Sources: US intelligence concluded that Megaspeed executive Alice Huang was recruited by China's top spy agency MSS to collect intelligence on Jensen Huang (New York Times)
U.S. intelligence concluded that Alice Huang, a Chinese business executive who developed a close relationship with Nvidia's leader …
Nvidia CEO Jensen Huang saw his net worth drop by US$15.1 billion to US$150.9 billion following a sell-off of semiconductor stocks, according to the Bloomberg Billionaires Index. The loss pushed him down to 13th place from ninth on the index. SpaceX founder Elon Musk and Oracle co-founder Larry Ellison also experienced significant declines in wealth, losing US$79.7 billion and US$10.1 billion respectively.
The decline in their wealth was attributed to the expectation that a Democrat-controlled government would impose restrictions on data center construction, which is crucial for AI infrastructure development. Nvidia's stock plummeted by 9.3%, its largest one-day drop since January 2025, while SpaceX fell 9% and Oracle dropped 6.9%.
The 500 individuals on the wealth index collectively lost US$185 billion, marking the 14th-largest one-day decline since the index began in 2012.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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