The PHLX Semiconductor Index rose 6.85% on Nov. 9 while Nvidia shares fell 4.27%, a split that followed the company’s announcement of an investigation into reports concerning its CEO.
The chip index closed at 10,033.93, compared with 9,390.25 on Nov. 6, according to Nasdaq data carried by the Federal Reserve Bank of St. Louis’ FRED database. The Nasdaq-100 gained 917.63 points, or 3.40%, to close at 27,907.63, Nasdaq historical data showed. Yahoo Finance historical data showed Nvidia finished at $178.67, down $7.97.
On Nov. 8, Nvidia’s board said it had opened an investigation into reports that a foreign intelligence effort had targeted CEO Jensen Huang. Independent directors, assisted by outside independent counsel, will oversee the inquiry. The board said it would assess the available evidence and had no reason to suspect that national security or Nvidia secrets had been compromised.
In a message to employees, Huang said he backed the inquiry and would cooperate. Chinese Foreign Ministry spokesperson Guo Jiakun rejected the “Chinese spy” allegation as “purely unsubstantiated” and said it was intended to smear China.
Three U.S. House committee chairmen requested a closed-door briefing from Huang about his interactions with Megaspeed executive Alice Huang and Nvidia’s security protocols. They proposed Nov. 18 for the briefing and asked him to accept that date or suggest another by Nov. 11.
