Nvidia's shares fell this Tuesday (10), losing R$2.5 trillion in market value after reports of the CEO's relationship with suspected espionage.
Nvidia's board began an internal investigation on Sunday (8) into the shipment of US$7.5 billion in chips to China. The FBI is also investigating the situation.
On Monday (9), Donald Trump said he had questioned Huang about the suspected espionage. The New York Times revealed that the president had already been alerted.
Nvidia shares extended their losses this Tuesday (10) and closed down 5.47%. The shares eliminated US$470 billion (around R$2.5 trillion) in market value in just two days.
The drop comes amid investor concern about the possible consequences of allegations involving the company's chief executive, Jensen Huang, and a Chinese businesswoman suspected of acting as a spy for Beijing.
According to a report published by The Information this Tuesday, the relationship between Huang and Alice Huang, who is not related to the executive, helped make it possible to send at least US$7.5 billion (R$42 billion) in Nvidia chips to Chinese companies.
Nvidia's board of directors opened an internal investigation on Sunday (8).
This Tuesday, the independent advisors announced the hiring of Joon Kim, former acting United States attorney, and the law firm Wachtell, Lipton, Rosen & Katz to conduct the investigation.
The FBI, the American federal police, is also investigating whether Huang, 63, was the target of a foreign intelligence operation. The executive has already admitted to employees that he was unfaithful to his wife, but did not give details about the relationship.
On Monday (9), the President of the United States, Donald Trump, stated that he spoke with Huang and asked if he knew that the woman was suspected of spying for China. According to Trump, the executive responded that he had no idea about the alleged connection and that he believed his version.
Trump also said he was unaware of the suspicions when Huang accompanied him on a trip to China in May.
However, the New York Times reported on Tuesday that US Secretary of State and National Security Advisor Marco Rubio had informed Trump about intelligence linking Huang to a woman suspected of Chinese espionage during the presidential flight to China.
According to the newspaper, this was at least the second time, in seven months, that Trump received information about the suspicions. The report cites people with knowledge of the matter.
The allegations increased pressure on Nvidia regarding its management's transparency, compliance with American restrictions on technology exports and the company's dependence on Huang's leadership.
Investors' concerns about high spending on artificial intelligence infrastructure and the ability of these investments to generate returns have also increased.
Nvidia shares fell more than 6% this Tuesday, after falling 4.3% on Monday. With this, Microsoft briefly overtook the chipmaker and became the second most valuable company in the world, a position it has not held since June 2025.
In a report, analysts from Bank of America stated that investors' main doubt is whether the case will be restricted to Nvidia or whether it could cause new restrictions and interruptions across the entire artificial intelligence infrastructure chain.
The experts emphasized, however, that the accusations should not be treated as proof of losses to the company's business.
