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Nvidia’s board of directors said on November 8, 2026 it was initiating an independent review following media reports that its chief executive had been the target of a foreign intelligence effort, according to a statement from the company. The announcement came after The New York Times reported last month that US intelligence officials believed Chinese businesswoman Alice Huang, also known as Huang Le, was a spy for Beijing who developed a close relationship with Jensen Huang. Nvidia shares fell from a Friday close of $186.64 to around $177 in premarket trading, a decline of nearly 5 percent, Yahoo Finance data showed. The board added that it had no reason to believe national security or company secrets had been compromised but would examine all available information with a committee of independent directors assisted by outside counsel.
Jensen Huang, who co-founded the AI chip leader more than three decades ago, admitted in a message to employees that he had been unfaithful to his wife, Reuters reported. “I was unfaithful to my wife. My actions hurt her and our children. There is no excuse for what I did. I am deeply sorry,” Huang wrote in the statement obtained by multiple outlets. He added that he took full responsibility and had fallen short of his duties to employees, the board and shareholders. Huang stated he supported the investigation and would cooperate fully while affirming his commitment to protecting Nvidia and US national security.
The reports centre on Alice Huang, a former top executive at Singapore-based data centre operator Megaspeed who held the role between March and November 2023, the New York Times reported. US authorities had scrutinised Megaspeed for allegedly helping Beijing access advanced Nvidia chips restricted by export controls imposed since 2022, according to Reuters. The company purchased nearly $5 billion worth of Nvidia technology, a Times investigation found. Alice Huang’s current whereabouts remain unknown and she has not responded to requests for comment.
Nvidia, whose market capitalisation stands at around $4.5 trillion, designs some of the world’s most advanced AI processors and has faced growing regulatory pressure amid US-China technology tensions, Al Jazeera reported. The Commerce Department began investigating Megaspeed in late 2024 before handing the probe to the Justice Department this year, the New York Times said. A US government memo circulated in the Trump administration last spring cited intelligence linking Alice Huang to China’s Ministry of State Security, according to The Guardian.
Chinese officials rejected the espionage allegations as groundless speculation intended to smear Beijing. Foreign Ministry spokesperson Guo Jiakun told reporters on November 9, 2026 that “the allegations about Chinese spies are entirely groundless, speculative and intended to smear and malign China,” the BBC reported. President Donald Trump described Huang as “a fine person” and “an honourable guy” while downplaying the need to act on the earlier intelligence, multiple outlets including Politico noted. Trump has relied on Huang as a key adviser on artificial intelligence policy.
Analysts said the developments could lead to congressional inquiries and raise questions about Huang’s position at the company he built into a global leader. US-based tech industry analyst Dan Ives told The Guardian that the scandal would weigh on Nvidia’s share price given Huang’s central role in its strategy. The board’s statement emphasised that US national and economic security remained paramount to Nvidia and its shareholders. Megaspeed told the New York Times last month that its current leadership took the allegations seriously and had appointed external legal advisers.
