Nvidia is coming under fire for having no clear succession plan to replace Jensen Huang in the event that something unexpected happens — like an international incident with him at the center.

Catch up quick: Huang — who founded the chip giant, serves as its all-powerful CEO and exerts significant influence over the global AI economy — admitted to having an affair with a woman suspected of being a Chinese spy.

• Nvidia's board announced an independent investigation yesterday, and experts say Huang's chances of keeping his job are a coin flip.

The big picture: The company, by all accounts, has no clear bench of potential replacements.

• Huang famously has dozens of direct reports, ensuring that no single individual — other than him — has a wide-ranging purview at the company.

🔍 State of play: The highest-profile member of Huang's executive team is Colette Kress, Nvidia's CFO, who appears alongside him during the company's earnings calls.

• But analysts say Kress — who has spent her career in financial roles — isn't necessarily a natural successor to Huang in his role as an innovator and visionary for the AI age.

🗣️ What they're saying: "It's ridiculous that they have nobody in management identified," says Jeffrey Sonnenfeld, a professor at the Yale School of Management who is one of the nation's premier CEO whisperers.

For now, Nvidia investors are anxiously awaiting results of the probe — but in general, most say they are hoping he's able to stay.

• "In some ways, he's irreplaceable," says Michael Monaghan, partner at Founder ETFs, an Nvidia investor.

Nvidia had no immediate comment today.

📉 The impact: The company's shares closed down 4.3%.

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All eyes now are on what Nvidia's board decides to do, Nathan and Emily write.

• The affair itself probably isn't a fireable offense, since it wasn't with an employee, business ethics experts say.
• But if Huang inadvertently exposed secrets to an American adversary, that could get him booted.

🕵 The big picture: Directors of the second most valuable company in the world are being forced to confront the possibility that Huang's behavior could have compromised the AI chip giant's secrets — and the nation's security.

🗣️ What we're watching: "Given the seriousness of the allegations, I do wonder why he wasn't put on some sort of administrative leave," says Charles Elson, a corporate governance expert and former University of Delaware professor.

• The distraction factor is also notable here, as the board has launched what it says is an independent investigation that could consume much of Huang's attention, and Huang has already been called to a closed-door meeting with Republican lawmakers.
• "He's gonna be really busy answering questions instead of running the business," says Yale's Sonnenfeld.

Reality check: Support from investors, President Trump and other AI leaders will be a powerful force that traders believe will keep Huang on the job.

• On Kalshi, traders say the chances of Huang leaving the job before Jan. 1, 2029, are 33%, after briefly jumping above 55% earlier today.

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✈️ Boeing plans to cut about 5% of its commercial airplane workforce as it slows plans to increase production. (Axios Seattle)

🚀 SpaceX plans to invest $24 billion in a data center complex alongside a gas power plant in Texas. (Reuters)

🥩 Tyson Foods will boost its beef processing capacity by adding a shift at its plant in Amarillo, Texas, in a move that could help lower meat prices. (Bloomberg)

Uber built its business on the idea that you don't need to drive your own car. But if you are going to drive, Uber now wants to help you find a place to park, Axios Future of Mobility author Joann Muller writes.

The intrigue: Uber's new parking service is part of its ambition to become a super-app for everything — transportation, delivery and even hotel bookings. But there's another twist:

• 🥱 It could help solve a thorny problem for robotaxis: Where do they go to sleep?

Driving the news: Uber is launching Uber Parking, allowing drivers to find, compare and reserve parking through the Uber app.

• And it says it plans to explore using parking facilities in the SpotHero network as staging areas for idle robotaxis.

🤖 Between the lines: Instead of cruising city streets between fares, autonomous vehicles could wait in garages or lots until they're summoned.

• That could reduce empty miles, congestion and vehicle wear while positioning robotaxis closer to potential customers.