Trump Says He Learned of Huang Spy Claims 'Not Too Long Ago' as Nvidia's $25M Ballroom Pledge Draws Scrutiny

Since Nvidia's board announced an independent investigation of CEO Jensen Huang on Sunday, Nov. 8, the story has moved past a corporate governance problem. The question now includes what the White House knew about Huang's relationship with Alice Huang, and when it knew it.

The two are not related. Alice Huang is a former executive at Megaspeed International, a Singapore-based data center company that buys Nvidia chips. Jensen Huang acknowledged an extramarital affair on Sunday but did not publicly name the woman.

What Trump says he knew

At an impromptu White House briefing Monday, Nov. 9, his first since the midterm elections, President Donald Trump said he had been hearing about the matter and reading a little bit about it "over a period of time, but not too long ago." Asked whether he knew during his May trip to China, he said: "No, I didn't hear about it then."

Trump said he spoke with Huang that day. According to Trump, Huang told him "he had absolutely no idea that the person in question was a spy." Trump added: "And I really believe him."

The timeline is disputed. Newsweek reports that intelligence concerning the relationship was brought to Trump's attention in late 2025, and the New York Times reported that Trump was briefed roughly a year ago and that no action was taken at the time. Asked whether he had seen an intelligence memo on Alice Huang, Trump said: "I'd certainly check with the intelligence people. It could have been mentioned. Certainly, it didn't make much of an impact on me."

Trump also said "I know the FBI's looking into it in terms of something else," and added, "I think that he'll be in good shape." He did not say what the something else is. Asked Sunday whether he wished he had acted sooner on the intelligence, Trump said "I don't think so" and called Huang an "honorable guy."

The $25 million ballroom commitment

Nvidia's gift to Trump's White House ballroom project is getting renewed attention. The Washington Post published documents in October 2026 showing Nvidia committed $25 million and asked for anonymity. Huang had publicly acknowledged a donation in October 2025 without giving the amount.

Senate Minority Leader Chuck Schumer explicitly linked the controversy to the donation on the Senate floor Tuesday, saying Trump "took his advice on granting the PRC access to some of our most advanced AI chips, and accepted a twenty-five-million-dollar donation from the company for his golden ballroom." Schumer called for an investigation into Nvidia's influence on national security decisions. Sen. Chris Coons (D-Del.) is also demanding "answers about the relationship between AI billionaires and the Trump administration." The available reporting does not establish whether Trump's briefing preceded Nvidia's contribution or whether the donation influenced any administration decisions.

Paul Eckloff, a former Secret Service agent quoted by the New York Post, says Huang lobbied Trump to loosen restrictions on AI chip sales to China and was "incredibly influential in deciding US export policy for this technology."

What the allegations rest on

The core allegation comes from a secret State Department memo, reported by the New York Times. The memo is based on electronic surveillance of Alice Huang. It alleges that China's Ministry of State Security recruited her and that she worked to gain Jensen Huang's favor partly through purchases of billions of dollars worth of Nvidia chips for AI data centers in the Middle East and Southeast Asia. The memo's claims are allegations. The Chinese government has denied them, calling them "baseless and purely slanderous smears against China."

Nvidia's board said Sunday it has "no reason to believe that either national security or NVIDIA secrets were compromised." It said it retains confidence in Huang's leadership. Megaspeed has denied diverting chips to China and calls itself compliant and legitimate. Site inspections by Nvidia and U.S. officials reportedly found no evidence of violations.

Culper Research, a short seller, published a report in May titled "NVIDIA (NVDA): The China Problem." It alleged Megaspeed was secretly financed by Alibaba through apparent shell companies. Megaspeed says there is no evidence behind the claims.

Fortune's Jeremy Kahn writes that Huang's future depends on what he knew and what he passed along. He argues that if Huang was complicit in smuggling advanced chips into China, that would probably be enough to force his resignation. Kahn notes that giving Chinese firms access to chips in Malaysian data centers would have been legal under U.S. law before 2025 but not since. Kahn also writes that Huang's stance on chip exports has been remarkably consistent going back to a period before he is believed to have met Alice Huang.

Pressure from Congress and the board

Rep. Brian Mast (R-Fla.), chair of the House Foreign Affairs Committee, told ABC News Tuesday that he is prepared to subpoena Huang if Huang does not respond by Wednesday, Nov. 11, to a request for a closed-door briefing. Mast says he has a "lengthy" list of questions, including what correspondence Huang had with the Chinese government.

Congressional Republicans on the Select Committee on China separately asked Huang to appear for a closed-door briefing on Nov. 18. Nvidia has not publicly responded to either request.

A Mast subpoena may not last. Republicans lose control of House committees in January, and any subpoena would likely expire. Democrats would have to issue a new one.

The stock and the code of conduct

Nvidia shares have lost about 10%, roughly $450 billion in market value, over the last two trading sessions, according to CBS News. Yorkville Ives analyst Dan Ives estimates the company could lose as much as 30% of its valuation if Huang is removed. He adds that most investors still expect Huang to keep his job. A shareholder has also filed a class action complaint accusing Nvidia and Huang of misleading investors about the relationship.

Governance experts quoted by CBS say the relationship appears to violate Nvidia's code of conduct, which warns that personal relationships can create conflicts of interest. The code also tells employees to ask whether they could defend an action if it became public, and if not, "do not proceed." Nvidia did not immediately respond when asked whether Huang broke any company rules.

One unresolved question is whether Huang answers Mast's Wednesday deadline. Another is whether the board's investigation, which the Financial Times says is likely led by director Stephen C. Neal, reaches findings before Congress changes hands in January.