Nvidia inquiry meets a $10 billion lunar contracting push

By Nathan Brooks

Nvidia shares were down nearly 5% in premarket trading after the company’s board launched an independent investigation into reports that co-founder and CEO Jensen Huang had been targeted by a foreign intelligence operation. The market traded the allegation before investigators tested it.

What did Nvidia’s board authorize?

On Sunday, Nvidia said a committee of independent directors, assisted by outside lawyers, would oversee the inquiry. The board expressed confidence in Huang and his leadership team and said he supported the investigation and had agreed to cooperate.

The directors stated: “While the Board has no reason to believe that either national security or NVIDIA secrets were compromised, the Board’s inquiry will examine all available information.” Nvidia’s statement did not identify the person allegedly involved or describe the relationship.

What does the alleged operation involve?

The New York Times, which broke the story, reported that Huang had acknowledged an intimate relationship with Alice Huang, also known as Huang Le. U.S. officials had identified Alice Huang as working for Chinese intelligence, and U.S. surveillance indicated that she was passing information to Beijing. These remain allegations, not a finding of compromise.

Alice Huang previously worked as a television reporter in China before becoming an executive at Singapore-based Megaspeed, which operates facilities housing computer systems. Megaspeed purchased more than $4.8 billion in Nvidia chips over two years, making the reported customer relationship commercially material to Nvidia. That purchase figure is a reported transaction value, not a disclosure of Nvidia revenue.

The episode had already attracted more than 400 comments on the original Seeking Alpha report, a measure of attention rather than evidence. Wall Street Breakfast said it had first flagged the matter on Wall Street Brunch. For investors, the central questions concern protection of Nvidia’s confidential information, oversight of customer relationships and possible disruption at the top of the company.

What happens to Huang’s role?

The Times reported that Huang would remain chief executive during the inquiry. He also apologized to his family in an internal company message. His apology was personal; the investigation will be institutional, and the board has not identified any evidence that Nvidia secrets were exposed.

What did NASA put into competition?

NASA announced contracts and mission plans on Saturday to expand lunar exploration, including a $10 billion commercial delivery framework, a nuclear-powered rover and new transportation and communications systems. The systems would support a planned permanent base near the Moon’s South Pole.

Under the Commercial Lunar Payload Services initiative, NASA selected eight companies eligible to compete for lunar cargo missions over the next decade:

• Blue Origin
• Firefly Aerospace (FLY)
• Intuitive Machines (LUNR)
• ispace-U.S.
• Lockheed Martin Space
• Northrop Grumman Space Systems
• SpaceX
• Voyager Technologies (VOYG)

The selection creates opportunities for established aerospace contractors and smaller space-technology companies across transportation, robotics, communications and power systems. Selection, however, does not equal booked revenue. NASA said the full value of its contracting frameworks is not guaranteed; future orders depend on funding, competitive selections and mission requirements. One contrast is duration: Megaspeed’s chip purchases covered two years, while NASA’s cargo competition stretches across a decade.

Why did nuclear shares rebound?

Friday’s nuclear-stock rally followed quarterly results from Oklo and NuScale. Oklo (OKLO) jumped about 23%, NuScale Power (SMR) rose 16%, Nano Nuclear Energy (NNE) gained 15%, Centrus Energy (LEU) climbed 17%, Vistra (VST) advanced 11%, and X-Energy (XE) added 16%.

The move reflected investor interest in nuclear power as technology companies seek reliable electricity for energy-intensive AI data centers. The gains also followed substantial declines in several nuclear stocks, suggesting bargain hunting and a reversal of bearish positioning contributed to the advance. As of the recording, each named stock was slightly lower in premarket trading except Vistra and X-Energy.

What else was on the trading calendar?

The episode’s catalyst list included:

• Final bids for GFL Environmental (GFL).
• An Entegris (ENTG) Investor Day event.
• A Rhythm Pharmaceuticals (RYTM) presentation at the Guggenheim 3rd Annual Healthcare Innovation Conference.
• Digital preloads for Take-Two Interactive’s (TTWO) Grand Theft Auto 6, ahead of the official November 19 launch.

Broader market indicators were mixed but generally firm. Stock-index futures were green, the FTSE 100 rose 0.6% and the DAX gained 0.7%. Crude oil fell 1% to $89, while Brent crude dropped 1.3% to $97. The economic calendar listed 10:00 a.m. wholesale inventories.

Over the next phase, Nvidia must show that customer relationships, confidential information and leadership continuity remain intact, while NASA’s eight bidders must await funded missions before the $10 billion framework produces booked revenue.