W.054Nvidia’s board is investigating whether Jensen Huang was the target of a foreign intelligence effort. Megaspeed, the company at the centre of it, bought Nvidia hardware equal to about 1.4% of Nvidia’s revenue over two years, the Times reported

The investigation

The board opened the inquiry on Sunday. A committee of independent directors, assisted by outside counsel, will run it, Nvidia said in a statement on the afternoon of November 8, US time. The board said it had no reason to believe national security or Nvidia’s secrets were compromised, and that it has confidence in Huang. The statement named neither the directors nor the law firm. Nvidia said Huang fully supports the review and is committed to continuing to lead the company. The same day, Huang told staff in a message that he had been unfaithful to his wife, Reuters reported.

The reporting built over ten days. On October 29 the New York Times reported that US officials believe Alice Huang, a former executive at Megaspeed, was a Chinese intelligence asset who targeted Jensen Huang. The Financial Times reported on November 6 on a US government memo describing a relationship between them, and the Times reported that Huang had told the board the relationship was with Alice Huang. Three House committee chairmen have asked him to brief them behind closed doors on November 18. China’s foreign ministry called the October report “groundless speculation”.

Megaspeed against Nvidia

Megaspeed is a large customer, not a large share of Nvidia. More than $4.8 billion over two years is equal to about 1.4% of the $346.4B Nvidia booked in fiscal 2025 and 2026. It equals about 4.4% of the revenue Nvidia expects in the quarter to October alone. CBS described Megaspeed as one of Nvidia’s biggest customers in Southeast Asia.

Singapore was Nvidia’s second-largest billing location, and Nvidia said its products were almost always shipped elsewhere. In fiscal 2025, $23.7B, or 18% of revenue, was billed to customers in Singapore. Nvidia said customers use Singapore to centralize invoicing and that shipments to Singapore were under 2% of revenue, at most about $2.6B. For scale, Megaspeed’s more than $4.8B over two years compares with $23.7B billed to Singapore in fiscal 2025 alone; the periods differ, and nothing shows Megaspeed’s purchases were billed there. Since late 2025 Nvidia has reported revenue by customer headquarters instead, so Singapore no longer appears as a line.

Huang’s own stake was worth about $162.6B on Friday. His 870.6 million shares, about 3.6% of Nvidia per the 2026 proxy, were valued at Friday’s close of $186.71, against $208.3B at the October 6 record. The shares were 22.0% below that record before the board’s statement. Nvidia’s annual report does not name Huang as a key person; it says the company depends on its longstanding executive team.