Nvidia heads for $470-billion, two-day wipeout as CEO affair fallout deepens

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Nvidia shares extended losses on Tuesday, putting it on track to shed over $470 billion in market value amid fallout from CEO Jensen Huang's affair with a woman alleged to be a…

Nvidia shares extended losses on Tuesday, putting the chip giant on track to shed more than $470 billion in market value over two sessions as concerns mounted over the fallout from CEO Jensen Huang's affair with a Chinese businesswoman alleged to be a spy for Beijing.

The CEO's relationship with Alice Huang helped facilitate shipments of at least $7.5 billion worth of Nvidia chips to Chinese firms, The Information reported on Tuesday, citing two people who know her. Alice Huang and Jensen Huang are not related.

The allegations have intensified scrutiny of Nvidia's governance, export-control compliance and reliance on Huang's leadership, adding to investor unease over whether massive spending on artificial intelligence infrastructure will deliver adequate returns.

EXPLAINER: Nvidia CEO Jensen Huang's affair with suspected Chinese spy

Nvidia's shares fell more than 6% following a 4.3% drop on Monday, allowing Microsoft to overtake the AI bellwether as the world's second-most valuable company for the first time since June 2025.

"The investment debate is whether this remains company-specific or triggers restrictions and disruption across AI infrastructure," Bank of America analysts wrote in a note. "We would not equate allegations with proven business damage."

Nvidia's board launched an internal investigation on Sunday, while the FBI is examining whether the 63-year-old Huang was targeted by a foreign intelligence operation. Huang has told employees he was unfaithful to his wife but provided no details about the relationship.

Alice Huang, also known as Huang Le, along with her husband and sister, built a network of companies across China and Singapore to acquire Nvidia chips, The Information reported.

At the center of the network was Shanghai Century Litong, a China-based company that secured preferred cloud partner status with Nvidia in 2023, giving it priority access to the company's chips, the report said.

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