Treasury Secretary Scott Bessent says the Commerce Department, led by Howard Lutnick, has stalled adding Singapore‑based Megaspeed to the U.S. export blacklist despite support from the Treasury, Pentagon, State Department and USTR. Megaspeed, an Nvidia customer, is accused of routing $7.5 billion of advanced AI chips to China, a claim the company denies. The Justice Department is probing the firm, and senior White House officials are debating whether Lutnick should be removed.
Howard Lutnick
4 stories since 7 November 2026, newest first
14 November 2026
President Donald Trump will not mention the alleged Chinese espionage involving Alice Huang during his upcoming meeting with Xi Jinping at the APEC summit in Shenzhen. The decision follows Jensen Huang's resignation as Nvidia chief executive after more than three decades, amid reports of multiple affairs, including one with Alice Huang, a former Megaspeed International executive suspected by U.S. intelligence of links to China's Ministry of State Security. Beijing denies the spy allegations, while Nvidia has hired the law firm Wachtell, Lipton, Rosen & Katz to investigate. The APEC summit runs for four days in Shenzhen.
Nvidia's board removed Jensen Huang as chief executive and named finance chief Colette Kress interim CEO, while the stock closed at $162.85 on Friday, down 2% on the day and 13% for the week. The decline erased more than $570 billion of market value, extending a six‑week losing streak that has shaved roughly 30% off the share price and cost about $1.7 trillion in valuation. Huang has agreed to testify before Congress before the Thanksgiving holiday, and the company will report earnings on 17 Nov.
7 November 2026
Nvidia's board has opened an independent investigation into CEO Jensen Huang after reports that he had an affair with Alice Huang, a Singapore-based Megaspeed executive whom U.S. intelligence services link to Beijing's espionage. Nvidia shares fell more than 4 percent on Monday, 9 Nov, and kept declining on Tuesday. President Donald Trump said the FBI is investigating, and no one has been charged. Nvidia said it has no reason to believe national security or company secrets were compromised. The company has retained former acting U.S. Attorney Joon H. Kim to lead the inquiry.