US Futures Swing $650 Billion on Nvidia CEO Spy Scandal
Hyperdash NewsEquitiesNvidia CEO Jensen Huang admitted to a relationship with a woman identified by U.S. intelligence as a Chinese spy, triggering a $650 billion swing in S&P 500 futures on November 8. Futures initially erased an implied $300 billion in market cap at the open before reversing to add $350 billion within seven minutes as traders bought the dip. Huang acknowledged the infidelity to employees, and Nvidia's board said it is launching an investigation into whether he was targeted by a foreign espionage plot. The New York Times reported that President Donald Trump was briefed on the intelligence findings roughly a year ago but chose not to act, citing concerns about disrupting Nvidia's chip sales and trade relations with China.
The scandal adds geopolitical risk to an AI sector already under pressure from concerns about soaring infrastructure spending and uncertain returns. Nvidia shares have slid 1.63% and the S&P 500 has slipped -0.19% on Hyperdash since the news broke 25 minutes ago. The board's probe and Huang's admission come as Nvidia prepares to report earnings on November 17 and holds a major conference in Washington, D.C., at the end of the month.
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