Original ｜Odaily Planet Daily（@OdailyChina）

Author｜Golem（@web3_golem）

A wave has not yet subsided, and another has arisen. The issue of Huang Renxun's extramarital affair with Alice Huang, an executive at Singapore data center company Megaspeed, has not yet been completely resolved, and the media has uncovered a second extramarital affair. According to the New York Times, Huang Renxun is also in a relationship with another married executive within the company, Kimberly Powell.

Even more seriously, due to his ongoing involvement in multiple extramarital affairs, the earlier statement from NVIDIA that Huang Renxun would continue to serve as CEO is now null and void. According to the Wall Street Journal, NVIDIA's board is considering holding a meeting on Wednesday local time to discuss Huang Renxun's future, and they are also looking to appoint an interim head while collaborating with external agencies to select new CEO candidates.

Although the board's decision has not yet been finalized, the market is betting that the probability of Huang Renxun resigning or being dismissed has surged. According to Polymarket data, the probability of Huang Renxun leaving before November 30, 2026, has risen to 88%, and the probability of leaving before March 31, 2027, has reached 93%.

Musk is still supporting Huang Renxun. On November 12, Musk responded on social media to a post by zerohedge saying, "Elon, please hire Jensen," stating: "That would be an honor."

The dual negative news quickly triggered drastic fluctuations in NVIDIA's stock price. On Wednesday, NVIDIA's stock closed up 2.87%, but after hours, the stock briefly dropped more than 10%, resulting in a market cap evaporation of over $300 billion, also dragging down the performance of other AI stocks, with Intel, Dell Technologies, and others falling simultaneously.

The market may not have fully absorbed the series of chain reactions caused by Huang Renxun's personal life. Neither Huang Renxun nor NVIDIA has publicly confirmed or denied the second extramarital affair, and NVIDIA already lacks a clear succession plan. If Huang Renxun is indeed forced to resign, an interim successor may not be able to carry the banner, potentially causing even greater impacts on NVIDIA's business and stock price.

Married female executive, 15 years younger than Huang Renxun

The latest revelation by the New York Times about Huang Renxun’s affair involves Kimberly Powell, the Vice President of Healthcare at NVIDIA. Reports indicate that the two were photographed "interacting intimately" in a hotel in San Jose during NVIDIA's GTC developer conference in March this year; the video has not yet surfaced online (onlookers recorded it on their phones, and Huang Renxun's security personnel intervened and attempted to obtain a non-disclosure agreement). Huang Renxun, NVIDIA, and Kimberly Powell have all not responded to this matter.

Kimberly Powell

Kimberly Powell is 48 years old this year, 15 years younger than Huang Renxun, and she is one of the approximately 60 direct reports under Huang Renxun. She joined NVIDIA in 2008 and has served for over 18 years, being a core figure in expanding NVIDIA's healthcare business from a niche project. Initially, she was responsible for promoting the application of GPUs in medical imaging and was promoted to Vice President of Healthcare in 2017, overseeing global medical business, including applications in accelerated computing, AI, and visualization platforms in medical imaging.

On a personal background note, according to media reports, Kimberly Powell is married and has two children. Most companies prohibit employees or subordinates from developing inappropriate relationships, and NVIDIA is no exception; its code of conduct specifies that employees should "avoid any situation that may lead to conflicts," including "personal relationships."

If confirmed that Huang Renxun, as NVIDIA's CEO, has been violating the company's code of conduct, it would have serious negative impacts on the company’s image and future leadership establishment. Considering the broader perspective of the board, Huang Renxun may have no choice but to leave this time.

Huang Renxun is irreplaceable

But if Huang Renxun really leaves, NVIDIA's board may face an even more troublesome question: who will succeed him?

From an internal company perspective, NVIDIA is not lacking in executives. CFO Colette Kress, Executive Vice President of Global Field Operations Jay Puri, and Executive Vice President of Operations Debora Shoquist are all seasoned veterans who have cultivated deep expertise in their respective fields. However, the issue lies in whether these individuals can take over NVIDIA and whether they can replace Huang Renxun, which are two different matters.

NVIDIA has consistently adopted a rather unique management style. Reports indicate that at one point, the number of executives who directly reported to Huang Renxun reached 55, and it later remained at around 36. This has resulted in a flat management structure with high decision-making efficiency, but conversely, this structure has also made Huang Renxun the center of the entire management system. Business leaders can operate independently, but no one can coordinate all business areas except Huang Renxun.

Unlike other large company leaders, Huang Renxun seems to have never seriously prepared a clear succession plan. In previous interviews, he expressed his disagreement with traditional succession training models. In Huang Renxun's view, the knowledge and experience of the company should be dispersed throughout the entire team, rather than concentrated in the hands of a designated successor.

Huang Renxun is irreplaceable for NVIDIA. Over the past thirty years, Huang Renxun has almost inseparably tied himself to NVIDIA; he is not only the founder of the company but also its most important spokesperson. The iconic black leather jacket has become his signature outfit at global tech conferences, industry summits, and government events, whether it’s to launch the next generation of GPUs, explain NVIDIA's technological roadmap, or talk about partnerships with governments and tech giants, Huang Renxun is always the face of NVIDIA.

Therefore, while it may be easy for the board to replace someone, finding a successor who could take over daily operations and quickly inherit Huang Renxun's industry influence and market appeal may not be so straightforward.

For a company valued in the trillions of dollars that heavily relies on the personal influence of its founder, changing the CEO could mean that NVIDIA's future strategic direction needs to be reassessed. Even if the company’s operations don't immediately come to a halt due to Huang Renxun's departure, is NVIDIA still the same NVIDIA without Huang Renxun?

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