Nvidia’s board is reported to be preparing for a world without Jensen Huang, but no decision has been announced. The Wall Street Journal reported that the board is preparing to oust the co-founder who has led the company since 1993, and a source told Reuters the directors met late Wednesday to weigh whether he should stay. As of Thursday morning, he remained chief executive, according to The Next Web, and the board’s Nov. 8 statement said it has confidence in him and his leadership team while an independent investigation runs.

The question of a successor is therefore speculative, but it is being asked seriously. Bloomberg reported that the board is working with an outside firm to identify possible replacements. Nvidia has no publicly disclosed succession plan, TIME reported, and Huang runs the company with roughly 60 direct reports, which makes any handover harder than at most large firms.

Why the board is under pressure.

The investigation followed reports that Huang was targeted by a foreign intelligence effort, linked to a relationship with a former executive of Megaspeed, a Nvidia customer under scrutiny. Huang told staff he had been unfaithful to his wife and took full responsibility. The New York Times separately reported a relationship with a direct subordinate, citing five former employees. All of this is as reported by those outlets. TIME noted that affairs alone rarely end a chief executive’s tenure, and that loss of boardroom trust is what usually decides it. Under Nvidia’s bylaws, a majority of its 11 directors can remove him with or without cause, according to The Next Web, which put his stake at about 3.6%.

The internal candidates.

• Colette Kress, chief financial officer. Joined in 2013 after finance roles at Microsoft, Cisco and Texas Instruments, and appears with Huang on earnings calls. Semafor reported that some directors favour naming her interim chief executive. eToro’s Josh Gilbert called her “the obvious choice to steady the ship,” though he argued the board would likely want an engineer for the permanent job. Business Insider has pointed to her limited technical background as a drawback.
• Ian Buck, vice president of hyperscale and high-performance computing. An Nvidia veteran since 2004 who led development of CUDA, the software layer that ties developers to Nvidia chips. Futurum Equities’ Shay Boloor said: “If a transition becomes necessary then Ian Buck is the strongest long-term internal candidate.”
• Michael Kagan, chief technology officer. Came through the Mellanox acquisition, which he co-founded. PC Gamer floated him as a possible co-interim chief with Kress.
• Chris Malachowsky, co-founder. Business Standard said he could have a role in a transition; PC Gamer called him unlikely because he is hands-off.
• Jeff Fisher, head of the GeForce business, and Jay Puri, named in speculation without detailed reasoning. Huang’s two children, both Nvidia executives, were also named as possibilities.

The outside names.

Rene Haas, chief executive of Arm and a former Nvidia executive of seven years, was described by a banker to Reuters as the most logical outside choice because he is high profile and understands the industry. The Information, via Chosun Biz, also listed AMD’s Lisa Su, though a rivalry with Nvidia and distant family ties to Huang could complicate that. PC Gamer listed Intel’s Lip-Bu Tan, and called Elon Musk and Tim Cook “pretty outside bets.”

What the betting says.

On Polymarket, Buck led successor odds at 34%, Kress had 27%, Haas 10%, Puri 4%, Kagan 3%, Su 2% and Huang’s daughter Madison Huang 2%, with a 19% chance that Huang stays, according to TrendForce. The odds of Huang leaving by year-end were put at 83% by Reuters and 88% by The Next Web, depending on the time. Reuters noted trading volume is small, so these are a mood gauge, not a forecast.

Analysis: what the board may weigh.

An interim leader and a permanent one are different decisions. A finance chief such as Kress could calm investors before results on Nov. 17, while an engineer such as Buck may suit a permanent role. Analyst Armina Rosenberg of Minotaur Capital suggested a co-chief structure pairing Kress on finance with Buck on product. An open question is whether the board would keep Huang in some capacity, such as chair, or separate the roles; the company has not said. Analysts also differ on how much a change matters: Boloor said Blackwell demand, the Rubin roadmap, networking and CUDA were set before the controversy and could support revenue for 12 to 18 months, while Saxo’s Charu Chanana warned a shake-up could raise questions about China plans.

President Donald Trump said Huang should remain chief executive, and Nvidia has not said it will replace him. Nvidia’s shares fell sharply this week, with The Next Web reporting more than 8% in after-hours trading on Wednesday. This article is for information only and is not investment advice.