Trump says the FBI is investigating Nvidia boss Jensen Huang over his ties to an alleged Chinese spy
The president's remark adds a federal inquiry to the board's own review. Traders still see a Huang exit as a minority outcome, while Apple has retaken the title of world's most valuable company.
Future Times2 min read
The odds
Polymarket · live, 03:44 GMTHuang resigns or is removed as Nvidia chief by year end
15% when this was published
Now · 16%
Think the market's wrong? Add your forecast and see who's closer.
- Jensen Huang announced resignation or removal by March 31, 202726%
- Largest Company end of December 2026: Apple83%up 47 points
- Largest Company end of December 2026: NVIDIA14%down 49 points
Key points
- Trump says the FBI is looking at Huang, days after Nvidia's board opened its own review
- Traders give 14.5% to a Huang exit by year end and 23.5% by March
- Apple is now the favourite to end 2026 as the world's biggest company
President Donald Trump said on Monday that the FBI is looking into Jensen Huang, the chief executive of Nvidia, over allegations that he was the target of a Chinese intelligence effort. Nvidia shares fell 4.3% to $178.67 on Monday after the board opened its own review.
The allegations remain unproven. US intelligence officials are reported to believe that Alice Huang, a former executive at the Singapore-based Megaspeed, was a spy for China's Ministry of State Security. She is not related to the Nvidia chief. China's Foreign Ministry has called the spy narrative "entirely baseless" slander.
Nvidia's board announced its own independent investigation on Sunday 8 November, overseen by independent directors and outside counsel. It said it has "no reason to believe" that national security or company secrets were compromised. In a memo to staff, Huang admitted an affair, writing: "I owe my family and all of you an apology." He did not name the woman. A company spokesperson said Huang is "committed to continuing to lead Nvidia as CEO without interruption."
What markets now expect
Traders put the chance that Huang announces his resignation or is removed by 31 December at 14.5% (as of 10 November), up from 12.5% a week earlier. For the end of March 2027 they say 23.5%, though on only $26,000 of trading. A Huang exit is a real possibility, but the market treats it as the less likely outcome.
The share-price damage shows up elsewhere. Traders give Apple a 67% chance of being the world's largest company at the end of December, up 31 points in a week, and Nvidia 30.5%, down 32 points. For the end of November the gap is wider: Apple 89%, Nvidia 11.5%.
Why it matters
- Markets: Nvidia has lost almost 20% of its value in a month and about $193bn on Monday alone. A federal inquiry makes a quick recovery harder and keeps the world's largest-company ranking in play.
- Governance: Huang is Nvidia's fifth-largest shareholder with about 3.4% of the shares, and the board has said it backs him. A finding that he knew of the alleged spying would test that support.
- Politics: Trump approved sales of Nvidia's H200 chips to China this year after Huang lobbied for them. An FBI inquiry puts that policy, and Huang's access to the White House, under scrutiny.
The next test is the board's review, for which Nvidia has promised updates "as appropriate".