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President Donald Trump has offered Jensen Huang something close to a character reference.
On Monday, Trump said he spoke with the Nvidia CEO after a media report connected Huang to a businesswoman accused of passing information to China. According to Trump, Huang told him he had no idea the woman was a spy.
What we know so far
The story started with a New York Times report. It said Huang had a close relationship with a Chinese businesswoman whom US intelligence officials believe shared information with Beijing.
Nvidia’s board responded by opening a probe. The independent investigation, launched on November 8, is examining whether Huang was targeted by foreign intelligence.
The woman has been identified as Alice Huang, a Chinese citizen and former executive at Megaspeed International. She is not related to the Nvidia CEO.
US intelligence officials reportedly believe she was recruited by China’s Ministry of State Security. She was reportedly tasked with gathering information on Jensen Huang and on Nvidia’s AI technology.
The two were photographed together multiple times at various events between 2024 and 2025.
Trump described Huang as an “honourable guy” and said he believed the CEO’s denial. He also noted that an FBI investigation is underway.
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“Honourable guy.” President Donald Trump, describing Jensen Huang
“Honourable guy.” President Donald Trump, describing Jensen Huang
Huang told Nvidia employees he had been unfaithful, though he did not name the person involved. Nothing in the reporting so far ties that admission to Alice Huang specifically.
Nvidia says it does not believe any of its secrets were compromised.
The market reaction
Nvidia stock dropped more than 4% on Monday, and at its worst point during the session it was down as much as 8%.
The business link is where things get uncomfortable. Megaspeed International, Alice Huang’s former employer, reportedly bought more than $4.8 billion worth of Nvidia chips over two years.
The political dimension
Trump was allegedly briefed on the intelligence regarding Alice Huang in late 2025 and reportedly chose not to act at the time.
Meanwhile, the FBI investigation runs in parallel with Nvidia’s board probe: one is about national security, the other about governance and shareholder protection.
What this means for Nvidia and its stakeholders
For shareholders, the core issue is key-person risk. Nvidia’s CEO is one of the most recognizable executives in tech, and any doubt about his judgment or exposure quickly shows up in the share price, as Monday demonstrated.
The board’s probe is framed around whether Huang was targeted, not whether he did anything wrong.
The reported $4.8 billion in Megaspeed purchases will invite questions about whether Nvidia knew enough about who it was selling to, and whether its compliance checks need tightening.
