Nvidia, the $4.5 Trillion AI Chipmaker, Faces a CEO Probe

By Grace Kim

Nvidia’s board opened an independent investigation on November 8 into whether the $4.5 trillion AI chipmaker’s CEO, Jensen Huang, was the target of a foreign intelligence effort. The move followed Huang’s admission of an extramarital affair and a New York Times report that U.S. intelligence officials believe Alice Huang was recruited to gather information about Nvidia’s operations for the Chinese government.

Alice Huang, also identified as Huang Le, has served as an executive at Nvidia customer Megaspeed. Business Insider reported that the disclosures have raised questions about whether Jensen Huang will remain CEO, though Nvidia’s board has said it has confidence in his leadership.

What did U.S. intelligence allege?

• Spring 2026: The New York Times reported that Secretary of State Marco Rubio oversaw the drafting of a “highly classified” memo warning about Jensen Huang’s relationship with Alice Huang. The memo relied on electronic surveillance of Alice Huang and later circulated among top Trump administration officials, the Times reported.
• October 29: The Times reported that U.S. officials had concluded that Alice Huang, or Huang Le, was “a Chinese intelligence asset” who “had developed a close relationship” with Jensen Huang. The article included photos of the pair at a June 2024 party that the publication said had been posted on LinkedIn.
• The Times also recounted that Alice Huang waited behind Huang as he spoke with reporters after leaving a restaurant in Taipei in May 2025.

The Times linked the allegation to electronic surveillance and a U.S. intelligence assessment of Alice Huang.

What happened during Huang’s May China trip?

• May: Business Insider reported that the initial list of top executives expected to join President Donald Trump for a China visit omitted Huang, despite his previous trips with Trump. In an apparent last-minute decision, Huang boarded Air Force One during a refueling stop in Alaska.
• May 12: Trump wrote on Truth Social: “Jensen is currently on Air Force One and, unless I ask him to leave, which is highly unlikely, CNBC's reporting is incorrect or, as they say in politics, FAKE NEWS!” Huang’s name was absent from a White House business-executive list provided to Business Insider.
• Huang later told reporters that Trump “asked me to come,” CNBC reported.
• October 29: Nvidia spokesperson John Rizzo told the Times: “Jensen's interactions with Ms. Huang are not unusual or unexpected. Meetings with customers are part of a C.E.O.'s job; Jensen talks with thousands of customer executives every year.”
• That same day, Huang told Bloomberg News: “Our relationship, our interactions, have been related to Megaspeed, and it was all completely normal and not unusual.” He also said the U.S. government had not told him about its concerns, matching the Times’s report that he had received no “defensive briefings.”

Nvidia and Huang initially presented Alice Huang as a routine customer contact.

What did Congress and Nvidia put in writing?

• November 4: Three House Republican committee chairs sent Huang a letter requesting a joint closed-door meeting about his interactions with Alice Huang.
• The letter said: “Recent reports raise significant national security concerns regarding the PRC's access to sensitive U.S. technology and information. The issue of PRC infiltration and access to cutting-edge U.S. technology is core to the investigative work of our three committees this Congress.”
• It continued: “It is vital that Congress determines the extent to which U.S. national security has been placed at risk.” The letter described Alice Huang as a “publicly reported People's Republic of China (PRC) intelligence asset” and asked for a November 18 meeting.
• November 8 — admission: Huang told employees in an internal memo that he had been “unfaithful” to his wife of more than 40 years and that his actions “hurt her and our children.” He wrote: “I owe my family and all of you an apology. There is no excuse for what I did. I am deeply sorry.”
• November 8 — investigation: Nvidia’s board said a committee of independent directors, assisted by outside independent counsel, would oversee the inquiry into whether Huang was the “target of a foreign intelligence effort.” Huang said he supported it and “will cooperate fully.”
• The board said: “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.”

Congress requested a closed-door meeting; Nvidia opened an independent review.

Who backs Huang, and what changes next?

• November 8 — Trump: President Donald Trump defended Huang, calling him an “honorable guy.” Trump told reporters: “I think he probably has an excuse for it. You have to hear it.” He also said Huang should remain Nvidia’s CEO because “He's done an amazing job for our country.”
• November 9 — Anthropic: Business Insider reported that Huang was no longer expected at an Anthropic-hosted private CEO forum in Montecito, California. One person familiar with the event said he was scheduled to be interviewed by an Anthropic executive; a second said he was no longer expected.
• November 9 — ElevenLabs: A company spokesperson separately told Business Insider that Huang was no longer speaking at the ElevenLabs Summit in NYC later that week. He had been scheduled for a fireside chat with ElevenLabs CEO Mati Staniszewski.
• November 9 — China: Foreign Ministry spokesperson Guo Jiakun rejected the allegation, telling reporters: “The 'Chinese spy' allegation is purely unsubstantiated and directed at smearing China.”

The independent inquiry’s findings and the requested November 18 closed-door meeting now carry the most direct implications for whether Huang remains Nvidia’s CEO.