Nvidia’s board opens an independent investigation after reports its CEO was targeted by a foreign intelligence effort, as House chairs set a Nov. 11 reply date

Top image: Nvidia CEO Jensen Huang acknowledges the audience at the White House AI Summit in Washington in July 2025. Photo: The White House (public domain) via Wikimedia Commons

By Renata Solvik, Enterprise & Private Equity Reporter

Nvidia’s board said Sunday that it is opening an independent investigation “in light of recent reporting that founder and CEO Jensen Huang has been the target of a foreign intelligence effort,” according to its statement. A committee of independent directors, assisted by outside independent counsel, will oversee the review.

The board said it has “no reason to believe that either national security or NVIDIA secrets were compromised,” that its inquiry “will examine all available information,” and that it “has confidence in Jensen and his leadership team.” Huang “fully supports the review and has committed to cooperating with it,” the statement said. Nvidia told CNBC that “Jensen is committed to continuing to lead NVIDIA as CEO without interruption.”

What Huang told employees

In a staff email obtained by CNBC, Huang wrote: “I was unfaithful to my wife. My actions hurt her and our children. There is no excuse for what I did. I am deeply sorry.” On the investigation, he wrote that he supports it and will cooperate fully. “I love our country and our company,” he wrote. “I am committed to protecting NVIDIA and supporting America’s national security.”

The reporting behind the review

The New York Times reported in October that President Trump was briefed last year on intelligence that Huang had a close relationship with a Chinese businesswoman who passed information to Beijing, according to The Guardian’s summary. The woman is Alice Huang, also known as Huang Le, an executive at the Singapore-based data center company Megaspeed. The Guardian reports she is not related to the Nvidia chief. The Times, citing unnamed sources, reported that U.S. officials concluded she was acting as a Chinese intelligence asset. She had previously been suspected of smuggling Nvidia chips to China, the Guardian reported.

China’s foreign ministry has rejected the account. Spokesperson Guo Jiakun said Monday that the “so-called Chinese spy narrative” was unsubstantiated, Reuters reported, as relayed by CNBC. The Chronicle covered Nvidia’s earlier response to these reports on Nov. 2.

Washington’s reaction

Trump praised Huang on Sunday while saying he had not spoken to him about the investigation. “I think he’s an honorable guy. I think he probably has an excuse for it. You have to hear it,” the president told reporters, adding: “He’s done an amazing job for our country,” according to CNBC. He also suggested he would be happy to take Huang on a trip to Asia next week, the Guardian reported, and said: “I haven’t heard he’s done anything wrong. He dealt with somebody. But, you know, so does everybody else.”

Republican lawmakers have pressed harder. On Nov. 4, House Foreign Affairs Chairman Brian Mast, Select Committee on China Chairman John Moolenaar and Intelligence Committee Chairman Rick Crawford asked Huang for a joint, closed-door briefing on Nov. 18 in Room 2172 of the Rayburn House Office Building. They want to discuss Nvidia’s “security protocols against foreign adversary espionage” and his interactions with Alice Huang. They asked him to accept the date or propose another session day by Nov. 11. “It is vital that Congress determines the extent to which U.S. national security has been placed at risk,” they wrote, in a release the next day.

Shares, earnings and the calendar

Nvidia shares were down nearly 5% in premarket trading Monday, CNBC reported. Dan Ives of Yorkville Ives & Co. called it a “black eye moment” for Huang but said talk of replacing him is “comedy.” Joachim Klement of Panmure Liberum said the effect is contained to Nvidia for now. Shaun Maguire, a Sequoia partner, defended Huang on X, and Elon Musk reshared the post, CNBC reported.

The stock was already under pressure. The Guardian reported a tech sell-off took nearly $1 trillion off the Nasdaq in one week, with Nvidia’s 3.1% drop the heaviest weight on the S&P 500. Nvidia reports third-quarter results on Nov. 17 and holds a major conference in Washington at the end of the month, per CNBC.

What is known and what is not

The company’s headquarters are at 2788 San Tomas Expressway in Santa Clara, the address the House chairs used. The board has not said how long its review will take or when it will report. Its statement does not describe the independent counsel or specify what the inquiry will cover beyond “all available information.” Nvidia has not publicly addressed the specific Times reporting about Alice Huang beyond that statement.

Dates to watch: Nov. 11, when Huang’s reply to the House chairs is due; Nov. 17, Nvidia’s earnings; Nov. 18, the requested briefing; and any update from the board, which said it “will provide further updates as appropriate.”