China Calls Huang Spy Claims 'Groundless Speculation' as House Republicans Seek Briefing From Nvidia CEO

Since The New York Times reported in October that U.S. intelligence tied Jensen Huang to a Megaspeed executive it believes worked for Chinese intelligence, the story has moved from press reports to a board investigation and a public apology. The latest development is the denial from Beijing and the pressure from Capitol Hill.

China has rejected the allegation of an espionage operation aimed at Huang, calling the claims "groundless speculation," according to BBC News.

What U.S. officials are alleged to believe

The allegations center on Alice Huang, a former Megaspeed International executive and onetime Chinese television reporter. U.S. intelligence agencies believe she was an asset of China's Ministry of State Security, according to the Times. That claim rests on the paper's sourcing. The CIA, NSA and Office of the Director of National Intelligence did not immediately respond to CBS News requests for comment.

The Times also reported, citing multiple people briefed on the matter, that Secretary of State Marco Rubio had warned Trump administration officials about Huang's ties to the woman.

Megaspeed is one of Nvidia's biggest customers in Southeast Asia. It bought more than $4.8 billion worth of Nvidia chips over the past two years, according to the Times. The U.S. is separately investigating the company over suspicions that it helped Beijing get around export restrictions and obtain advanced AI chips, according to Deutsche Welle.

Huang's memo and the board's position

In a 257-word memo to employees on Sunday, Nov. 8, titled "A message to our company," Huang wrote: "I was unfaithful to my wife. My actions hurt her and our children. There is no excuse for what I did. I am deeply sorry." He did not name the woman involved. He is 63 and has been married 40 years.

He also wrote: "I love our country and our company. I am committed to protecting Nvidia and supporting America's national security." He said he supports the board's investigation and will cooperate fully.

Briefs Finance reported that Huang had earlier maintained the relationship with a woman employed by a Singapore-based client was entirely appropriate. The memo is a reversal of that stance, if the account is accurate.

The board said a committee of independent directors, assisted by outside independent counsel, will oversee the inquiry. Its statement said the board has "no reason to believe that either national security or NVIDIA secrets were compromised," but that the inquiry "will examine all available information." It added that U.S. national and economic security are "paramount" over the interests of Nvidia and its shareholders.

The board said it has confidence in Huang and his leadership team. A company spokesperson told Fox Business: "Today's news will not slow NVIDIA. Jensen is committed to continuing to lead NVIDIA as CEO without interruption."

Congress wants answers

Senior House Republicans have called on Huang to brief Congress this month about the allegations. Nvidia has not said whether he will appear or on what date.

No charges have been filed against Huang, and no government agency has announced an investigation of him personally. The espionage claims come from unnamed U.S. intelligence sources relayed by the Times and the Financial Times. No on-the-record U.S. official has confirmed them in the documents available as of Sunday evening.

That sets up a real tension. The company says nothing was compromised. The people asked to verify that are the same board that is defending its CEO. The outside counsel the committee hires will be the first independent check, and its findings have no announced deadline.

Markets

U.S. stock markets are closed for the weekend. A Hyperliquid perpetual futures contract tied to Nvidia stock fell about 2.9% after the announcement, according to Briefs Finance. That is an indication from a crypto venue, not a regular-session price. Nvidia, valued at roughly $4.5 trillion, gets its first regular trading session after the memo and board statement on Monday, Nov. 9.

Huang's net worth stood at $162.2 billion as of Sunday, according to Forbes.

The open question is whether Huang appears before Congress this month. If he does, lawmakers will likely press him on Megaspeed's $4.8 billion in chip purchases and on what he knew about the woman's reported intelligence links.