Nvidia shares fell approximately 8% after the close on November 11 following reports that its board was preparing to remove Chief Executive Officer Jensen Huang. U.S. authorities suspect that Alice Huang, a former Megaspeed executive, was recruited by Chinese intelligence services to spy on Nvidia, while Jensen Huang maintained close personal ties to her. Nvidia acknowledged that its founder had been unfaithful to his wife and opened an independent investigation led by Joon Kim, but said it had found no evidence that national security or corporate secrets were compromised. Megaspeed purchased billions of dollars in Nvidia chips between March and November 2023, raising additional concerns about governance, export controls and shareholder disclosure. Nvidia’s market capitalization reportedly lost about $600 billion over the week, while a shareholder class-action lawsuit was proposed over the company’s disclosures.
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