Nvidia’s board has begun an investigation into whether chief executive Jensen Huang was the target of a foreign intelligence operation, the company said after media reports about his personal ties to a Chinese businesswoman.
The board action followed a New York Times report that US intelligence officials believe the woman passed information to the Chinese government. Huang has publicly acknowledged an extramarital relationship with the woman.
Nvidia’s share price fell to a seven-month low on Monday after the probe was disclosed, wiping out hundreds of billions of dollars in market value and sending shockwaves through investors in the AI chip sector.
Huang is a prominent Silicon Valley figure and has been a vocal supporter of the Trump administration since at least 2025, appearing frequently in Washington as Nvidia pursued sales of advanced processors to China.
He travelled with President Donald Trump on Air Force One to China in May, attended a White House state dinner for President Xi Jinping in September, and was present at a Mar-a-Lago dinner that preceded the administration pausing plans to tighten export rules for some Nvidia chips in April 2025.
The Biden-era policy adjustments later allowed Nvidia to export its H200 processors to China in December 2025, subject to a 25 per cent fee, a decision that reflected the company’s heavy commercial interests in the Chinese market.
A former US intelligence analyst criticised the closeness between corporate executives and national security issues.
“This tech competition is really happening at the level of private companies, which are headed by CEOs,” former US intelligence analyst Elly Rostoum said on Bloomberg TV. “This seems quite frankly quite careless.”
China denied the accusations, with Ministry of Foreign Affairs spokesperson Guo Jiakun calling the reports “unsubstantiated” and “nothing but smears against China.”
Nvidia’s relationship with the White House has included large gestures: media reports say the company committed $US25 million (about $36.2 million) towards a planned White House ballroom, and Mr Huang received the nation’s highest honour for scientific achievement from President Trump in October. The president disclosed earlier that he had bought up to $US1.6 million and sold up to $US1 million in Nvidia stock during the summer.
Neither the White House nor Nvidia’s communications team immediately responded to requests for comment about the ties between Huang and the president, and the board inquiry into possible foreign intelligence involvement is ongoing.
