Nvidia Shares Fall as Jensen Huang Admits Affair and FBI Opens Probe — What We Know

Nvidia, the company at the centre of the artificial intelligence boom, lost nearly $200 billion in market value in a single day on Monday, 9 November 2026. Its shares fell sharply after chief executive Jensen Huang admitted to an affair with a woman US intelligence officials suspect was spying for China, and after President Donald Trump said the FBI was looking into the matter.

It was a brutal day for the world’s most valuable chipmaker, and it came even as the wider US stock market rallied strongly. While the Dow Jones jumped more than 1,100 points, Nvidia moved in the opposite direction, extending a slide that has now wiped about a quarter off its share price in a month.

This is what happened, what is actually known so far, and why investors are so worried.

What happened to Nvidia shares on Monday

Nvidia shares opened trading in New York on Monday 7.3 percent lower than Friday’s closing price. At one point during the day, the stock was down as much as 8.8 percent.

By the close, the shares had recovered some ground, ending the day at $178.67, down 4.27 percent from Friday. That single day’s fall wiped roughly $192 billion off Nvidia’s market value.

The drop was the latest leg of a slide that began last week. Nvidia stock has now shed roughly 11 percent of its value since Wednesday, 4 November. It is down about 25 percent from its peak a month ago, and last week it erased its gains for the whole year.

The fall stood out because the rest of the market was rising. Wall Street rallied sharply on Monday as markets continued to recover from last week’s steep sell-off, helped by a sharp drop in oil prices. Nvidia bucked that rally entirely.

The admission: Huang apologises to his wife and his company

The market fall followed a weekend admission by Huang himself. Over the weekend, Huang told staff in an email that he had had a relationship with Alice Huang, a former executive of Megaspeed, a Singapore-based company that is a client of Nvidia.

Huang also issued an open letter posted on Nvidia’s website, in which he apologised to his wife and to the company. In the letter, he did not name the woman.

“I support the investigation and will cooperate fully. I love our country and our company. I am committed to protecting NVIDIA and supporting America’s national security,” Huang wrote.

The admission came after days of reporting about the relationship. The New York Times reported that US intelligence had determined that the woman was gathering information for Beijing, and that she had been recruited by China’s top spy agency, the Ministry of State Security, to get close to the Nvidia chief.

It is important to be clear about what has and has not been established. Reuters has reported that it could not independently verify the Times’ claims, and no reporting so far has established that Jensen Huang knew of any intelligence activity, or that any information passed to Beijing.

Who is Alice Huang, and what is alleged

Alice Huang, also known as Huang Le, was a top executive at Megaspeed International, a Singapore-based data centre company whose website prominently promotes its partnership with Nvidia.

According to the New York Times, US authorities investigated her and concluded she was a Chinese intelligence asset. The newspaper reported that she was tasked with getting into the Nvidia chief’s inner circle.

Megaspeed has also been scrutinised over alleged smuggling of Nvidia chips to China. The company denies wrongdoing, and the chip-smuggling claims have not been proven in court.

China denied the spying claims on Monday. “The so-called Chinese spy allegation is unsubstantiated. It is nothing but smears against China,” said Guo Jiakun, a spokesperson for China’s Ministry of Foreign Affairs.

Three investigations are now under way

The affair has triggered action on three fronts: inside Nvidia, in Washington, and in the courts.

Nvidia’s own investigation

On Sunday, 8 November, Nvidia’s board of directors said it was launching an independent investigation into reports that Huang was the “target of a foreign intelligence effort”. A committee of independent directors, helped by outside lawyers, will run the inquiry.

“While the Board has no reason to believe that either national security or NVIDIA secrets were compromised, the Board’s inquiry will examine all available information,” Nvidia said in a statement.

The FBI

On Monday, President Donald Trump said the FBI was looking into the matter. Speaking at a White House briefing, Trump said: “I know the FBI is looking into it in terms of something else, and I think that he’ll be in good shape.”

Trump, who was reportedly briefed on Huang’s suspected affair in late 2025, said he had spoken with the Nvidia chief. He has also publicly backed Huang, calling him an “honourable guy” and saying he would take him on a trip to Asia.

The FBI has not separately detailed its investigation, and the exact scope of its inquiry has not been made public.

Congress and the courts

Three Republican chairs of House committees — Brian Mast of Foreign Affairs, John Moolenaar of the Select Committee on China, and Rick Crawford of Intelligence — wrote to Huang on 4 November asking him to give a closed-door briefing on 18 November.

At the same time, lawyers are circling. On Monday, at least four different law firms announced they were investigating whether Nvidia misled investors. New York’s Rosen Law Firm filed a proposed securities class action against Nvidia and Jensen Huang in the Northern District of California, on behalf of retail investor Mark Kistenmacher. The proposed class covers anyone who bought Nvidia securities between 9 October 2025 and 8 November 2026.

Why investors are so worried

Nvidia is not just any company. It became one of the world’s most valuable firms by making the chips that power the AI boom, and it sits at the centre of a huge buildout of data centres by the biggest technology companies in the world.

That position is exactly why the story has hit the share price so hard. Investors are asking several questions at once.

First, there is the national security question. If the chief executive of the company that makes America’s most advanced AI chips was targeted by a foreign intelligence service, investors want to know what, if anything, was compromised. Nvidia’s board says it has no reason to believe secrets were compromised, but its own investigation is still running.

Second, there is the leadership question. Huang is not a hired manager. He co-founded Nvidia, he is its president and chief executive, and he is personally identified with the company’s strategy. Any doubt about his position creates doubt about the company.

Third, there is the timing. The AI boom itself has become more volatile in recent weeks. Investors have grown nervous about whether the huge spending on data centres can continue, and about how long the buildout can last. Nvidia shares had already been falling before this story broke, and the affair has added a new, unpredictable risk on top of an existing worry.

Fourth, there is the legal risk. Securities class actions and investor investigations can drag on for months or years, and they can end in large settlements even when a company denies wrongdoing.

None of this means Nvidia’s business has changed overnight. The company still makes the chips, the data centres are still being built, and its next earnings report is due on 17 November, one day before Huang’s requested congressional briefing. But markets hate uncertainty, and this story has delivered a large dose of it.

What this means for the AI boom

The Nvidia story is also a test of how much the AI boom depends on a small number of people and companies.

For the last two years, Nvidia has been the clearest winner of the AI revolution. Its chips are used to train the most powerful AI systems, and its share price became a shorthand for the health of the whole AI trade. When Nvidia sneezes, the AI sector catches a cold.

Monday showed the other side of that concentration. A personal scandal at one company wiped nearly $200 billion off a single stock in a day, while the rest of the market rose. That is a reminder that even the biggest companies in the world can be shaken by events that have nothing to do with their products.

It is also a reminder of how closely the US-China technology rivalry now touches individual companies. The United States has spent years restricting the sale of advanced chips to China, and the companies that make those chips have become central to national security policy. When the chief executive of the leading chipmaker becomes the subject of a suspected foreign intelligence operation, it is no longer just a business story. It is a geopolitical one.

What happens next

Several dates and developments matter in the coming days.

17 November: Nvidia reports its quarterly earnings. Investors will be watching the numbers closely, and listening for anything Huang says about the investigation.

18 November: Huang has been asked to give a closed-door briefing to three House committee chairs. It is not yet clear whether he will attend.

The board investigation: Nvidia’s independent directors are examining all available information. There is no public timetable for their findings.

The FBI inquiry: Trump has said the FBI is looking into the matter, but the bureau has not given details. Any further statements from the FBI or the Justice Department will be closely watched.

The lawsuits: The proposed securities class action and the investigations by other law firms are at an early stage. They could take months to develop.

For now, the facts are these: Huang has admitted the affair and apologised. Nvidia’s board is investigating. The FBI is looking into it, according to the president. China denies the spying claims. And the market has delivered its own verdict, at least for now, by cutting nearly $200 billion from Nvidia’s value in a single day.

Frequently asked questions

Why did Nvidia shares fall on Monday?

Nvidia shares fell after chief executive Jensen Huang admitted to an affair with a woman US intelligence officials suspect was spying for China, and after the company announced an independent investigation. The shares closed down 4.27 percent at $178.67, wiping roughly $192 billion off the company’s market value.

Did Jensen Huang admit to the affair?

Yes. Over the weekend, Huang told staff in an email that he had had a relationship with Alice Huang, a former executive of the Singapore firm Megaspeed. He also issued an open letter on Nvidia’s website apologising to his wife and to the company.

Is there proof that Huang passed secrets to China?

No. The New York Times reported that US intelligence determined the woman was gathering information for Beijing, but Reuters could not independently verify those claims, and no reporting has established that Huang knew of any intelligence activity or that information passed to Beijing. Nvidia’s board says it has no reason to believe national security or company secrets were compromised.

Is the FBI investigating?

President Donald Trump said on Monday that the FBI was looking into the matter. The FBI has not separately detailed its investigation.

What is China saying?

China denied the claims on Monday. A foreign ministry spokesperson, Guo Jiakun, said: “The so-called Chinese spy allegation is unsubstantiated. It is nothing but smears against China.”

When is Nvidia’s next earnings report?

Nvidia is expected to report quarterly earnings on 17 November 2026.

Conclusion

Monday was a bad day for Nvidia, but the story is far from over. The share price fall tells us what investors think right now: that a personal scandal at the top of the world’s most important chipmaker is a serious risk, and that the uncertainty around it is worth nearly $200 billion.

What matters next is what the investigations find. If the board’s inquiry and the FBI’s look into the matter conclude that nothing was compromised, the market may treat this as a painful but passing episode. If they find something worse, the consequences for Huang, for Nvidia, and for the AI boom could be much bigger.

Either way, the episode has already shown how exposed even the most powerful companies are when the person at the top becomes the story. For a company that has come to stand for the future of artificial intelligence, that is a lesson investors will not forget quickly.

Sources

• Nikkei Asia, “Nvidia shares drop as Jensen Huang affair raises China spy concerns”, 10 November 2026: https://asia.nikkei.com/business/markets/nvidia-shares-drop-as-jensen-huang-affair-raises-china-spy-concerns
• CNN, “Nvidia stock falls after investigation into CEO, bucking market rally”, 9 November 2026: https://www.cnn.com/2026/11/09/investing/nvidia-stock-huang-investigation
• The Hindu, “Trump says FBI looking into Nvidia CEO Jensen Huang’s affair with ‘Chinese agent'”, 10 November 2026: https://www.thehindu.com/news/international/trump-says-fbi-looking-into-nvidia-ceo-jensen-huangs-affair-with-chinese-agent/article71684773.ece
• AAP, “FBI to probe Nvidia chief’s affair with alleged spy”, 9 November 2026: https://aapnews.aap.com.au/news/nvidia-shares-fall-as-huang-faces-spy-affair-scrutiny
• The Hindu BusinessLine, “Jensen Huang affair: Trump backs Nvidia chief amid alleged Chinese espionage investigation”, 10 November 2026: https://www.thehindubusinessline.com/news/world/jensen-huang-affair-trump-backs-nvidia-chief-amid-alleged-chinese-espionage-investigation/article71684125.ece
• Gizmodo, “Lawyers Are Flying in Circles Above Nvidia’s Head After Jensen Huang’s Affair With Alleged Spy”, 10 November 2026: https://gizmodo.com/lawyers-are-flying-in-circles-above-nvidias-head-after-jensen-huangs-affair-with-alleged-spy-2000837488

This article is for general information and education only. It is not legal or financial advice.