Nvidia perpetuals (NVDA) fell 10% on Hyperliquid early on November 12, according to The Block, after reports that the chipmaker’s board was preparing to remove CEO Jensen Huang. The news arrived after the regular US stock-market session had closed, giving crypto traders the first chance to react.

Crypto exchanges offered investors a venue to position themselves before Nasdaq reopened. Nvidia had not announced a final decision on Huang’s position.

Nvidia Leadership Reports Trigger Selling After the US Close

The threat of a leadership change reversed the tone of Wednesday’s trading. Nvidia shares had finished the regular session up nearly 3%, but the board reports sent contracts tied to the stock lower.

Related: Nvidia Opens Board Inquiry Into Alleged Chinese Spy Effort Targeting Jensen Huang

The reaction spread into conventional markets. Nvidia shares fell more than 7% in after-hours trading, while Nvidia-linked contracts on Binance, OKX and Bybit also declined.

For traders holding NVDA exposure overnight, the key question was whether the board would replace the executive who co-founded Nvidia and has led it for more than three decades.

Nvidia Perpetuals Draw More Than $4 Billion in Trading

Aggregate Nvidia perpetual-futures volume across exchanges reached a record above $4 billion, according to Coinglass figures cited by CoinDesk. Binance accounted for 44% of that activity.

Binance Research put 24-hour volume for its NVDAUSDT contract at $2 billion. Trading continued after the cash session ended, allowing investors to adjust Nvidia exposure while the regular US equity market was closed.

That turnover turned the leadership question into an immediate trading event across several crypto exchanges. Participants repositioned before the next regular Nasdaq session.

Nvidia’s Investigation Expands Into a Succession Question

The board reports followed Huang’s acknowledgment of an extramarital relationship and Nvidia’s appointment of outside counsel to investigate. A late-Wednesday New York Times story alleged a second relationship with a company executive. The Wall Street Journal then described preparations to remove him.

The board had also engaged an outside firm to identify potential replacements and was considering an interim CEO, according to CryptoPotato. Those preparations gave directors options for managing a transition if they decided to replace Huang.

Nvidia said it had “no reason to believe” that US national security or company secrets had been compromised. Investors now await the board’s findings and any announcement about its leadership choice.

Huang’s Possible Departure Creates Its Own Risk

The Kobeissi Letter opposed removing Huang, saying there was “no clear replacement” and that his departure would hurt Nvidia and its shareholders. Succession has become a risk in its own right as directors examine his conduct.

An official board decision is the next milestone, followed by any announcement of an interim or permanent successor. Nvidia’s price when regular Nasdaq trading resumes will offer another signal. Keeping Huang would leave the investigation in focus; replacing him would put the successor and transition terms under the microscope.

FAQ

When did Huang acknowledge the relationship that preceded Nvidia’s investigation?

Huang acknowledged the relationship on November 8, 2026. He also sent employees an email apologizing for his conduct.

Who is leading the outside legal team investigating the matter?

Former acting US Attorney Joon Kim is leading the outside counsel appointed for the inquiry. Nvidia opened the investigation following Huang’s acknowledgment.

What voting threshold can Nvidia’s board use to remove its CEO?

Nvidia’s bylaws allow directors to remove the CEO by majority vote. They can do so with or without cause.

How much of Binance’s reported Nvidia perpetual-futures volume occurred after the US cash session closed?

Roughly half of the $2 billion in 24-hour NVDAUSDT volume occurred after the cash close, according to Binance Research. The leadership reports emerged after regular stock trading had ended.

What alternative to removing Huang did The Kobeissi Letter recommend?

The market commentary account urged a thorough investigation and consultation with shareholders. It placed particular emphasis on shareholder input before a leadership decision.

This article is for information only and is not financial advice.

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