Nvidia's Stock Price Drops After Investigation Into CEO Jensen Huang
The chip maker's shares fell sharply after its C.E.O., Jensen Huang, admitted to a relationship with a businesswoman suspected of spying for China.
TL;DR
- Nvidia's stock price fell 4.3 percent on Monday.
- The company is investigating CEO Jensen Huang's relationship with a business executive suspected of being a Chinese spy.
- The executive, Alice Huang, is a top executive at a Singapore-based data center company and a significant Nvidia customer.
- U.S. intelligence determined Alice Huang was feeding information to Beijing.
- Nvidia's board stated there is no reason to believe national security or trade secrets have been compromised.
- The stock market experienced volatility, with other chipmaker stocks rallying.