Report: Jensen Huang misled Nvidia executives over an affair

By Amara Osei

Nvidia’s shares have fallen more than 30% from their October 6 closing high. That decline has erased more than $1.8 trillion in market value. The report centers on founder and former chief executive Jensen Huang and his relationship with Chinese businesswoman Alice Huang.

Huang resigned as chief executive on Thursday. His departure has not ended the dispute. Reuters cites two people familiar with the matter and internal correspondence it reviewed. The outlet reports that Huang actively misled several Nvidia executives about the nature of his affair with Alice Huang, who is not related to him.

What did Huang tell Nvidia’s leadership?

Alice Huang formerly served as a top manager at Nvidia customer Megaspeed International. Jensen Huang had an affair with her while she worked there, according to the two insiders and internal correspondence reviewed by Reuters.

After press inquiries in autumn 2025 and again in October 2026, Huang represented both his relationship with Alice Huang and his dealings with her company as appropriate. The report also cites two messages from October 2026 to company leaders.

An October 2025 New York Times article about the pair’s publicly known meetings prompted Huang to address the contacts with senior managers. He did not mention an affair, according to the report. His explanation covered the business purpose but omitted the personal relationship.

In the two October 2026 messages, Huang addressed chief legal officer Tim Teter, marketing chief Alison Wagonfeld and other leaders. He wrote: “The contacts corresponded to normal business relationships with customers.” Reuters reviewed both messages for its report.

Nvidia and a representative of the former chief declined to comment. Teter and Alice Huang did not answer requests for comment. Wagonfeld had not responded at the time of reporting.

The disputed issue is not whether Huang met Alice Huang, but whether his description of those contacts was accurate.

Who is under investigation?

U.S. authorities are investigating Alice Huang on suspicion that she could have spied for China. The Chinese government rejected that allegation. Reuters could not independently verify whether the businesswoman acted on behalf of the Chinese government.

The U.S. inquiry concerns possible espionage, while the internal allegations concern what Jensen Huang told Nvidia leaders. Independent verification has not established whether Alice Huang acted for the Chinese government.

Her alleged role for the Chinese government therefore remains unverified despite Beijing’s rejection.

What has Nvidia’s board ordered?

Independent members of Nvidia’s board said on November 10 that they had commissioned a law firm to conduct an external investigation. Their action followed New York Times and Wall Street Journal reports about the relationship and the U.S. authorities’ espionage suspicion.

The board’s action creates a company-level review alongside the U.S. government inquiry. Neither process has resolved whether Huang’s internal explanations were accurate or whether Alice Huang acted for the Chinese government.

How much has the market lost?

The shares reached their closing high on October 6. Since then, Nvidia has lost more than 30% of its share price and more than $1.8 trillion in market value. The report does not assign the full decline to any one disclosure.

The loss is the largest quantified impact disclosed, but the report does not break down its causes.

Huang’s resignation, the outside-law-firm review and the U.S. inquiry leave the central questions open: what he told Nvidia leaders, what the review finds and whether Alice Huang acted for the Chinese government.