Nvidia shares plummet again amid CEO Jensen Huang's affair with alleged Chinese spy

Nvidia shares fell again on Tuesday, with total two-day losses reaching nearly $500 million according to CBS News, while the New Straits Times reported the company is on track to shed more than $470 billion in market value. The decline follows reports regarding CEO Jensen Huang's relationship with Alice Huang, a businesswoman whom U.S. intelligence officials believe is a Chinese intelligence agent. The New Straits Times noted that Alice Huang and Jensen Huang are not related.

The Jerusalem Post reports that President Donald Trump received intelligence about the relationship in May, prior to his visit to Beijing, contradicting his Monday statements that he was unaware of the ties at that time. According to the Jerusalem Post, Secretary of State Marco Rubio was involved in preparing a classified document on the matter that was distributed to senior officials.

Axios reports that Commerce Secretary Howard Lutnick was sent a highly classified memo warning of the relationship, which drew on surveillance of Alice Huang and a chip-smuggling investigation into her company, Megaspeed.

In response to the reports, Nvidia announced it has hired former acting U.S. Attorney Joon Kim and the law firm Wachtell, Lipton, Rosen & Katz to lead an investigation, according to The Hill and the New Straits Times. The New Straits Times also stated that the FBI is examining whether the 63-year-old Huang was targeted by a foreign intelligence operation. Additionally, The Information reported that the relationship helped facilitate shipments of at least $7.5 billion worth of Nvidia chips to Chinese firms.

Brief written by urgent.news from CBS News, Jerusalem Post, Axios, The Hill, New Straits Times — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.