Another shock to Nvidia stock: What's happening to NVDA shares today as they crash 6% after yesterday's 9% plunge amid fresh Jensen Huang affair allegations? Nearly $2 trillion wiped out from October peak

Nvidia (NASDAQ: NVDA) stock fell 8.61% to $158.78 in after-hours trading on Wednesday, November 11, and dropped another 6% in Thursday's premarket session. The latest sell-off followed reports that Nvidia's board had met to discuss CEO Jensen Huang's future after a second alleged extramarital relationship came to light.

The stock had closed Wednesday's regular session at $173.73, up 2.92%. At its after-hours price, Nvidia was about 34% below its October record, representing an estimated $1.9 trillion decline in market value.

Nvidia stock price falls again after after-hours crash

Shares closed at $200.13 on November 4 before falling 9.26% to $181.60 on November 5. They recovered 2.78% to $186.64 on November 6 but failed to hold that rebound. Nvidia closed at $178.67 on November 9 and slipped further to $168.89 on November 10.


The stock then recovered during Wednesday's regular trading session, gaining 2.92% to finish at $173.73. That recovery did not last. Following the latest reports about Huang, shares dropped to $158.78 in after-hours trading, an 8.61% decline from the regular-session close.

The latest move also pushed Nvidia below its previous 52-week low of $164.27 during extended-hours trading.

Nvidia loses nearly $2 trillion in market value from October record

Nvidia closed at a record $239.24 on October 6, when its market capitalisation stood at approximately $5.78 trillion. At the after-hours price of $158.78 on November 11, its implied market value was about $3.83 trillion.

That represents a decline of roughly $1.94 trillion from the October peak. The calculation uses the after-hours share price and the company's approximately 24.1 billion outstanding shares.

Nvidia was once the world's first $5 trillion company. Its valuation has now come under pressure from both the broader technology stock sell-off and growing uncertainty over its leadership.

New Jensen Huang affair allegations: Kimberly Powell

The latest controversy began with a New York Times report on November 11. It alleged that Huang had a relationship with Kimberly Powell, Nvidia's vice president of healthcare.

The report cited five people who had worked at the company. Powell was an executive who reported to Huang, according to the New York Times.

The report added another personal controversy for the Nvidia chief, who had already acknowledged being unfaithful to his wife in a memo to employees. Huang apologised to his wife and children but did not identify the person involved in that relationship.

Neither Nvidia nor Powell immediately responded to requests for comment, according to Reuters.

Nvidia board reportedly meets to discuss removing Jensen Huang

The Wall Street Journal reported on Wednesday that Nvidia's board was preparing to remove Huang as CEO. Reuters subsequently reported that the board met on Wednesday to discuss whether to oust him, citing a person familiar with the matter.

However, Nvidia has not publicly announced a decision to remove Huang.

The latest reports also come just days after the board issued a statement on November 8 announcing an independent investigation into whether Huang had been targeted by a foreign intelligence operation. The board said it had no reason to believe that national security or Nvidia's confidential information had been compromised.

It also said it had confidence in Huang and his leadership team.

Huang acknowledged being unfaithful to his wife after reports about his relationship with Alice Huang emerged. His employee memo did not provide details of the relationship.

The Information reported on November 10 that Alice Huang, her husband and her sister had built a network of companies across China and Singapore that facilitated at least $7.5 billion in Nvidia chip shipments to Chinese companies since 2023. The report cited two people familiar with her and corporate registration records.

The allegations have raised questions about the movement of advanced Nvidia chips into China and possible violations of US export restrictions. China has denied the allegations.

US President Donald Trump has also commented on the controversy. He called Huang an "honorable guy" and said on Monday that the FBI was looking into the matter. Trump also expressed confidence that Huang would be fine.

The company is scheduled to report its quarterly financial results on November 17. The earnings report and management's comments could become an important test of investor confidence as the leadership controversy continues.