Howard Lutnick, the U.S. Commerce Secretary, is being pressed to explain the close ties between Cantor Fitzgerald, the Wall Street firm now led by his sons Brandon and Kyle, and Nvidia. In the third quarter of 2025, Cantor Fitzgerald maintained an overweight rating and a $350 price target on Nvidia before reducing the number of Nvidia shares reported in its holdings by 49% between September 2025 and March 2026. The decrease coincided with pressure on Lutnick to crack down on companies suspected of circumventing U.S. restrictions on AI chip exports to China. Nevertheless, Cantor helped finance transactions tied to Nvidia’s ecosystem, including IREN’s $3 billion convertible bond offering and Lancium’s $600 million financing. No evidence shows that Lutnick’s sons received nonpublic information, that the share reduction was caused by intelligence warnings or that Cantor’s financial interests influenced the secretary’s decisions.
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