Nvidia Spy Drama Sparks Second Stock Market Shock in a Week
Summary
Nvidia shares fell on Monday after the company said its board would investigate reports that CEO Jensen Huang was targeted by a foreign intelligence effort. The allegations have not been established, and Nvidia’s board said it had no reason to believe national security or company secrets were compromised.Key Facts
- Nvidia shares traded at $174.21 shortly after Monday’s market open, down more than 6 percent from Friday’s close of $186.64.
- Nvidia’s board said its investigation would examine all available information.
- Huang said he supported the board’s investigation and would cooperate fully.
- A New York Times report alleged that Huang had a relationship with Alice Huang, a Chinese citizen whom U.S. intelligence agencies reportedly considered a Chinese intelligence asset.
- The article says Alice Huang is a former television reporter in China and an executive at Singapore-based data center company Megaspeed.
- China’s Foreign Ministry spokesperson Guo Jiakun called the allegations unsubstantiated and said they were aimed at smearing China.
- Nvidia said Huang would continue leading the company as CEO without interruption.
- The article linked Thursday’s declines in Nvidia and other AI-related stocks to investor concerns about the effect of Democratic gains in the midterm elections on data center construction.
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