The turmoil surrounding former Nvidia chief executive Jensen Huang intensified on Friday, after reports surfaced of a third extramarital relationship, this one with another company employee. The reports came as US lawmakers pressed for answers about possible national security breaches, and Chinese technology shares dropped on concerns that Washington could tighten chip restrictions.
According to two people familiar with the matter, Huang had an intimate relationship with a second Nvidia employee. The claim follows two earlier relationships that had already been made public, one involving Chinese businesswoman Alice Huang, whom US intelligence officials suspect of working for Beijing. The other earlier relationship involved Kimberly Powell, Nvidia’s vice-president of healthcare. The second employee has not been named, and attempts to reach her were unsuccessful.
Congress presses Huang and Lutnick over national security
Nvidia declined to comment on the latest allegation. Huang, Powell and a representative of the company’s board did not answer requests for comment. Huang, 63, stepped down on Thursday after growing scrutiny of his personal relationships and worries that sensitive American technology could be exposed to Chinese intelligence.
In a statement on November 8, the Nvidia co-founder acknowledged he had been unfaithful to his wife, but he did not name the people involved. The company’s board has named Chief Financial Officer Colette Kress as interim chief executive while it looks for a permanent successor, weighing candidates both inside and outside the company. Earlier this month, the board also started an independent investigation, supported by outside legal counsel, into whether Huang had been targeted by a foreign intelligence operation.
Nvidia shares fell 5.5 per cent on Thursday and have dropped more than 30 per cent from their peak in early October. The affair claims have also drawn sharp scrutiny in Washington. US Senate Banking Committee Chairman Tim Scott sent letters on Thursday asking Huang and Commerce Secretary Howard Lutnick to appear before the committee. The letters also raised questions about US semiconductor exports to China.
Scott said the allegations raised serious national security concerns and warned that he could issue a subpoena if Huang refused to testify voluntarily. “The American people deserve answers,” Scott said. Lutnick has faced criticism from lawmakers over the administration’s reluctance to add dozens of Chinese companies to a key US trade blacklist, as well as questions about how Nvidia’s exports are overseen. Senior White House officials have separately discussed whether Lutnick should keep his post, according to Reuters.
Three Republican committee chairs in the House have also sought closed-door interviews. They asked for Huang to appear on December 1 and Nvidia General Counsel Tim Teter on December 2. House Foreign Affairs Committee Chairman Brian Mast, China Select Committee Chairman John Moolenaar and Intelligence Committee Chairman Rick Crawford warned that subpoenas could follow if the executives did not show up. They also want Commerce Department Under Secretary Jeffrey Kessler to testify at a hearing on December 3.
Justice Department and Trump say spying claims remain unproven
Despite the political fallout, US Attorney General Todd Blanche said on Thursday that the Justice Department had not decided whether Alice Huang was working for Chinese intelligence. Blanche confirmed that the FBI was looking into reports about the businesswoman, but said no conclusion had been reached.
President Donald Trump also pointed to the uncertainty when asked about Huang’s resignation. “The big thing is, was the woman a spy? And I don’t know if that’s been determined yet,” Trump told the Straight Shooter podcast. He added that his view of Huang’s departure would depend on whether the espionage allegations were confirmed. Trump also said he had spoken with Huang on Wednesday.
Separately, a major US newspaper reported that Trump had called Huang on Tuesday and urged him to fight to keep his job, citing two people briefed on the call. Beijing has denied that Alice Huang was a spy. She could not be reached for comment.
Singapore investigation into Megaspeed and chip transactions
Alice Huang previously worked as an executive at Singapore-based Megaspeed, which is described as an official Nvidia cloud partner with priority access to the chipmaker’s processors. Reports connecting her to suspected Chinese intelligence activity have raised questions about the company’s business ties and its possible exposure to restricted technology.
On Thursday, Singapore’s Home Affairs Ministry said it had investigated Alice Huang over suspected business-related offences, but stressed that the inquiry did not concern espionage. The ministry said local authorities learned of Washington’s interest in Huang and Megaspeed in June 2025, when the US Commerce Department’s Bureau of Industry and Security carried out a shipment verification check at the company. Alice Huang, then Megaspeed’s chief executive, was present during the inspection.
Singaporean police interviewed her that same day and seized her passport. The probe focused on potential false declarations and other suspected offences involving server purchases, including equipment that was exported through Singapore to Malaysia without entering the Singapore market. The ministry said there was not enough evidence to show that Alice Huang had committed an offence. Even so, authorities alleged that she knowingly gave police inaccurate information and understated her role at Megaspeed.
Her passport was returned in February 2026, after which she left Singapore and was barred from re-entering. Investigations involving Megaspeed and six individuals are still ongoing. The ministry also complained of limited cooperation from American authorities in a related case involving US AI server maker Super Micro Computer. Singapore said repeated requests to the US Justice Department and FBI had yielded little information or practical help.
US prosecutors charged three people linked to Super Micro, including one of its co-founders, in March. They are accused of helping smuggle billions of dollars’ worth of advanced AI chips to China through Southeast Asia and Taiwan. Megaspeed said it took US export-control compliance seriously and had cooperated with American inspections.
Chinese chip stocks fall as export curbs loom
The fallout reached Chinese financial markets on Friday, where investors sold shares in AI developers and technology suppliers exposed to American chip restrictions. Chinese AI model developers Z.AI and MiniMax fell sharply, amid concerns that Huang’s departure could speed up US efforts to limit China’s access to advanced Nvidia processors. Optical component makers Zhongji Innolight and Eoptolink Technology also came under selling pressure because of their reliance on US customers.
Domestic chipmakers, however, gained as investors bet on higher demand for Chinese alternatives. Shanghai-listed Cambricon Technology rose 1.2 per cent and was on track for a weekly gain of roughly 22 per cent, its best performance in six months. Hygon Information Technology was also heading for a weekly gain of about 7 per cent. The broader Shanghai Composite and CSI300 indices were barely moved by the lunch break.
Wu Zhou, a fund manager at Shenzhen Deyuan Investment, said investors were worried that Nvidia could cut its purchases from Chinese suppliers after Huang’s resignation. “The market fears that after Huang’s resignation, Nvidia will reduce sourcing from Chinese suppliers,” Wu said. He also warned that Washington could tighten rules for Chinese firms that rent advanced computing capacity through overseas cloud providers.
The controversy has also raised concerns that Huang’s exit could weaken opposition in Washington to stricter semiconductor export controls. As a leading voice in the industry, he had argued for keeping commercial access to China open and against sweeping limits on advanced chip sales. US House Speaker Mike Johnson said on Thursday that support in Congress for further limits on semiconductor exports to China was growing.
Research firm Gavekal Dragonomics warned that the scandal could make it harder for Chinese AI developers to obtain the computing power needed for advanced models. Morningstar senior equity analyst Chelsey Tam cautioned that more restrictions would hurt companies building large language models. Chinese technology firms have reportedly started looking at renting Nvidia-powered computing infrastructure outside China, as doubts grow about future access to advanced processors. Washington is also weighing limits on imports of new Chinese optical transceivers on national security grounds, a move that could affect suppliers including Zhongji Innolight and Eoptolink.
Huang’s departure marks a major leadership change at Nvidia, a company whose processors and financing arrangements have helped drive the global AI boom. With congressional scrutiny rising, investigations ongoing and the company’s future leadership unresolved, the consequences extend beyond Nvidia to the wider contest between Washington and Beijing over advanced technology.
