Jensen Huang resigns from Nvidia after affair; Senate summons him and Lutnick

Jensen Huang resigned from his leadership position at Nvidia last Thursday after admitting to an extramarital affair. Huang admitted to being "unfaithful" to his wife last Sunday, following reports that he had an affair with Alice Huang, a former executive at the Singaporean company Megaspeed, who is suspected of being a Chinese spy. China has dismissed these allegations as smears.

US Attorney General Todd Blanche stated last Thursday that the Department of Justice has not reached any conclusion regarding whether Alice Huang is engaged in espionage for Beijing.

Republican Senator Tim Scott of South Carolina sent a letter to Huang and Lutnick last Thursday, demanding they testify before the Senate Banking Committee. Scott requested that Huang appear voluntarily on December 3, but also warned that the committee might issue a subpoena to compel his testimony. "Recent reports have raised serious concerns about our national security and the protection of sensitive American technology," the South Carolina Republican posted on X. He added: "The American people have a right to know the answers."

Three House committees—Intelligence, Foreign Affairs, and the Select Committee on the Chinese Communist Party—also sent a letter to Huang, summoning him for a closed-door interview on December 1.

Lutnick is under scrutiny because unnamed officials in the Trump administration revealed to US media that the Commerce Secretary delayed efforts to strengthen export restrictions on advanced AI chips to China. A Department of Commerce spokesperson told US media that Lutnick had "proactively" agreed to testify before the Senate Banking Committee.

Nvidia's market capitalization evaporated by $55 billion (approximately £41.5 billion) in just five days. Nvidia's stock price plummeted this week, marking the most significant five-day decline since the company went public 27 years ago. Its market capitalization had risen by more than 470% over the past five years, peaking just weeks ago, but has now fallen by 31%.

Nvidia stated there is "no reason to believe that national security or Nvidia secrets have been compromised," but promised that its independent investigation will review all available information. The company announced it had launched an investigation to determine whether its CEO had "become the target of foreign intelligence efforts."

Nvidia is currently searching for Jensen Huang's successor. The company's CFO, Colette Kress, was appointed as interim CEO on Thursday.

Sources

This article was drafted with AI assistance and checked against the sources above. Company claims are reported as claims. Cover image is AI-generated.