NVIDIA Probe Brings Trump’s $5 Million Stock Purchase Into Focus

By Tom Whitfield

NVIDIA’s board opened an independent investigation on Nov. 8 into CEO Jensen Huang’s reported ties to an alleged Chinese intelligence asset. Scrutiny also centered on President Donald Trump’s Feb. 10 Nvidia purchase of $1 million to $5 million, although the available reporting linked the matters only through timing.

What triggered the investigation?

The New York Times identified the former executive as Alice Huang, also known as Huang Le. Megaspeed is a Singapore-based cloud company that buys Nvidia chips, and the Times said Alice Huang met Jensen Huang multiple times.

The Times report framed Huang as a target of a Chinese spy plot. Fox Business reported that Trump received a briefing about the matter about a year earlier but took no action. It also said U.S. officials never warned Huang, and no one has accused him of wrongdoing.

Israel Hayom, citing The Times and Financial Times, reported that a U.S. intelligence document described a romantic relationship between the two. Axios and Yahoo Finance reported Sunday that Huang admitted to an affair. These reports do not establish wrongdoing by Huang.

How has NVIDIA responded?

Nvidia told Fox News Digital: “Meetings with customers are part of a CEO’s job; Jensen talks with thousands of customer executives every year.” The company said Megaspeed was no different from many regional cloud customers and expressed confidence that the U.S. government would notify it if it believed any person threatened American industry.

The board said it had no reason to believe national security or Nvidia secrets had been compromised. Huang wrote in an internal memo that he supported the investigation and would cooperate fully. The company is treating the customer meetings as routine while the board tests the national-security claims.

What will Congress examine?

Reuters reported that House Foreign Affairs Committee Chair Brian Mast, China Select Committee Chair John Moolenaar and Intelligence Committee Chair Crawford asked Huang for a closed-door briefing on Nov. 18. Their letter said the reports raised significant national-security concerns about China’s access to sensitive U.S. technology and information, and set a Nov. 11 deadline for his reply.

Sen. Chris Coons, according to Israel Hayom, announced a separate investigation into what he called the connection among the Trump administration, Chinese spies and AI billionaires. The immediate test is whether Huang answers by the deadline and attends the requested briefing.

How do Trump’s stock purchases fit?

According to NOTUS’s reading of Trump’s Office of Government Ethics disclosure, President Donald Trump bought $500,000 to $1 million of Nvidia stock on Jan. 6, 2026. He bought another $1 million to $5 million on Feb. 10, and the filing showed more than 3,600 trades across the first three months of the year.

In May, White House spokesman Davis Ingle said Trump’s assets sat in a trust managed by his children and that no conflicts of interest existed. The Trump Organization said the family received no notice of trading activity, and Trump told reporters Sunday that he had not spoken with Huang recently.

Reports connect the spy allegation and the stock purchases only through timing: the purchases and China decisions occurred during the same weeks. The available record does not establish a link between the two.

What happened to China chip sales?

Fox Business reported that in January, the Commerce Department began allowing case-by-case transfers of an advanced Nvidia chip. The report named no chip model. Trump said the sales would carry a 25% fee paid to the U.S. government, while NOTUS reported that Commerce approved some sales roughly a week after the Jan. 6 purchase and before the Feb. 10 buy.

In May, 24/7 Wall St. reported that the U.S. had approved approximately 10 Chinese buyers. Beijing then placed the chips under extra examination, which the report said effectively froze the potential sales. The sequence left U.S. approval insufficient to guarantee the sales.

What does this mean for NVIDIA’s business?

Nvidia has already removed China from its forecast. CFO Colette Kress said in August: “Given ongoing geopolitical uncertainty, there is no China data center compute revenue in our forward outlook.” The company’s $108 billion third-quarter guidance therefore contains no China data-center sales; it is a forecast, not booked revenue.

Nvidia stock closed at $186.64 on Nov. 6. That price was 0.78% below $188.10 on Feb. 10 and 13.34% below $215.38 on Oct. 28, and the source did not attribute either decline to the investigation or the reported relationship.

The next commercial test is whether Beijing allows sales to the approximately 10 approved Chinese buyers to proceed and whether Nvidia keeps China data-center compute outside its third-quarter guidance while the board and Congress complete their reviews.