Nvidia lost about $430 billion in market value in two days, following declines of 4.3% on Monday and 5.5% on Tuesday, when the shares closed at $168.89. The stock has erased all of its 2026 gains, before rebounding by 3.8% to $175.23 in premarket trading on Wednesday. Independent members of the board hired former U.S. Attorney Joon Kim to investigate Jensen Huang’s ties to Alice Huang, a businesswoman whom U.S. intelligence reportedly identified as a Chinese spy. Senator Kevin Cramer and former National Economic Council director Larry Kudlow called on Huang to resign, while several lawmakers demanded answers about alleged lobbying against chip export restrictions. Nvidia said Huang claimed he was unaware of Alice Huang’s activities, and China has denied the espionage allegations.
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