Nvidia board considers removing Huang after reports of second affair, WSJ says

The board said in a Nov. 8 statement that it was initiating an independent investigation into whether Huang was the target of a foreign intelligence effort, though it added it had no reason to believe “either national security or NVIDIA secrets were compromised.” The board said it “prioritizes U.S. national and economic security, which is paramount to the interests of NVIDIA and its shareholders.”

Nvidia has said it has no reason to believe that U.S. national security or Nvidia confidential information had been compromised. The company's shares fell in early trading on Monday, according to DW.

Megaspeed, originally incorporated in 2015 as 7Road International, a Chinese gaming firm with ties to state-backed investors, changed its name to Megaspeed in early 2023, the same year that Alice Huang joined the company. According to The Information, Alice Huang used her personal relationship with Jensen Huang to move at least $7.5 billion worth of Nvidia chips through Megaspeed and its Malaysian subsidiary, Speedmatrix.

Singapore police opened an investigation into Megaspeed in October 2025 over suspected breaches of domestic law. The Wall Street Journal separately reported that Singapore officials had investigated Alice Huang over alleged links to Chinese intelligence, but Singapore's Ministry of Home Affairs disputed that account. "There were no such investigations conducted in respect of Alice Huang," authorities said.

The case has drawn scrutiny from Washington as Jensen Huang has cultivated ties with President Donald Trump and advocated for relaxed chip export controls to China. Trump backed the Nvidia boss. "He's an honorable guy," said Trump. "I have not spoken to him about it. I just know he's a fine person, but you never know what is going on. I hope everything's fine."

Bloomberg reported that Alice Huang has returned to Beijing with the knowledge of Chinese security officials. Megaspeed has denied wrongdoing; Nvidia has previously claimed that it found no evidence of illicit chip transfers. In a December 2025 statement, Megaspeed said it had undergone multiple on-site inspections and reviews by the U.S. Commerce Department's Bureau of Industry and Security, Malaysia's Ministry of Investment, Trade and Industry, and Nvidia, and that those reviews had found no evidence of violations. "We operate fully within the bounds of all applicable export control regulations and maintain the highest standards of legal and ethical conduct," Megaspeed said.

Ja Ian Chong, a political science expert from the National University of Singapore, said the case shows how Chinese firms rely on Southeast Asia to skirt U.S. trade controls. "Chinese firms can access data centers in Singapore and Malaysia—and their computing capacity—without having to import restricted semiconductors," he told Fortune. "But the ease of shipping [chips] through Singapore and Malaysia also makes them attractive for firms and people who wish to circumvent U.S. controls."

Richard Windsor, a tech analyst and the founder of Radio Free Mobile, said the news could be very serious for Nvidia given how much the company has revolved around Huang for decades. "This problem is particularly acute because Jensen Huang is very hands-on, meaning that the key decisions that led to its success were ultimately taken by him and because there is no obvious successor," he said. "I suspect we are about to find out just how much the market thinks that the company is dependent on its iconic founder and CEO."