US Treasury chief calls for outsider to lead embattled tech firm Nvidia
Summary
Treasury Secretary Scott Bessent urged Nvidia’s board to choose a leader from outside the company after Jensen Huang stepped down. Bessent also called for the company to answer questions about possible violations of U.S. chip export controls, as lawmakers debate tighter restrictions on sales to China.Key Facts
- Bessent said Nvidia needs a dramatic shake-up and should look outside the company for Huang’s successor.
- Huang stepped down three days before Bessent made his comments.
- Reports alleged that Huang had an extramarital relationship with Alice Huang, a former executive at Nvidia client Megaspeed.
- U.S. officials reportedly suspect Alice Huang of working for Chinese intelligence; China’s foreign ministry denied the allegations.
- Bessent questioned whether Nvidia had overlooked potentially illicit chip sales to increase revenue and earnings.
- Bessent called on Nvidia’s board and outside legal counsel to provide answers within 10 days about the company’s compliance with export controls.
- Some lawmakers from both parties are seeking tighter limits on exports of advanced U.S.-designed chips to China.
- Bessent said existing export-control rules are sufficient but need stronger enforcement.
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