$550 Billion Lost in Five Days: The Nvidia Scandal Heads to the Senate

The US Senate Banking Committee has asked former Nvidia CEO Jensen Huang to testify next month. The request follows reports of alleged extramarital affairs. One involved a woman whom US authorities suspect of spying for China.

Huang resigned abruptly on Thursday as head of one of the world’s most valuable companies. His exit sent shockwaves through Silicon Valley.

Letters to Huang and Lutnick

Senator Tim Scott, a South Carolina Republican, sent letters on Thursday to Huang and to Commerce Secretary Howard Lutnick. Lutnick is under scrutiny over exports of sensitive Nvidia AI chips to China. Scott has asked both men to appear before the committee in December. He asked Huang to appear voluntarily on 3 December. He also warned that the panel could issue a subpoena to compel his testimony.

National security concerns

Scott said on X that recent reports raise serious concerns about national security and the protection of sensitive US technology. He said the American people deserve answers.

A costly week for Nvidia

Nvidia has lost $550 billion (about £415 billion) in market value in just five days. The scandal has dominated headlines throughout.

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