THE BARE STORY
Nvidia’s board is preparing an independent investigation into Chief Executive Jensen Huang’s ties to Alice Huang, an executive linked to Nvidia customer Megaspeed. Jensen Huang told employees he had been unfaithful to his wife and apologized for the effect on his family.
U.S. intelligence officials have alleged that Alice Huang, who is not related to Jensen Huang, transferred information to Beijing after developing a close relationship with him. China has rejected the espionage allegations. President Donald Trump said the FBI was reviewing the matter and said Jensen Huang had denied knowing she was an intelligence operative.
Nvidia shares fell about 4.3% on Monday amid the disclosures, while the broader major U.S. stock indexes rose. Huang also withdrew from two technology-event speaking engagements scheduled for this week.
A shareholder class-action lawsuit filed Tuesday in federal court in San Jose, California, alleges Nvidia and Huang misled investors by failing to disclose material information about Huang’s relationship and the company’s ties to Megaspeed. The company faces additional scrutiny over whether restricted artificial-intelligence chips reached China through customers, while Megaspeed has denied allegations that it diverted restricted chips.
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