President Donald Trump says the FBI is looking into Nvidia CEO Jensen Huang’s relationship with a woman US officials accuse of working for Chinese intelligence. Nvidia shares fell 4.27% on Monday, and the case lands a week before Trump’s China visit.
MoneyTurkey Politics Desk | 10 November 2026
Key points
- Nvidia shares fell 4.27% on Monday to close at $178.67
- Huang admitted an extramarital affair with Alice Huang, a former executive at Singapore data centre firm Megaspeed whom US officials allege works for China’s Ministry of State Security
- Nvidia’s board has opened an independent inquiry and says it has no reason to believe national security or company secrets were compromised
- China calls the reports “groundless speculation”; Alice Huang has not commented
- House Republicans want Huang to brief them on 18 November, while Trump is in China
What happened
“We’ll look into it. I know the FBI is looking into it in terms of something else,” Trump told reporters at the White House on Monday, Al Jazeera reported. He said Huang told him he had “absolutely no idea” the woman was an alleged intelligence agent, and that he believed him.
Huang admitted the affair on Sunday after the New York Times and Financial Times reported on a memo by unnamed US officials alleging he had been targeted for intelligence gathering. “There is no excuse for what I did. I am deeply sorry,” he said, adding that he would cooperate fully with the board’s inquiry, which is overseen by outside counsel.
China’s foreign ministry spokesperson Guo Jiakun called the reports “groundless speculation, and a smear against China.” Alice Huang is not related to Jensen Huang.
The Washington angle
Senior intelligence officials have briefed the Gang of Eight congressional leaders, House Democratic Leader Hakeem Jeffries said, according to the Los Angeles Times. Jeffries, expected to become Speaker after the Democrats’ midterm win, said he wants a full briefing on Nvidia and will push for tighter chip export controls.
Three Republican committee chairs, Brian Mast, Rick Crawford and John Moolenaar, have asked Huang to appear before the House on 18 November. Megaspeed was already under scrutiny over allegedly funnelling restricted AI chips to China, the LA Times reported.
Why it matters for markets
Nvidia controls an estimated 80% to 90% of the market for the graphics processors used to run frontier AI models. Huang has been one of the loudest critics of US export controls, calling them a “mistake”, and lobbied the administration into easing some limits over the past year. If the case shifts Washington back toward tighter controls, Nvidia’s China sales are the first thing exposed.
Timing adds pressure: Trump visits China next week, and Huang travelled with him to Beijing in May.
What to watch
- Findings of Nvidia’s board inquiry
- Whether Huang appears before the House on 18 November
- Any export-control proposals from Jeffries or the committee chairs
- Whether the issue comes up during Trump’s China visit
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For information only. Not investment advice.
Sources
- Al Jazeera: Trump says FBI probing Nvidia CEO Huang’s affair with alleged spy
- Los Angeles Times: Lawmakers briefed on Nvidia affair as security concerns mount
