Nvidia’s spy-clock deadline lands as options traders map the hot zone 🕵️

Nvidia CEO Jensen Huang has until November 11 to tell Congress whether he will answer questions about an alleged Chinese intelligence operation involving Alice Huang, an executive at Nvidia customer Megaspeed, according to a report detailing pressure on the chipmaker and its stock. The memo underlying the allegation is not public, its claims are unproven, and Nvidia has described the contacts as “not unusual.”

The New York Times first reported the intelligence memo, which alleges that China’s main spy agency recruited Alice Huang. The Financial Times reported that the two allegedly had a romantic relationship. The Times also reported that President Donald Trump was briefed on Alice Huang about a year ago and chose not to act because officials feared hurting Nvidia’s chip sales. Trump called Jensen Huang “very aboveboard” on October 31 but said the case was “a very complex issue.”

Three House committee chairs sent Huang a letter on November 4 requesting a closed-door briefing, while three Republican House members separately asked him to appear over allegations that he had been targeted by a Chinese intelligence agent. Democratic Senator Elizabeth Warren wants Huang to testify before Congress about Nvidia’s chip sales to China and other related matters and said on October 29, “Huang and NVIDIA’s board owe Congress answers.” No official has called for Huang to leave, and Nvidia has not said whether he will attend the proposed briefing, which comes one day after earnings scheduled for November 17.

Nvidia shares closed at $186.64 on November 6 following a 9.3% plunge on November 5, when AMD also fell 17.3% during an AI chip selloff. The company’s annual report says it is “highly dependent” on its longtime executives, while market precedents include Apple falling about 5% after hours when Steve Jobs stepped down in 2011 and Intel rising more than 3% when Pat Gelsinger left in 2024. Options traders were pricing a range of $179.35 to $198.09 into the weekly batch expiring on November 11.

Semafor also reported that Huang’s relationship with Trump may not protect Nvidia from a more hostile post-election Washington, where Republicans are planning tougher chip export controls and Democrats are positioned to lead key regulatory committees. Cointelegraph reported in March that Trump appointed leaders from the crypto, blockchain, AI and technology industries to his Council of Advisors on Science and Technology, including Huang, who had previously met with the president to discuss export controls for Nvidia’s chips.