence. Anadolu Agency and WION both carried the report and noted that the Commerce Department did not respond to Axios. WION added that the warning came before the department cleared a group of Chinese companies to buy Nvidia's H200 chips in May, which is why the timing is now under scrutiny. None of this has been confirmed by the department, and the claims about the woman remain allegations that China rejects.[18][19]
Wednesday is also the reply deadline set by House Republicans. Their November 4 letter, signed by Mast and two other committee chairs, asked Huang to brief the committees on November 18 or offer other dates by November 11. ABC News reported that a subpoena issued now would probably lapse when Democrats take control of House committees in January. By the US close there was no public word on whether Huang had accepted.[8][20]
What the allegations are
According to The New York Times, US officials concluded that a former executive at Megaspeed, a Singapore-based data centre company and Nvidia customer, was a Chinese intelligence asset, and that Chinese intelligence targeted Huang through a personal relationship with her. Huang has acknowledged the relationship. Nvidia has said earlier concerns that Megaspeed diverted its chips to China were investigated and found to be untrue.[1][4][6]
China denies any intelligence operation. Its foreign ministry said the claims were "intended to smear and malign China".[1][6] President Donald Trump said on Monday that he had spoken to Huang, that Huang "had absolutely no idea that the person in question was a spy", and that the FBI was looking into the matter.[3][6]
The Trump China trip report
On Tuesday The New York Times reported that Trump was told about the intelligence on Air Force One in May, on the way to his Beijing summit, shortly before Huang joined the trip at the president's invitation. The paper said Secretary of State Marco Rubio passed on the information. That contradicts Trump's comment on Monday that he had not heard about it then. Asked about earlier briefings, Trump said he would "check with the intelligence people".[9][10][1]
Who is investigating
Nvidia's board: Wachtell Lipton
On Tuesday the independent members of Nvidia's board hired Joon H. Kim, a former acting US Attorney for the Southern District of New York, and his firm Wachtell, Lipton, Rosen & Katz to run "a thorough and independent investigation". The board has said it has no reason to believe company secrets or national security were compromised, and the probe is meant to check exactly that.[1][2][5] NBC News said the choice of an outside prosecutor signalled the review would not be "a rubber stamp".[2]
The FBI and the Justice Department
NBC News reports that the Justice Department's National Security Division, working with the FBI and the Commerce Department's Bureau of Industry and Security, is running a criminal investigation into whether Megaspeed helped ship Nvidia AI chips to China in breach of export controls. The New York Times reported on November 9 that an earlier Commerce Department inquiry into Megaspeed was halted after Nvidia contacted officials.[3][16]
Congress
House Republicans asked Huang last week for a joint closed-door briefing on Nvidia's protections against foreign espionage. Rep. Brian Mast, the Republican chair of the House Foreign Affairs Committee, told ABC News he is ready to subpoena Huang if he does not respond by Wednesday, November 11. The BBC confirmed the committee's request and its power to subpoena.[1][8]
On November 11, Mast and Moolenaar told reporters they had not heard from Huang and were giving him until the end of the day; asked whether a subpoena was being considered, Mast said "yes". Senator Kevin Cramer of North Dakota, a Republican on the Senate Banking Committee, repeated his call for Huang to resign, telling CNBC "he should resign" as a national security matter, a call first reported by Politico and Reuters. Two House members, Democrat Suhas Subramanyam and Republican Don Bacon, also said he should step down.[27]
The shareholder lawsuit
Shareholders filed a proposed class action against Nvidia and Huang in federal court in San Jose, California, on Monday, November 9, minutes after the market closed. The suit says the company misled investors about Huang's ties to the Megaspeed executive and about Nvidia's relationship with Megaspeed, and failed to disclose the national security risk. It asks for unspecified damages.[4][6][7]
Part of the case rests on a statement Nvidia gave The New York Times in October, which described Huang's meetings with the executive as normal customer contact. The complaint says that statement was not true.[7] Securities class actions like this often follow a sharp fall in a share price and usually take a long time to resolve.
What analysts are saying
Dan Ives of Yorkville Ives & Co. wrote that Wall Street chatter gives roughly a 15% chance that Huang is removed as CEO and an 85% chance that he stays after the board review, which he expects to take four to six weeks. Barchart, reporting the same note, said Ives thinks losing Huang could knock about 30% off the stock.[4][12]
Bank of America set out three paths in a note on Tuesday: the problem stays contained with Huang still in charge; the uncertainty drags on and weighs on the valuation before earnings; or it escalates, with "adverse findings, leadership disruption or tighter restrictions" that force analysts to rework their forecasts.[5]
The rest of the chip sector did not suffer. Between Friday and Tuesday's close AMD rose 14.7% and Broadcom 13.0%, while Nvidia fell 9.5%.[4][13]
What it means for NVDA holders
- November 17 results. Nvidia reports its quarter on Tuesday, November 17. It is the first chance for management to speak about the probe on the record, and Huang was back in the office this week holding meetings, according to CNBC.[5][14]
- The board review. Any finding that secrets leaked, or a change at the top, is the biggest risk named by the analysts above. A clean finding would remove the main overhang.[4][5]
- Washington. A subpoena, an export rule change or charges in the Megaspeed case could all move the stock. Nvidia's chips are central to US export policy on China, so politics matters more here than for most companies.[1][3][8]
- Index funds. Nvidia is one of the largest weights in the S&P 500 and Nasdaq 100, so even people who do not own the stock directly feel these swings through index funds and pensions.
The sell-off has hit the wider AI trade too. Our CoreWeave Q3 earnings explainer covers the AI cloud firm that buys Nvidia chips, and the Anthropic IPO price range guide covers the biggest AI listing due next week. For another big-tech stock hit by AI news this week, see why Microsoft stock fell after Claude Sheets.
Frequently asked questions
Why is Nvidia stock down?
Because the board opened an investigation on November 8 into reports that CEO Jensen Huang was targeted by Chinese intelligence, and the FBI, Congress and shareholders' lawyers have all become involved. The stock fell 9.5% over the next two trading days.[1][4]
Is Jensen Huang still CEO of Nvidia?
Yes, for now. As of late November 11, 2026 he was still CEO. Earlier a company spokesperson said he was leading Nvidia "without interruption", but that evening The Wall Street Journal reported that the board is preparing to oust him. Nvidia had not commented on that report. CBS News later reported the same, citing two sources. The board met late on Wednesday to decide, and as of 05:40 GMT on November 12 no decision had been announced.[2][5][25][26][28][30][31]
How much market value has Nvidia lost?
About $430 billion on closing prices from Friday to Tuesday. Some outlets cite up to $500 billion using intraday lows.[1][11]
When is Nvidia's next earnings report?
Tuesday, November 17, 2026.[5][14]
Has Nvidia been charged with anything?
No. The board probe is internal, the shareholder case is a civil lawsuit, and the Justice Department's criminal investigation is focused on Megaspeed, according to NBC News.[3][6]
References
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- "Nvidia hires former acting U.S. attorney to probe Jensen Huang affair". NBC News. November 10, 2026.
- "Trump says FBI is investigating Nvidia CEO Jensen Huang's relationship with alleged Chinese spy". NBC News. November 9, 2026.
- "Nvidia sells off for second day". CNBC. November 10, 2026.
- "Nvidia shares rebound 4% as Huang faces scrutiny ahead of earnings". CNBC. November 11, 2026.
- "Nvidia shareholders sue Jensen Huang over alleged spy ties". DW (with AP, dpa, Reuters). November 10, 2026.
- "NVIDIA shareholders are suing the company and CEO Jensen Huang". Engadget. November 10, 2026.
- "House Republicans consider issuing subpoena to Nvidia CEO Jensen Huang". ABC News. November 10, 2026.
- "Trump was told on Air Force One about Nvidia CEO's 'Chinese spy' link just before Jensen Huang joined him". Hindustan Times, reporting The New York Times. November 11, 2026.
- "Trump was briefed about Nvidia CEO Jensen Huang's alleged China spy connection before Beijing trip: Report". WION. November 11, 2026. Original: "Despite Denial, Trump Was Told on Trip to China About Spying on Nvidia Leader", The New York Times, November 10, 2026.
- "Nvidia's value tumbles by $430bn since spy allegations, as major US law firm hired to investigate claims". The Guardian, business live. November 11, 2026.
- "Dan Ives Sees Just a 15% Chance Nvidia Loses Jensen Huang, But His Removal Could Erase 30% of The Stock's Value". Barchart. November 10, 2026.
- "NVIDIA Corporation (NVDA)", plus AMD and AVGO. Yahoo Finance chart data. Checked November 11, 2026, 10:31 and 14:44 GMT.
- "Nvidia Stock Just Lost 10% in 1 Day. Should You Buy It Before It Reports Earnings on Nov. 17?". The Motley Fool, via Yahoo Finance. November 10, 2026.
- "Nvidia Chief Seen as Target of Chinese Spy Plot". The New York Times. October 29, 2026.
- "US Commerce Probe Into Megaspeed Halted After Nvidia Intervened: Report". NDTV Profit, reporting The New York Times. November 9, 2026.
- "NVDA: NVIDIA Corp", plus .IXIC and .SPX. CNBC quote data. Checked November 11, 2026, 14:44 GMT.
- "US commerce secretary warned over Nvidia CEO's relationship with alleged Chinese spy: Report". Anadolu Agency, reporting Axios. November 11, 2026.
- "Was Lutnick warned about Nvidia CEO's Jensen Huang alleged affair with Chinese spy? What we know". WION. November 11, 2026.
- "House Foreign Affairs chair Brian Mast says he is prepared to subpoena Jensen Huang if he misses today's briefing deadline". MLQ.ai, citing ABC News and the committees' letter. November 11, 2026.
- "Nvidia shares rebound as Jensen Huang faces scrutiny ahead of earnings". CNBC. November 11, 2026.
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- "Nvidia prepares to oust Jensen Huang, WSJ reports, stock sinks". CNBC, citing The Wall Street Journal and The New York Times. November 11, 2026.
- "Nvidia's stock drops as board reportedly preps to oust CEO Jensen Huang". TechCrunch. November 11, 2026.
- "Jensen Huang affair in D.C.: Resignation calls and moves to tighten Nvidia China exports". CNBC. November 11, 2026.
- "Nvidia's board preparing to oust CEO Jensen Huang, sources say". CBS News. November 11, 2026.
- "Nvidia shares drop after hours amid reports of meeting over CEO Jensen Huang's future". NBC News. November 11, 2026.
- "Nvidia board to decide whether to oust longtime CEO Jensen Huang". France 24 (Reuters). November 12, 2026.
- "Nvidia shares plunge amid reports board to discuss CEO Huang's future". Al Jazeera. November 12, 2026.
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- "Tech stocks slide as Nvidia board prepares to oust Jensen Huang". City AM. November 12, 2026. cityam.com