Shareholders filed the class action in a federal court in California, the data centre publication DCD reported on 10 November. The lead plaintiff is Mark Kistenmacher. The suit covers investors who bought Nvidia shares between 9 October 2025 and 8 November 2026. The amount of damages sought has not been disclosed.

Huang admitted the relationship in a message to staff that Nvidia published on 8 November. ‘I was unfaithful to my wife,’ he wrote, apologising to his family and employees. The message does not mention the spying allegations, DCD said.

Nvidia’s shares fell more than four per cent on the Monday after the message, and the company’s market value dropped by around $200 billion, DCD reported. DCD dates the admission and the share fall to October. However, the date of Nvidia’s statement and the period covered by the lawsuit point to November.

What has been reported about the spying allegations

The woman is Alice Huang, who is not related to Jensen Huang. She has been an executive at Megaspeed, a Singapore-based IT and cloud services company. DCD said Megaspeed is under investigation over the smuggling of Nvidia GPUs to China. The company has bought more than $2 billion of Nvidia hardware and denies involvement in the smuggling.

The New York Times broke the story. DCD reported that the paper said US authorities had concluded that a person used by Chinese intelligence had formed a close relationship with Jensen Huang. US intelligence agencies that monitored Megaspeed and Alice Huang believe she tried to obtain information and access to chips from Jensen Huang, DCD wrote.

Jensen Huang said the Times’s first story was ‘baseless speculation’, and that his relationship and interactions with Alice Huang were related to Megaspeed and entirely routine. The Chinese government has described the allegations in the same words, calling them an attempt to smear China. DCD reported that President Donald Trump has confirmed the FBI is investigating Jensen Huang’s ties to the suspected spy.

Board hires outside investigator

On 10 November, the independent members of Nvidia’s board said they had retained Joon H. Kim and his law firm, Wachtell, Lipton, Rosen & Katz, to conduct an independent investigation. Kim is a former acting US Attorney for the Southern District of New York. Nvidia has said it has no reason to believe that national security or company secrets have been compromised, DCD reported. The board’s investigation is to review all available information.

Bloomberg raises the question of succession. Huang has led Nvidia since its founding 33 years ago, and no potential successor has been named.