Nvidia Opens Independent Probe as Lawsuit and FBI Inquiry Target CEO Jensen Huang

Shareholder suit filed after share price slide

Nvidia and its chief executive, Jensen Huang, were named in a proposed class action on Monday, November 9, 2026. The complaint, filed in federal court in San Jose, California, accuses the company and Huang of misleading investors about his relationship with Alice Huang, a former executive at Singapore-based Megaspeed. The filing states that the defendants failed to disclose that the matter raised national security concerns capable of harming the company’s reputation and prospects. Shareholders led by Mark Kistenmacher are seeking unspecified damages. The suit was lodged minutes after U.S. markets closed, following a 4.3% drop in Nvidia’s shares that day, which erased roughly $190 billion in market value.

Company launches independent investigation

Nvidia announced on Sunday, November 8, that its board would look into the allegations. On Tuesday the company confirmed it had retained Wachtell, Lipton, Rosen & Katz, a New York firm, to carry out what it called a thorough and independent review. Attorney Joon Kim will lead the work. Nvidia’s board has said it has no evidence that confidential information or U.S. national security was compromised. Separately, the Federal Bureau of Investigation is conducting its own inquiry.

Background to the allegations

Huang co-founded Nvidia and has guided it into the position of the world’s most valuable chipmaker, making him a leading figure in the artificial intelligence boom. He has acknowledged a romantic relationship outside his marriage, though he has not publicly described the details. Alice Huang, also known as Huang Le, is not related to him. U.S. authorities reportedly concluded she was a Chinese intelligence asset, according to a New York Times report published last month. Megaspeed had earlier faced suspicion of helping divert Nvidia chips to China, a concern Nvidia says was examined and found unsubstantiated. The company also says Washington never told it that Megaspeed was regarded as a security risk.

Political reactions

The matter has reached Washington. Reports say Secretary of State Marco Rubio warned senior officials earlier this year about the relationship. President Donald Trump said he had spoken with Huang, who told him he had no idea the woman was a spy, and Trump said he accepted that account. China’s Foreign Ministry rejected the allegations as an effort to smear the country. Members of the House Foreign Affairs Committee have asked Huang to attend a closed-door briefing next week; it is not yet known whether he will appear, and the committee has the power to issue a subpoena.

What next

The outcome of Nvidia’s internal investigation, the FBI’s inquiry, the shareholder lawsuit and the congressional request will determine the next steps. Nvidia’s shares, which have fallen sharply since the controversy emerged, remain under pressure.