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American billionaire Jensen Huang is under investigation by Nvidia’s board after he admitted to an extramarital relationship with a woman accused of working for Chinese intelligence, a probe that puts the world’s most valuable chipmaker under fresh scrutiny.
Nvidia said on Sunday that a committee of independent directors, working with outside counsel, will review the matter. The board said it has no reason to believe that national security or company secrets were compromised, but that its inquiry will examine all available information.
The board also said it remains confident in Huang and his leadership team, and that he will continue to run the company during the investigation.
Huang addressed the matter in an email to staff on Sunday. “I was unfaithful to my wife. My actions hurt her and our children,” he wrote, according to Reuters.
The probe follows reporting by The New York Times, which said on Oct. 29 that a Chinese woman named Alice Huang, also known as Huang Le, sought to build close ties with the Nvidia chief to learn about the company’s technology. She is not related to him. Her employer, Megaspeed, became one of Nvidia’s largest buyers, reportedly purchasing about $4.8 billion in equipment.
Billionaires.Africa reported on Oct. 31 that Nvidia had defended Huang’s meetings with the woman. The Chinese Embassy in Washington has denied the spying allegations, and no charges have been filed against Huang or the company.
Pressure is now building in Washington. Senator Elizabeth Warren said Huang and Nvidia’s board owe Congress answers. Separately, House Republicans John Moolenaar, Brian Mast and Rick Crawford have asked Huang to testify before Congress on Nov. 18.
President Donald Trump offered support, calling Huang a “fine person” and saying he probably had an explanation for the relationship.
The timing is difficult for Nvidia. Last week, the company lost about $450 billion in market value in a single session as investors dumped AI-linked stocks after the midterm elections. Huang lost $15.1 billion that day and fell out of the world’s top 10 richest people, according to Bloomberg.
The shares recovered some ground on Friday, and Huang’s fortune rose about $4 billion, according to Forbes.
Huang co-founded Nvidia in 1993 and owns about 3.5% of the company, so its share price drives most of his wealth. He has led the chipmaker through the artificial intelligence boom, turning it into the world’s most valuable company.
Investors will now watch how the board’s investigation develops, as well as Nvidia’s third-quarter earnings, which are due on Nov. 17, a day before Huang’s requested appearance before Congress.
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