Nvidia board says it is "in the process of selecting a search firm" for the CEO role and it has "not formally engaged any potential candidates" (CNBC)

Jensen Huang’s resignation as Nvidia CEO has led to renewed scrutiny regarding Commerce Secretary Howard Lutnick and his family’s financial ties to the chipmaker, according to CNBC and CNBC Technology. PBS NewsHour reports that Lutnick has faced increasing scrutiny due to a reportedly close relationship with Huang.

Treasury Secretary Scott Bessent expressed frustration regarding the Commerce Department's delay in implementing export controls for certain Nvidia chips to China. Bessent stated that the Treasury, State, and Defense departments, along with the U.S. Trade Representative, had favored adding Megaspeed to an export control list for months, but noted that the Commerce Department is responsible for the matter.

PBS NewsHour reports that the controversy involves Nvidia's ties to Singapore-based Megaspeed International. Bessent noted that President Trump had indicated China should not receive Nvidia chips above H100s. Additionally, Quartz reports that the Treasury secretary stated the State, Defense, and U.S. trade representative departments backed the move as Congress seeks testimony.

Brief written by urgent.news from CNBC Technology, CNBC, Quartz, The Hill, PBS NewsHour — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.