Nvidia lost almost $500 billion in two days after Jensen Huang's affair with a suspected spy came to light

Nvidia has lost almost $500 billion in stock market value in two trading days. Shares fell more than 10% from Monday's open through Tuesday's close after news broke that CEO Jensen Huang had a romantic relationship with a woman US intelligence agencies believe was spying for China, NBC News reported. On Tuesday the company's board hired former acting Manhattan US Attorney Joon H. Kim and the law firm Wachtell, Lipton, Rosen & Katz to investigate, CNBC reported.

The stakes go well beyond one executive. Nvidia makes the chips that train nearly every major AI model, and Huang is its co-founder and public face, with no public succession plan. Investors now have to price in a risk they never modeled: that the man most tied to the AI boom could be pushed out.

What is known, and what is alleged#

Here is what has been confirmed on the record, and what rests on reports.

In his Sunday email, Huang wrote: "My actions hurt her and our children. There is no excuse for what I did." He said he is an American and supports US national security, per CNBC. He did not say who the affair was with, according to UPI.

The New York Times broke the news that Nvidia had opened an investigation. Its post on X said Huang had acknowledged to the board that he had been intimate with a business executive "who U.S. intelligence determined to be a Chinese spy." The post drew nearly 30,000 likes.

View this post on X

Alice Huang, who is not related to Jensen Huang, was a top executive at Singapore data center firm Megaspeed from March to November 2023, the BBC reported. Megaspeed has been suspected of helping divert Nvidia chips to China, a concern Nvidia says it investigated and found baseless. Singapore is investigating the company. Her whereabouts are unknown, and she did not respond to the Times. China's foreign ministry called the spying claims "entirely groundless."

The board's response#

Nvidia's board announced its probe on Sunday. "While the Board has no reason to believe that either national security or NVIDIA secrets were compromised, the Board's inquiry will examine all available information," it said in a statement. It added that it "has confidence in Jensen and his leadership team."

Tuesday's choice of investigator changed the tone. Many of Nvidia's directors have worked with Huang for decades and grown rich alongside him. Hiring Kim and Wachtell signaled the probe is not meant to be a rubber stamp, NBC News wrote. A company spokesperson has said Huang is committed to leading Nvidia "without interruption."

The Kobeissi Letter, a widely followed markets newsletter, posted the full text of Huang's staff email on Sunday. That post was seen more than 8.7 million times, a sign of how fast the story spread among investors.

View this post on X

The money#

The sell-off came in two waves. Nvidia closed down 4.3% on Monday, wiping out about $190 billion in value, according to UPI. On Tuesday it fell about 6% more, Reuters reported. Tuesday's drop also followed a report in The Information that Huang's relationship with Alice Huang helped at least $7.5 billion of Nvidia chips flow through Chinese firms, as summarized by Reuters. Nvidia has not publicly confirmed that report.

−6%

−4%

−2%

0%

Mon, Nov 9−4.3%

Tue, Nov 10−6%

Mon, Nov 9Tue, Nov 10

Source: UPI, Reuters via MarketScreener

Show the numbers

Day	Nvidia
Mon, Nov 9	−4.3%
Tue, Nov 10	−6%

This comes on top of a slide already underway. Nvidia is down 31% from its October 6 record, a loss of more than $1.7 trillion in value, NBC reported. Last week's midterm-driven chip crash knocked it down 9.2% in one day, as our markets story explains.

Kobeissi argued on Tuesday that the market is now pricing in two threats: Huang's possible removal, and tighter rules on chip sales to China.

View this post on X

Shareholders have already sued. A class action filed Monday in federal court in California, led by investor Mark Kistenmacher, says Nvidia and Huang failed to disclose that the relationship "raised concerns in the national security community" that could threaten the company's "reputation and business prospects," per UPI. It also accuses Nvidia of false statements about Megaspeed. The claims have not been tested in court.

Washington's role#

The political questions are getting louder. President Trump said Monday the FBI is investigating, and that Huang told him, "I had no idea that she was a spy." Trump said, "I really believe him," per the BBC.

But The New York Times reported Tuesday that Secretary of State Marco Rubio had twice warned Trump about the relationship, including aboard Air Force One in May on the way to China, NBC News reported. Huang joined that trip. Trump said Monday he "didn't hear about it then," then said he would "have to check." NBC has not confirmed the Times report.

House Foreign Affairs Committee members have asked Huang to appear at a closed-door briefing on November 18. Rep. Brian Mast said Huang could be subpoenaed if needed, per the BBC.

On Reddit, a r/wallstreetbets thread on the reports that US intelligence saw the affair as a Chinese "honeypot" operation became a hub for traders arguing over what it means for the stock.

What to watch#

• The probe. Its findings, and whether the board keeps backing Huang, will set the stock's direction.
• November 18. The congressional briefing request falls on the same day the Anthropic IPO could price, a big test for AI stocks.
• China rules. Any move to tighten chip export limits would hit Nvidia's sales outlook.

For now, Huang remains CEO. No one has shown that he shared secrets, and he has not been charged with anything. But a company worth about $4 trillion is now being priced partly on one man's private life.

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