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Nvidia Loses Billions
Nvidia shares fell about 5% in premarket trading, with the company expected to lose more than $200 billion in market value, amid concerns over an independent investigation into reports that its CEO, Jensen Huang, was targeted in an alleged foreign espionage operation. The board formed a committee of independent directors to investigate, with help from outside legal advisers. Sources said the board currently has no evidence that the company’s trade secrets were compromised or that national security was threatened. The investigations are also linked to suspicions that advanced chips were diverted to China to circumvent export controls. Beijing denied the allegations, while Republican lawmakers called for a closed-door briefing with Huang on November 18.
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