Nvidia CEO Jensen Huang resigned this week, triggering a market value decline of approximately $573 billion to $1.7 trillion and expanding congressional investigations into the fallout of his alleged affair with a suspected Chinese spy.
The resignation of Jensen Huang, Nvidia's CEO, after reports of an extramarital affair with Alice Huang, a suspected Chinese spy and former executive at chip purchaser Megaspeed, has caused significant ripples. Nvidia's stock has experienced its longest weekly losing streak since 2012, with its market capitalization sinking by as much as $1.7 trillion this week. The fallout has reached Washington, with a Republican-led Congress expressing interest in questioning Jensen Huang before Democrats assume control. Treasury Secretary Scott Bessent confirmed that the Department of Commerce, under Secretary Howard Lutnick, resisted efforts to blacklist Megaspeed, a Singapore-based computing company linked to the suspected spy. Lutnick is now facing questions regarding his family's financial ties to Nvidia, as his sons' firm reportedly has deep connections to the chipmaker. President Donald Trump, however, does not plan to address the Nvidia or spy issue during his upcoming Asia trip.