Nvidia nears $470 billion wipeout as Jensen Huang scandal deepens

Nvidia shares slid for a second day, putting the chipmaker on track to lose more than $470 billion in market value over two sessions as fallout grew around CEO Jensen Huang’s relationship with Alice Huang, a Chinese businesswoman alleged to be a spy for Beijing. The Information reported that the relationship helped facilitate shipments of at least $7.5 billion in Nvidia chips to Chinese firms. Nvidia’s independent directors hired former acting US Attorney Joon Kim and Wachtell, Lipton, Rosen & Katz to lead an internal investigation, while the FBI is separately examining whether Huang was targeted by a foreign intelligence operation. The sell-off briefly let Microsoft overtake Nvidia as the world’s second-most valuable company.