Nvidia lost about $430 billion in market value over two trading days, according to Yahoo Finance data, as scrutiny grew over CEO Jensen Huang’s ties to a businesswoman U.S. intelligence reportedly concluded was a Chinese spy. Nvidia shares fell about 9.5% from Friday’s close, though they rose in premarket trading after the sell-off.
Nvidia said its independent board members hired outside lawyers for an investigation the company had announced. China denied the intelligence allegations, and Reuters said it could not independently verify them. Reuters also reported that a company controlled by the businesswoman has faced U.S. scrutiny over possible access to export-controlled Nvidia chips, but there has been no public finding that it broke the rules. Several lawmakers called for Huang to resign or sought answers about the relationship.
