Trump says Nvidia's Jensen Huang didn't know of Chinese businesswoman's alleged spy ties
In brief
- Trump said Nvidia CEO Jensen Huang told him he had no idea the businesswoman was a spy.
- A New York Times report linked Huang to a Chinese businesswoman US officials believe shared information with Beijing.
- Nvidia's board opened an independent probe on November 8; an FBI investigation is also underway.
- Nvidia stock fell more than 4% on Monday, hitting a seven-month low.
What the report alleged
The woman has been identified as Alice Huang, a Chinese citizen and former Megaspeed International executive (she isn't related to the Nvidia CEO). The New York Times report said Jensen Huang had a close relationship with her, and it credited the view that she shared information with Beijing to US intelligence officials.
The two were photographed together multiple times at events between 2024 and 2025.
Megaspeed, her former employer, reportedly bought more than $4.8 billion worth of Nvidia chips over two years. That's a big customer relationship, and it's part of why the story landed so hard.
There's a separate thread too. Huang told Nvidia employees he'd been unfaithful, though he didn't name the person involved, and nothing in the reporting ties that admission to Alice Huang.
Trump backs the CEO as two probes run
Trump didn't hedge much on Huang himself.
Trump described Huang as an “honourable guy” and said he believed the CEO’s denial.
He also noted that an FBI investigation is underway. That probe runs in parallel with one inside the company: Nvidia's board opened an independent investigation on November 8 into whether Huang was targeted by foreign intelligence. One's about national security; the other's about governance and shareholder protection. The board's probe is framed around whether Huang was targeted, not whether he did anything wrong.
Nvidia said it doesn't believe any of its secrets were compromised.
Market reaction
Investors didn't wait for either probe to wrap up. Nvidia stock fell more than 4% on Monday, and at its worst point in the session it was down as much as 8%. Shares slid to a seven-month low.
So where does that leave things? Two investigations are open, the company says its secrets are intact (and the president says he believes its CEO), but neither the FBI nor Nvidia's board has reported findings yet.
Frequently asked questions
Who is Alice Huang?
Alice Huang is a Chinese citizen and former Megaspeed International executive who isn't related to Nvidia CEO Jensen Huang. A New York Times report said US intelligence officials believe she shared information with Beijing. Megaspeed reportedly bought more than $4.8 billion worth of Nvidia chips over two years.
What is Nvidia's board investigating?
Nvidia's board opened an independent investigation on November 8 into whether Jensen Huang was targeted by foreign intelligence. The probe is framed around whether Huang was targeted, not whether he did anything wrong, and it runs in parallel with an FBI investigation focused on national security.
How did Nvidia stock react to the report?
Nvidia stock fell more than 4% on Monday and was down as much as 8% at its worst point in the session. Shares slid to a seven-month low. Nvidia said it doesn't believe any of its secrets were compromised.
