NVIDIA Faces CEO Pressure Ahead of $108 Billion Earnings Call

By Elena Vasquez

NVIDIA lost about $429 billion in market value between Friday’s $186.64 close and Tuesday’s $168.89 close before Sen. Kevin Cramer called for Jensen Huang to step down. Cramer, a senior Republican on the Senate Banking Committee, made his demand in a late Nov. 10, 2026 interview.

“I just think he’s got to go,” Cramer said. He argued that the risk of extortion was too great because NVIDIA’s chips were so sensitive, called Huang’s actions a clear national security risk and described the board’s internal investigation as “fine” but insufficient. NVIDIA did not immediately respond to a request for comment.

Does a senator’s call threaten Huang’s job?

Cramer’s intervention remains an opinion, not a board order or congressional action. NVIDIA’s board can remove its chief executive, but committees have taken no action. His seat still matters because Senate Banking has jurisdiction over three China-chip bills under consideration for the defense authorization bill: the AI OVERWATCH Act, the Chip Security Act and the MATCH Act.

For shareholders, corporate leadership and export policy now converge in the valuation. NVIDIA’s value depends on Huang and on Washington trusting its chips, while lawmakers writing China-chip rules question both. Earnings are scheduled for Nov. 17.

U.S. officials reportedly concluded that a businesswoman close to Huang was a suspected Chinese intelligence asset. China’s foreign ministry calls the charges unfounded. Huang told employees he had been unfaithful to his wife but gave no details, and President Trump said on Nov. 9 that he believed Huang had no idea.

Will Huang face a congressional subpoena?

Rep. John Moolenaar (R-Mich.), who chairs the House China committee, said on Nov. 11 that Huang would likely receive a subpoena. Rep. Brian Mast (R-Fla.) said he was prepared to issue one if Huang declined a private briefing.

House Republicans have asked Huang to appear on Nov. 18. As of early Wednesday afternoon, Congress had not issued a subpoena, and Huang had not replied.

NVIDIA’s board opened an independent investigation on Nov. 8. It said it had no reason to believe any secrets were compromised and expressed confidence in Huang. The independent directors then hired Joon H. Kim and Wachtell, Lipton, Rosen & Katz.

That investigation can establish what happened, but it cannot dictate congressional treatment of NVIDIA. The inquiry therefore resolves facts, while Capitol Hill decides political exposure.

What has the selloff already priced in?

Cramer spoke after Tuesday’s close, so his comments did not cause Tuesday’s decline. Tuesday’s drop was 5.47%; the broader loss between Friday and Tuesday erased about $429 billion. At about 1:32 p.m. ET on Nov. 11, shares traded at $177.46, up 5.07% from the $168.89 close as chip stocks rallied broadly. The stock remained down 22.6% over one month.

Baird downgraded NVIDIA to Neutral and cut its price target 60% to $200 from $500, citing uncertainty over whether Huang would stay. At a 34x price-to-earnings ratio, leadership risk mainly affects the price investors will pay.

Demand remains a separate question from the leadership scandal. NVIDIA guided to third-quarter revenue of $108.0 billion, plus or minus 2%, a forecast that already excludes China data-center sales. The business still guides to growth few companies of any size can match.

Which dates and price levels matter next?

Political pressure is rising, but no regulator, court or board has taken action against Huang. The board supports him, and he intends to remain CEO. The two principal risks are tighter export rules and Huang’s departure; the stock’s -14.14% one-week move already reflects a good share of both.

Three tests will show whether investors see those risks as more serious:

• Whether Huang leads NVIDIA’s Nov. 17 earnings call.
• Whether Congress issues a subpoena before Nov. 18, when House Republicans have asked Huang to appear.
• Whether the stock closes below its March closing low of $165.17, which would mean the market was pricing in a CEO change.