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Nvidia stock fell on Monday morning in the first trading session since the chip giant said it opened an investigation into CEO Jensen Huang amid allegations of a Chinese intelligence-gathering effort targeting him.
Shares of Nvidia fell more than 4%, putting the stock price at $178.83.
The board of the California-based firm initiated an “independent investigation in light of recent reporting that founder and CEO Jensen Huang has been the target of a foreign intelligence effort,” the company said in a statement Sunday.
The investigation will be overseen by a “committee of independent directors, assisted by outside independent counsel,” Nvidia added.
MORE: NVIDIA announces investigation of CEO amid foreign intelligence target allegations
Tech giant NVIDIA has announced an investigation of its CEO Jensen Huang.
Huang “fully supports the review” and will cooperate with it, the Nvidia statement noted.
Nvidia soared to prominence in recent years through selling many of the chips behind the artificial intelligence boom. The company has defied skeptics with strong revenue quarter after quarter, despite political backlash against data centers and looming concern about a financial bubble in AI.
As of Monday morning, Nvidia boasted a value of more than $4 trillion as measured by market capitalization, making it the world’s second-largest company. Apple is currently the largest.
Stocks in the U.S. climbed overall on Monday, recovering some of their losses from a selloff last Thursday.
The Dow Jones Industrial Average increased 1.4%, while the S&P 500 increased 1.7%. The tech-heavy Nasdaq jumped 2.2%.
The New York Times reported late last month that Jensen Huang was targeted by a Chinese espionage plot centered around a woman they identified as Alice Huang, a top executive at Singapore-based data company Megaspeed, whom U.S. intelligence officials determined was funneling information to Beijing and had developed a “close relationship” with Jensen Huang.
The Chinese government denied the allegations, calling them “baseless and purely slanderous smears against China.”
Neither Alice Huang nor her employer, Megaspeed International, responded to News’ request for comment after the New York Times story broke.
“Jensen’s interactions with Ms. Huang are not unusual or unexpected” and are part of Jensen Huang’s job, an Nvidia spokesperson told News at the time.
However, Nvidia on Sunday shared with News an internal message Jensen Huang sent to employees, in which he said he was “unfaithful” to his wife.
“My actions hurt her and our children. There is no excuse for what I did. I am deeply sorry,” the message said, in part. It did not name Alice Huang nor any other person.
Addressing Nvidia staff, partners and shareholders, Huang went on to say, “my responsibility is to serve you and be worthy of your trust. I have fallen short of that responsibility. I am fully committed to NVIDIA and will work to earn back your confidence.”
“I love our country and our company. I am committed to protecting NVIDIA and supporting America’s national security. I am proud and grateful to be an American,” Huang’s message said.
This is a developing story. Please check back for updates.
News’ Chris Watson contributed to this report.
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