Key facts
- Nvidia's board is investigating whether CEO Jensen Huang was targeted by a foreign intelligence effort, the company said.
- Huang admitted to an affair with Alice Huang, a former executive at Nvidia customer Megaspeed, and apologized in a memo.
- US intelligence officials believe Alice Huang was recruited by Chinese intelligence, according to the New York Times.
- Nvidia's independent directors are working with outside legal counsel on the investigation, and Congress is demanding answers.
- Nvidia recorded $7.9 billion in revenue from China-headquartered customers in the quarter ended July 26, about 8% of total.
Nvidia's board is investigating whether CEO Jensen Huang was targeted by a foreign intelligence effort, the company said on November 9, 2026, after a New York Times report described his relationship with a Chinese businesswoman whom US intelligence officials believe passed information to the Chinese government. Nvidia shares hit a seven-month low on Monday.
The Financial Times reported on Friday on Huang's relationship with Alice Huang, a former executive at Megaspeed, an Nvidia customer. Huang admitted to the affair and apologized in a memo to the company on Sunday. US intelligence officials believe Alice Huang was recruited by Chinese intelligence to gather information about the CEO and influence the company's efforts to loosen chip export restrictions, according to the New York Times. Nvidia's independent directors, working with outside legal counsel, are investigating the matter, and Congress is demanding answers.
The New York Times reported that Trump was briefed on Huang's relationship with the woman and that she was giving information to the Chinese government, and chose not to act on the information. Neither the White House nor Nvidia's communications team immediately responded to a Reuters request for comment on their relationship. Trump told reporters on Sunday night he had not spoken to Huang about the allegations and called him an honorable guy.
Huang has repeatedly lobbied the US government to expand access to China. He met repeatedly with Trump and administration officials last year; afterward, the government reversed restrictions on Nvidia's H20 chips and allowed exports of its more powerful H200 processors. In December 2025, Trump said the US would allow Nvidia to export its H200 processors to China and collect a 25% fee on such sales.
China has historically been a big market for Nvidia, though it has shrunk in recent years due to strict US export controls and an aggressive push by Beijing for domestic alternatives. In the three months ended July 26, Nvidia recorded $7.9 billion in revenue from customers headquartered in China, roughly 8% of total revenue. Reuters reported last week that about 600,000 H200 chips are being held in Hong Kong, awaiting shipment to mainland China.