Nvidia (Nasdaq: NVDA) CEO Jensen Huang admitted in a memo to staff Sunday that he had an affair, and the company’s board opened an independent investigation into whether the relationship compromised national security or Nvidia’s secrets.
Huang wrote, “I was unfaithful to my wife,” and apologized to his family, colleagues, partners and shareholders. Huang’s memo left the woman unnamed and said nothing directly about the spying claims. Reports said Huang told the board the relationship was with Alice Huang, a former Megaspeed executive whom US officials have called a Chinese intelligence asset. Not every account confirms that link, and Alice Huang is no relation to the Nvidia chief.
The admission follows reporting on October 29 that US officials concluded Alice Huang, also known as Huang Le, works for Chinese intelligence and grew close to Huang. On the same day, Huang told an interviewer their dealings were normal business, and Nvidia called the contacts routine. Nvidia has said it found no evidence that Megaspeed diverted its chips to China, and Beijing has dismissed the allegations as groundless. Alice Huang, who Huang said no longer works at Megaspeed, did not respond to earlier requests for comment.
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Read: Report Says Executive Close to Nvidia’s Huang Is a Chinese Intelligence Asset
Independent directors, working with outside lawyers, will run the inquiry, according to a separate statement from the chipmaker’s board of directors. The board said it has no reason to suspect a breach of national security or company secrets and will review all the information it can get. The board also said it has confidence in Huang and his leadership team, and he remains CEO.
Three House Republican chairs, Brian Mast, John Moolenaar and Rick Crawford, wrote to Huang last week inviting him to a voluntary private briefing on November 18, after Nvidia posts third-quarter results. They want details on his reported relationship with Alice Huang and on Nvidia’s safeguards against foreign espionage. Sen. Chris Coons, D-Del., said Congress will investigate.
President Donald Trump defended Huang and said he should stay on the job, though he has not spoken with Huang about it. Analyst Dan Ives called the episode a “black eye” for Nvidia, and Gary Black said he doubts Huang can stay as CEO because the company has no natural successor.
Nvidia shares did not trade over the weekend, but its perpetual futures on the crypto exchange Hyperliquid fell about 3.8% to $180.50 late Sunday. Nvidia stock has fallen roughly a fifth from its early October high.
