Nvidia heading for $US470b two-day wipeout amid scandal

Résumé détaillé

Nvidia boss Jensen Huang's affair with a woman accused of being a Chinese spy has the ‌chip giant on track to shed more than $US470 billion in market value.

Nvidia shares have extended losses, putting the chip giant on track to shed more than $US470 billion ($A681 billion) in market value over two sessions as concerns mounted over the fallout from chief executive Jensen Huang's affair with a Chinese woman alleged to be a spy.

Jensen Huang's relationship with Alice Huang helped facilitate shipments of at least $US7.5 billion ($A10.9 billion) worth of Nvidia chips to Chinese firms, The Information reported on Tuesday, citing two people who know her.

Nvidia's board launched an internal investigation on Sunday, and its independent directors on Tuesday said they had retained former acting US Attorney Joon Kim and law firm Wachtell, Lipton, Rosen & Katz to lead the company's investigation.

The FBI is separately 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.

President Donald Trump said on Monday he had spoken with Huang and asked whether he knew the woman was allegedly a Chinese spy. Trump said Huang told him he had "absolutely no idea" and that he believed the Nvidia CEO.

Trump also said he had not known about the alleged ties when Huang accompanied him to China in May.

However, the New York Times reported on Tuesday that Secretary of State and national security adviser Marco Rubio had briefed Trump aboard Air Force One en route to China about US intelligence indicating Huang was involved with a woman believed to be a Chinese spy.

The briefing marked at least the second time in seven months that Trump had been told about the intelligence, the NYT reported, citing people with knowledge of the matter.

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.

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