Trump Says He Called Jensen Huang; NVDA Closes Down 4.27%

NVIDIA (NASDAQ:NVDA) closed at $178.67 on November 9, down 4.27%, after President Trump told reporters at a surprise White House briefing that he had phoned CEO Jensen Huang about an alleged Chinese intelligence asset — and that he believes Huang knew nothing.

Trump said the call took place before his remarks on the afternoon of November 9, 2026. In his telling, Huang said he had "absolutely no idea" the person in question was a spy. Trump added: "I really believe him."

Every detail about the call comes from Trump alone. Neither Huang nor NVIDIA has described the conversation publicly. The company had not immediately commented, though it said earlier that Huang would stay on as CEO.

The stock's moves cannot be tied to the remarks. They surfaced after the close, and the exact time is unknown. Shares traded at $180.50, up 1.02%, at 7:59 p.m. ET, on a market value of $4.31 trillion.

The pressure is broader than one day. NVDA has fallen 11.58% over one week and 22.07% over one month.

What did Trump actually commit to?

Nothing formal. He called Huang "a very honest man" who built a great American company, and said he hopes there is no problem. He announced no policy, no review, no action. The White House referred follow-up questions back to his comments.

Trump said the FBI is "looking into it, but in connection with something else," and that Huang "will be in good shape." He gave no detail. The FBI declined to comment.

That vagueness carries a cost. Shareholders cannot size a federal inquiry when its subject, scope and timeline are all unknown.

Why is Congress moving anyway?

The Republican chairs of the House Foreign Affairs, Intelligence and China committees have summoned Huang to a closed-door briefing on November 18. Presidential praise does not bind committee chairs; they can open formal probes regardless of the White House position.

U.S. authorities reportedly concluded that Alice Huang (no relation to the CEO), a former Megaspeed executive, was a Chinese intelligence asset. The claim remains an allegation, and China calls it unsubstantiated.

Trump said he did not know of the allegations when Huang traveled with him to China in May. He was reportedly briefed on the relationship about a year ago.

How does this hit China exposure and earnings?

NVIDIA guided to third-quarter revenue of $108.0 billion, plus or minus 2%. That outlook already excludes any Data Center compute revenue from China, so near-term sales exposure is small. Future export licenses, however, depend on how much Washington trusts the company.

Trump said he did not think he would raise the matter with Xi Jinping at the APEC summit in Shenzhen on November 18–19. Xi might. The calendar compresses: earnings land on November 17, the congressional briefing on November 18, APEC on November 18–19 — three events inside three days.

What decides Huang's future?

The board's independent investigation, not the president. It will determine whether Huang stays, and Trump has no formal role in that process. The board has said it has no reason to believe national security or company secrets were compromised.

The underlying business keeps compounding. Second-quarter fiscal 2027 revenue was $96.221 billion, up 105.85% year over year.

What should investors weigh before November 17?

The political risk looks largely priced in near $178.67. At about 36 times trailing earnings, the price reflects political noise even though guidance points to another record quarter.

Trump's backing has no legal effect, but it lowers the odds that the White House turns against NVIDIA on export policy.

Two outcomes would break that view: the November 18 briefing triggering a formal committee investigation, or third-quarter revenue printing below the bottom of the guided range on November 17. Either would turn a governance problem into a business problem.