Nvidia board panic whipsaws premarket

Nvidia shares whipsawed after reports that the board met Wednesday evening to decide CEO Jensen Huang's future. The stock dropped nearly 9% in after-hours trading and was about 5.4% lower in premarket Thursday; it has lost about $1.7 trillion in market value from its October record, down about 35% over 26 trading days. The board launched an independent investigation on Nov 8, saying there was no evidence national security or business secrets were compromised.

The crisis follows reports that Huang had an affair with Alice Huang, alleged by U.S. intelligence to be an MSS spy, and a New York Times report of a second relationship with an employee. Fears of Huang's possible ouster are driving the stock moves, though some market voices argue removal would be a costly mistake.

Nvidia shares were trading about 5% below the prior close in Thursday premarket trading after rebounding from a bigger overnight drop as markets weighed Jensen Huang's possible removal.

China said Washington should not use the Jensen Huang spy allegations as a pretext for imposing tech restrictions; China's foreign ministry denied the espionage claims. This is an opinion/analysis headline, not a specific factual claim. Promotional interview with a NATO commander; no factual claim to check.

China's Ministry of State Security has drawn attention because U.S. intelligence reportedly assessed Alice Huang, the woman in the Jensen Huang affair, as an MSS operative; China denies the accusations.