A Republican Senator Just Told Jensen Huang to Step Down Omor Ibne Ehsan Wed, November 11, 2026 at 2:58 PM EST 5 min read NVDA +3.41% Trade NVIDIA on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Sen. Kevin Cramer says NVIDIA's Jensen Huang "has got to go" over extortion risks, but the board backs him and no regulator has acted.
House Republicans are threatening Huang with subpoenas and want him to appear November 18, a day after NVIDIA's November 17 earnings.
The scandal erased about $429 billion in market value and prompted Baird's downgrade, yet demand holds, so leadership risk mostly hits the valuation.
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"I just think he's got to go." Sen. Kevin Cramer (R-N.D.), a senior Republican on the Senate Banking Committee, said that about NVIDIA (NASDAQ:NVDA) chief executive Jensen Huang in an interview late on November 10, 2026. He argued that the risk of extortion is too great because NVIDIA's chips are so sensitive.
Cramer called Huang's actions a clear national security risk and said the board's internal investigation was "fine" but not nearly enough. NVIDIA did not immediately respond to a request for comment.
This matters to shareholders because NVIDIA's value depends on Huang and on Washington trusting its chips. The lawmakers who write China chip rules are now questioning both, and earnings are scheduled for November 17.
Cramer spoke after the close, so he did not cause Tuesday's drop. As of about 1:32 p.m. ET on November 11, shares were at $177.46, up 5.07% from Tuesday's $168.89 close as chip stocks rallied broadly. The stock is still down 22.6% over one month.
Cramer's call is an opinion he gave in an interview, and NVIDIA's board has the authority to remove a chief executive. Committees have yet to act on it.
His seat still matters, because Senate Banking has jurisdiction over the China chip bills under consideration for the defense authorization bill: the AI OVERWATCH Act, the Chip Security Act and the MATCH Act.
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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 was unfaithful to his wife but gave no details, and President Trump said on November 9 that he believed Huang had no idea.
Rep. John Moolenaar (R-Mich.), who chairs the House China committee, said on November 11 that Huang is likely to be subpoenaed. Rep. Brian Mast (R-Fla.) said he is prepared to issue one if Huang does not agree to a private briefing. House Republicans have asked Huang to appear on November 18. As of early Wednesday afternoon, no subpoena had been issued, and Huang had not replied.
The board opened an independent probe on November 8. It said it had no reason to believe any secrets were compromised and that it had confidence in Huang. The independent directors then hired Joon H. Kim and Wachtell, Lipton, Rosen & Katz. A probe can establish what happened, but it has no say over how Congress treats NVIDIA.
Between Friday's $186.64 close and Tuesday's close, about $429 billion in market value disappeared. That included a 5.47% drop on Tuesday alone. Baird downgraded the stock to Neutral and cut its price target to $200 from $500, citing uncertainty over whether Huang will stay.
Demand is a separate question from the scandal. NVIDIA guided to third-quarter revenue of $108.0 billion, plus or minus 2%, and that figure already excludes China data center sales. At a P/E (price-to-earnings ratio) of 34x, the leadership risk shows up mainly in the price investors will pay.
Political pressure is rising, but no regulator, court, or board has taken action against Huang. The business is still guiding to growth that few companies of any size can match.
The two real risks are tighter export rules and Huang's departure. The -14.14% one-week move already reflects a good share of both. The board has said it supports Huang, and he intends to stay on as CEO.
Three events will test this view of the risks. The first is whether Huang leads the November 17 earnings call. The second is whether a subpoena is issued before November 18. The third is whether the stock closes below its March closing low of $165.17, which would mean the market is pricing in a CEO change.
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