Nvidia shares tumble as US officials probe CEO's alleged ties to Chinese spy
Nvidia lost about $430 billion in market value after reports that CEO Jensen Huang’s relationship with a woman accused of being a Chinese intelligence asset may have facilitated billions of dollars in chip shipments to China, prompting congressional calls for tighter export controls and an internal investigation.
Nvidia’s market value fell roughly US$430 billion over two trading sessions after new reports linked chief executive Jensen Huang’s personal relationship with a Chinese businesswoman to at least US$7.5 billion in chip shipments to China. The allegations prompted Senate Democratic leader Chuck Schumer to demand a full accounting from the administration and tighter curbs on U.S. chip exports, while Republican Senator Kevin Cramer called for Huang’s resignation, saying the “potential for extortion is so tremendous.”
The company’s independent directors have hired outside counsel, retaining Wachtell Lipton partner Joon Kim to lead an internal probe. Nvidia said its board sees no evidence that U.S. national-security secrets were compromised and that Huang will cooperate with the investigation.
Separately, U.S. Secretary of State Marco Rubio reportedly briefed President Donald Trump aboard Air Force One about intelligence indicating Huang’s involvement with a woman believed to be a Chinese spy. Trump said he had asked Huang whether he knew the woman was a spy and was told he had “absolutely no idea.” A White House official disputed the report.
The woman, identified as Alice Huang (also known as Huang Le), is alleged to have used a network of companies in China and Singapore to acquire restricted Nvidia chips, moving about 240,000 H100, H200 and A100 units into China for firms such as Alibaba and Tencent. U.S. agencies have considered adding her Singapore-based firm Megaspeed International to the Commerce Department’s entity list, but the department has delayed a final decision.
Nvidia’s shares have fallen 9.5 % since the controversy emerged, lagging the broader market as investors weigh the company’s reliance on AI-related spending against the governance risks highlighted by the allegations.