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Nvidia Stock Drops as CEO Affair with Suspected Chinese Spy Probed
Confirmed
In Short: The FBI is investigating Nvidia CEO Jensen Huang over an alleged affair with a suspected Chinese intelligence operative, marking the first direct presidential involvement in the scandal.
Nvidia stock falls as scrutiny turns to Jensen Huang's affair with alleged Chinese spy. CNBC Television
Nvidia's stock closed 4.27% lower on Monday after the tech giant launched an investigation into CEO Jensen Huang's relationship with a businesswoman who intelligence agencies say is a Chinese spy.
Broadcom added 8.78% and Nvidia AI chip rival Advanced Micro Devices gained 13.26% as investors shifted their focus.
The company's board said it has 'confidence in Jensen,' who co-founded Nvidia in 1993 and has led it ever since, building a net worth of more than $150 billion.
In the three months ended July 26, Nvidia recorded $7.9 billion in revenue from customers headquartered in China, roughly 8% of total revenue.
The board's inquiry will examine all available information, though there is no reason to believe that either national security or Nvidia secrets were compromised.
Nvidia's independent directors, working with outside legal counsel, are investigating the matter, and insiders told reporters that Huang has just 50-50 odds of keeping his job.
What this adds
The investigation into Huang's relationship with the suspected Chinese spy has put Nvidia under unprecedented scrutiny, with lawmakers, investors, and tech leaders assessing the bombshell revelations.
Background
Nvidia CEO Jensen Huang acknowledged having an affair with a woman US officials suspect of working for Chinese intelligence, prompting the company to launch an independent probe.
Nvidia's board launched an investigation into CEO Jensen Huang's relationship with a woman U.S. intelligence agencies suspect is a Chinese spy.
What's confirmed
- According to the report, surveillance of the executive, identified as Chinese national Alice Huang or Huang Le, revealed that she maintained a close association with Nvidia Chief Executive Officer Jensen Huang.
What's still developing
- "one of the greatest entrepreneurs of this generation."
- Trump: FBI Probing Nvidia CEO Over Chinese Spy Affair President confirms investigation into Jensen Huang during Monday call with chipmaker boss President Trump confirmed Monday that the FBI is investigating Nvidia CEO Jensen Huang over an alleged affair with a suspected Chinese intelligence operative, marking the first direct presidential involvement in a scandal that's put the world's most valuable chipmaker under unprecedented scrutiny.
- Nvidia CEO Jensen Huang at the centre of a controversy involving suspected Chinese espionage. (AI-generated image) Nvidia CEO Jensen Huang has found himself at the center of a controversy involving an alleged affair, a suspected Chinese spy, and growing national security concerns in the United States.
- Nvidia CEO Jensen Huang faced growing congressional scrutiny after multiple reports said he had a romantic relationship with Alice Huang, a female entrepreneur suspected of being recruited by China’s Ministry of State Security.
- Nvidia subsequently contributed upwards of USD 20 million towards Trump's ballroom fund, according to an individual familiar with the matter.
- The stunning admission follows an investigation by the New York Times that reported that Nvidia’s leader was targeted by former Megaspeed International executive Alice Huang, who the U.S. government suspects was recruited by a Chinese spy agency.
- Nvidia Corp. (NVDA) CEO Jensen Huang is facing fresh scrutiny over his China connections after U.S. intelligence reportedly flagged an alleged romantic relationship between the chip executive and a woman believed to have been recruited as a Chinese spy.
- Nvidia shares gained nearly 3% in Friday’s regular trading, and rose another 1% during the afterhours session.
- A top executive at a Singapore-based data center company was under scrutiny for possibly steering advanced Nvidia artificial intelligence chips to China.
Sources
- TechCrunchlink
- The Tech Buzzlink
- Timesnownewslink
- Newscordlink
- PBSlink
- Aninewslink
- Newsweeklink
- Politicalwirelink
- Los Angeles Timeslink
- Stocktwitslink
- Gultelink
- Cnbclink
- Japantimeslink
- WarpBeat — background on Why is Nvidia’s Jensen Huang at the centre of a US-China spy scandal? link
- WarpBeat — background on Nvidia stock falls after company opens probe into CEO’s relationship with Chinese spy link
- CNBC Television — video link
- ABC7 — video link
- FRANCE 24 English — video link
- ABC News (Australia) — video link
- CNBC Television — video link
- ABC News — video link