This shifts the Huang story from a national security question toward a corporate governance one, which is easier for investors to price and harder for the board to dismiss. A relationship with a direct report raises code-of-conduct issues, and it widens what the board’s investigation may need to examine. Huang is closely identified with Nvidia’s strategy and customer relationships, so any hint of leadership change would be a material risk for the stock. Because Nvidia is one of the S&P 500’s biggest weights, that risk reaches broad index exposure too. Expect the board review to compete with guidance for attention in next week’s results call, and headline-driven volatility around the November 17 results and the November 18 House briefing.---This is just turning into gossip magazine fodder now. Anyway, this is probably the final nail in Huang's coffin. Earlier:Lutnick stalls Trump’s third Nvidia chip diversion crackdown this year, Axios saysThree risks for Nvidia shares after Huang admits affair with suspected Chinese spy---The Huang story is no longer only about China, and a relationship with a direct report puts Nvidia’s own code of conduct at the centre of the board’s review.Summary:The New York Times reported that Jensen Huang had an extramarital relationship with Kimberly Powell, Nvidia’s VP of health care, who reports to him, citing five people who worked at the companyNvidia’s code of conduct tells staff to avoid conflicts, including personal relationships, and says it promptly investigates misconductThe board is already investigating Huang’s relationship with Alice Huang, whom US officials identified as a Chinese intelligence asset, with Wachtell, Lipton, Rosen & Katz leading the reviewChina denies the espionage claims, and Nvidia has said earlier allegations about Megaspeed diverting chips were debunkedThree House committee chairs have requested a closed-door briefing with Huang, reportedly on November 18Nvidia reports third-quarter results on November 17Nvidia chief executive Jensen Huang had an extramarital relationship with Kimberly Powell, the company’s vice president of health care, who reports to him, The New York Times reported, citing five people who worked at the company. The relationship had not been reported before. It widens the scrutiny facing the head of the world’s leading AI chipmaker, less than a week before Nvidia reports quarterly results.The report matters as a governance issue, not only a personal one. Nvidia’s code of conduct tells employees to avoid situations that create conflicts, including personal relationships, and says the company promptly investigates reports of misconduct. Many large companies bar managers from relationships with subordinates, because such ties can raise questions about pay, promotion and oversight. Both Huang and Powell are married to other people, according to the Times.The new claim adds to an investigation already under way. Last month, the Times reported that US officials had identified Alice Huang as a Chinese intelligence asset. She is an executive at Megaspeed, a Singapore-based data center company, and had become close to the Nvidia CEO. She is no relation to Jensen Huang. After he acknowledged an affair with her, Nvidia’s board opened an investigation this month, led by the law firm Wachtell, Lipton, Rosen & Katz. The board has said it has no reason to believe national security or company secrets were compromised. China has denied the espionage claims, and Alice Huang has not responded to requests for comment.Nvidia has also pushed back on the wider allegations. It said earlier claims that Megaspeed diverted chips had been investigated and debunked last year, and Jensen Huang has described the company’s dealings with Megaspeed as normal.Pressure is building in Washington too. The Republican chairs of three House committees have asked Huang to attend a closed-door briefing on his dealings with Alice Huang, reportedly on November 18. That is the day after Nvidia’s third-quarter results on November 17, when investors will be listening for any comment on the board’s review alongside the numbers. Huang co-founded Nvidia in 1993 and built it into the premier supplier of AI chips, which makes the question of how much the company depends on him an unusually sharp one for shareholders. This article was written by Eamonn Sheridan at investinglive.com.