China rejects allegations it spied on Nvidia's Jensen Huang

On Monday, Nvidia shares and CEO Jensen Huang's net worth experienced a significant drop following the scandal surrounding Huang's alleged affair and ties to a Chinese business executive. The New York Times reported that US intelligence officials believe Alice Huang, an executive at Megaspeed and a close associate of Huang, was allegedly passing sensitive information to Beijing. Despite this, Nvidia's board initiated an investigation into the matter.

The Commerce Department temporarily halted an investigation into Megaspeed after Nvidia's general counsel questioned the ongoing probe. However, the case was later transferred to the Justice Department. Alice Huang and her business partner were reportedly pitching a Southeast Asia data center project to China-based investors, with Huang promising to secure GPUs for the venture. This pitch was documented by The Financial Times.

In early 2025, Alice Huang and her business partner were reportedly pitching a Southeast Asia data center project worth several hundred million dollars to China-based investors. The Financial Times reported that Huang assured investors they would have no difficulty obtaining GPUs for the project. Additionally, Huang started working with Heller, a PR firm specializing in handling executives during sex scandals, as early as October 2025.

Heller, who has previously worked with figures like Anthony Weiner and Mario Batali, has also managed corporate communications unrelated to scandals.

Jensen Huang is reportedly no longer scheduled to speak at Anthropic's CEO forum on Monday, and his name has appeared and disappeared from the speaker list for ElevenLabs' conference on Wednesday. Madison Huang, Jensen's daughter and a senior Nvidia executive, unexpectedly withdrew from an AI-focused event in Seoul.