Nvidia (NASDAQ: NVDA) shares fell sharply in extended trading on Wednesday, November 11, 2026, after a run of reports about CEO Jensen Huang. The stock had risen 2.9% in the regular session to close at $173.73.

The Reports That Hit After the Bell

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  • The New York Times reported that Huang had an extramarital relationship with an Nvidia executive, according to CNN and NBC News.
  • Minutes later, The Wall Street Journal reported that Nvidia's board was preparing to remove Huang, per CNBC. CNN said, citing two sources, that the board was meeting Wednesday evening to discuss his future.
  • NBC News said it had not confirmed the Times report or the reports of a board meeting. Nvidia did not respond to requests for comment from CNN or NBC.

    • This came on top of the board's statement on Sunday that it would investigate whether Huang was the "target of a foreign intelligence effort," which we covered in our earlier NVDA options note. CNN noted that Nvidia shares fell 9.5% across Monday and Tuesday and that Huang has said he does not believe in succession planning, so there is no clear No. 2.

    As of this writing, no board decision had been announced. Treat every after-hours price as provisional.

    How Far the Stock Moved After Hours

  • Reuters via Asia Business Daily: $159.49 at 5:57 p.m. ET, down 8.2%.
  • CNN: down 8.6% as of 8 p.m. ET.
  • CNBC: more than 9% at one point. Nasdaq-100 futures were down about 1%.

    • Other chipmakers did not follow. CNN reported AMD up 4.5% and Broadcom up 2.9% after hours at 7 p.m. ET.

    A Chain Priced for a Quiet Week

    The option prices below come from the Cboe delayed-quote snapshot at Wednesday's close, so they reflect the market *before* the reports. Using last-trade prices for at-the-money $175 strikes:

    | Expiration | $175 call + $175 put | Share of $173.73 close | Nov 13 (Friday)$2.66 + $3.70 = $6.36~3.7% Nov 20 (covers Nov 17 earnings)$8.01 + $9.10 = $17.11~9.8% | Dec 18 | $11.50 + $12.15 = $23.65 | ~13.6% |

    An 8% after-hours drop is roughly twice what the Friday straddle priced, and it has already used most of what the market was charging for the week that includes Nvidia's November 17 earnings report. The $175 strike is close to the $173.73 close, so a small part of the put price is intrinsic value.

    Thirty-day implied volatility closed near 55.4%, down about 3.5 points on the day, per Cboe. That was a market that had been leaning toward calm after Monday and Tuesday's selling.

    Where Open Interest Sits Near $160

    The after-hours price is close to the $160 strike, where a lot of put open interest was already parked at Wednesday's close (Cboe):

  • Nov 13 $160 put: about 24,100 open interest, last $0.26.
  • Nov 20 $160 put: about 39,200 open interest, last $3.35.
  • Dec 18 $160 put: about 53,300 open interest, last $6.07.

    • If NVDA opens near $159, those cheap Friday puts move from far out of the money to at the money overnight. Wednesday's session itself was call-heavy: about 3.12 million calls against 1.84 million puts, with the most active contracts being same-day November 11 calls at $177.50 and $175 that expired worthless at the close.

    Two Events Stacked in One Expiration

    Before Wednesday, the November 20 options were mostly an earnings trade. Now they carry two separate unknowns: a possible leadership change and the November 17 results. Some educational points traders weigh in this kind of setup, not recommendations:

  • Implied volatility may rise, not fall, at Thursday's open. Unlike a normal post-earnings morning, the main event here has not resolved. Prices for near-dated options could reset higher on both calls and puts.
  • A gap is not the same as a trend. Put buyers at Thursday's open pay for the drop that already happened plus higher volatility. If the board says nothing or the stock stabilizes, that premium can shrink quickly.
  • Defined-risk structures such as vertical spreads limit the maximum loss and depend less on where volatility settles than single long options.
  • Short premium is exposed to headlines. Selling straddles or naked options into an unresolved board decision means any news can arrive overnight, when options cannot be adjusted.
  • Liquidity in extended hours is thin. Stock prices after the close can move a lot on small volume, and options do not trade until 9:30 a.m. ET.

    • For background on how volatility is priced, see our implied volatility explainer. The OCC options disclosure document explains the risks of standardized options.

    Sources

  • CNN: Nvidia stock drops as board weighs Jensen Huang's future
  • NBC News: Nvidia shares drop after hours amid reports of meeting over CEO's future
  • CNBC: Stock market today, November 11, 2026
  • Asia Business Daily (Reuters-Yonhap): Nvidia shares plunge more than 8% after hours
  • Nvidia: Statement from the Nvidia Board of Directors
  • Nvidia: Conference call for third-quarter financial results
  • Cboe: NVDA delayed options quotes

    • *By the OptionsPilot Editorial Team. Published November 11, 2026, 5:23 PM PT. This article is for education only and is not investment advice. Options involve risk and are not suitable for all investors.*