U.S. President Donald Trump said on Monday that the FBI is investigating Nvidia CEO Jensen Huang's affair with a woman U.S. officials have identified as a Chinese spy. Trump defended Huang at a White House event, according to The Guardian and CNBC.

"I know the FBI is looking into it in terms of something else, and I think that he'll be in good shape," Trump said, according to both outlets. The president added that he had spoken with Huang that same day "just to see if he's feeling all right," and that Huang told him he had "absolutely no idea" the woman involved was a spy.

Shareholders sue Nvidia

Also on Monday, Nvidia shareholders filed a class-action lawsuit against the company and Huang in federal court in California, alleging both made false or misleading statements about the reputational and business risks tied to the affair and Huang's relationship with Megaspeed, a Singapore-based Nvidia customer, according to The Guardian and CNBC. CNBC attributes the suit to the Rosen Law Firm; The Guardian identifies the investor leading the case as Mark Kistenmacher. The lawsuit was filed five minutes after the U.S. stock market closed on Monday, The Guardian reported.

The woman at the center of the case, identified as Alice Huang (no relation to the CEO), was an executive at Megaspeed, which had already been investigated over suspicions it diverted Nvidia chips to China in violation of U.S. export restrictions, according to The Guardian. Before the case became public, Nvidia said the two executives' meetings were "not unusual or unexpected" and part of a CEO's job, since Huang "talks with thousands of customer executives every year," the outlet reported.

Trump had already been briefed about the suspected intelligence operation back in October 2025 but chose not to act, according to New York Times reporting cited by both CNBC and SiliconANGLE.

The shareholders, led by retail investor Mark Kistenmacher, are seeking unspecified damages through the class action — a lawsuit that lets a small group sue on behalf of a larger group in the same situation, according to The Guardian. The outlet also reported that several U.S. law firms have separately announced investigations into whether Nvidia misled investors.

Nvidia shares closed Monday down 4.3%, wiping out roughly $190 billion in market value, according to The Guardian. On Tuesday, shares fell another 5.53%, briefly dipping below $4 trillion in market capitalization before recovering, CNBC reported. Over the same stretch, rival AI chipmakers gained ground: AMD rose 13% on Monday and Broadcom added more than 10%, according to CNBC. SiliconANGLE notes that Nvidia's next earnings call is scheduled for Nov. 17, when Huang is likely to face questions about the case.

The case escalated after Huang admitted in a letter to employees on Sunday that he had been unfaithful to his wife — an admission that had already sent Nvidia shares falling, as Cortexplor <a href="https://cortexplor.com/en/nvidia-shares-fall-jensen-huang-affair/">reported</a> at the time. That same Sunday, Nvidia's board opened an independent internal investigation into the matter, as Cortexplor also <a href="https://cortexplor.com/en/nvidia-board-investigation-jensen-huang-china-spy/">covered</a>.

In practice

  • What's new: Trump publicly confirmed the FBI is investigating, and shareholders sued Nvidia and Huang over misleading statements, according to The Guardian, CNBC and SiliconANGLE.
  • When: Trump's comments and the lawsuit both came on Monday; shares fell on both the following days, according to the same sources.
  • Who's affected: Nvidia, Huang and the company's shareholders, who saw more than $190 billion in market value wiped out on Monday alone, according to The Guardian.
  • Next milestone: Nvidia's next quarterly earnings call on Nov. 17, according to SiliconANGLE.
  • What was already known: Huang admitted the affair on Sunday and Nvidia opened an internal investigation that same day, as Cortexplor reported.