Nvidia, Jensen Huang hit with shareholder suit after spy allegations

Nvidia and Chief Executive Jensen Huang were sued in federal court in San Jose on Nov. 9 in a proposed class action accusing them of misleading shareholders about Huang’s ties to Alice Huang, an executive linked to Singapore-based Megaspeed and identified in a New York Times report as a suspected Chinese intelligence asset. The filing came after Nvidia shares fell 4.3% on Monday, cutting roughly $190 billion from the company’s market value. Nvidia said its board had opened an independent investigation into whether Huang was targeted by a foreign intelligence agency and said it had no reason to believe national security or company secrets were compromised. Shareholders led by Mark Kistenmacher are seeking unspecified damages.