Nvidia hires Wachtell to investigate reports about Jensen Huang’s relationship with alleged Chinese spy

Nvidia’s board has brought in one of Wall Street’s most exclusive law firms to examine its own CEO.

The chipmaker said on Monday that it had selected Wachtell, Lipton, Rosen & Katz to run what the board described as “a thorough and independent investigation” into reports that Jensen Huang had an affair with a businesswoman alleged to be a spy for China.

What the investigation covers

The woman at the center of the reports is Alice Huang, a former executive at Singapore-based Megaspeed. A New York Times report detailed her ties to Megaspeed, which is a major Nvidia client.

US authorities have identified her as a potential Chinese intelligence asset. The word “potential” matters here. No public finding has established that she worked for Chinese intelligence.

According to the research findings, the inquiry has two central questions. The first is whether Jensen Huang was targeted by a foreign intelligence effort. The second is whether any proprietary information or US national security was compromised.

Nvidia has said there is currently no evidence that any such breach occurred.

Leading the work is Joon H. Kim, who joined Wachtell in October 2026. Kim previously served as acting US Attorney for the Southern District of New York, an office known for handling high-profile financial and national security cases.

A board without a chair, and a stock under pressure

There is a structural wrinkle. Nvidia’s board currently has no chair.

That leaves lead independent director Stephen Neal managing the committee overseeing the probe.

Markets did not wait for the findings. Nvidia shares fell more than 4% in a single session as the reports spread, and the slide continued in the trading that followed.

The research findings put the resulting loss in market value in the hundreds of billions of dollars.

Legal pressure arrived alongside the selling. Shareholders filed a proposed class-action lawsuit accusing the company and Huang of failing to adequately disclose details about the reported affair and what it could mean for the business.

The argument is about disclosure: if a relationship carried potential security or business risks, shareholders claim they deserved to know.

Why the stakes run higher than a typical scandal

Nvidia sits at the center of the global race to build artificial intelligence. Its chips are among the most strategically sensitive products on the planet, and their flow to China has been a recurring flashpoint in Washington.

The Megaspeed detail adds another layer. The firm is described as a major Nvidia client, which means the reported relationship touched a commercial counterparty, not just a private acquaintance.

What this means for Nvidia and its investors

Nvidia has said it has no evidence of a breach so far. If the investigation confirms that, the company can argue the damage is reputational and contained.

The second is the board itself. With no chair in place, investors will be watching whether Nvidia uses this moment to formalize its governance structure, and who ends up holding real authority over the CEO.

The third is the proposed class action. Whether it gains traction may depend heavily on what the internal investigation turns up, since its core claim centers on what the company knew and when.