Nvidia shares fell against a rising U.S. market Monday as its board investigated reports of a foreign intelligence effort targeting CEO Jensen Huang, drawing attention to the AI chipmaker.
An Associated Press snapshot at 10:30 a.m. EST on Nov. 9 showed Nvidia down 3.8%. The S&P 500 was up 1.9%, and the Nasdaq Composite had gained 2.5%. The figures were recorded before the trading day ended.
Nvidia said Nov. 8 that independent directors would conduct the review with help from outside lawyers. The board said it saw no reason to think national security or company secrets had been compromised and reaffirmed its confidence in Huang. In a message published by Nvidia, Huang acknowledged being unfaithful to his wife, apologized and said he would cooperate with the inquiry. He did not identify the other person.
Three U.S. House committee chairs asked Huang to attend a closed-door briefing Nov. 18 or propose another date by Nov. 11. Their letter raised concerns about Megaspeed executive Alice Huang but did not establish the alleged intelligence connection. Singapore’s Ministry of Home Affairs said its government had conducted no investigation into her alleged intelligence ties. It separately confirmed that police were investigating Megaspeed.
Chinese Foreign Ministry spokesperson Guo Jiakun called the “Chinese spy” allegation “purely unsubstantiated” and said it was intended to smear China.
CNBC reported that Jim Cramer led his Monday market watchlist with the Nvidia inquiry and also covered analyst calls involving other companies. In the AP snapshot, Advanced Micro Devices (AMD) was up 9.5%, and CoreWeave had gained 6.4%.
AMD said its data center revenue reached $8.5 billion in the third quarter of 2026, a 97% increase from a year earlier. CoreWeave’s second-quarter 2026 filing described its use of debt, equity and other arrangements to finance AI infrastructure. It recorded $640 million in net interest expense for the quarter through June 30, compared with $267 million a year earlier.
The U.S. Bureau of Labor Statistics is scheduled to release October consumer price index data at 8:30 a.m. EST on Nov. 10. CoreWeave’s third-quarter 2026 results call is set for 5 p.m. EST that day, followed by Nvidia’s fiscal third-quarter 2027 results call on Nov. 17 at 5 p.m. EST.
