Nvidia shares fell for a second straight session on Tuesday 10 November 2026. On Sunday the company's board opened an independent investigation after reports that founder and CEO Jensen Huang had been the target of a foreign intelligence effort, and Huang admitted in an email to staff that he had been unfaithful to his wife. Pressure built on Tuesday: a hotter-than-expected US inflation report hit the whole market, House Republicans threatened to subpoena Huang, and a shareholder lawsuit was filed. Nvidia ended at $168.65 on our MT5 feed, −5.49% in 24 hours, a week before its quarterly results.
What happened
These are the confirmed events since the weekend. Reports about US intelligence findings are marked as reports; Nvidia's own statements are quoted from the company.
Nvidia's board says it is starting an independent investigation "in light of recent reporting" that Jensen Huang was the target of a foreign intelligence effort. A committee of independent directors, helped by outside counsel, will run it. The board says it has no reason to believe that national security or Nvidia secrets were compromised, and that it has confidence in Huang and his team.
In an email to employees, Huang writes that he was unfaithful to his wife, takes full responsibility and says he will cooperate fully with the investigation. The email does not name the woman.
Nvidia falls in the first trading session after the news. US officials are reported to believe that the woman, Alice Huang, a former executive of the Singapore-based chip buyer Megaspeed, passed information to Beijing. She is not related to Jensen Huang. President Donald Trump says the FBI is looking into the matter, calls Huang a "very honorable man" and says Huang told him he had no idea she was a spy.
The US October inflation report, released at 16:30 Mecca time, comes in hotter than expected and lifts bets on tighter Federal Reserve policy. Nvidia leads chip stocks lower. During the session its market value briefly drops below $4 trillion and Microsoft briefly overtakes it as the world's second most valuable company, before Nvidia closes back above that level.
Representative Brian Mast, the Republican chair of the House Foreign Affairs Committee, says he is prepared to subpoena Huang if he does not answer by Wednesday a request from several House Republicans for a closed-door briefing.
A shareholder files a proposed class-action lawsuit against Nvidia and Huang in a US federal court, alleging investors were misled. The independent board members hire Joon H. Kim, a former acting US Attorney for the Southern District of New York, and his law firm to run the investigation.
Why it matters for traders
Nvidia is one of the largest companies in the world and one of the heaviest weights in the Nasdaq 100 and the S&P 500. When it falls this hard, it drags the indices and the wider AI trade with it. The two-day sell-off erased roughly $400 billion of market value and wiped out the stock's gains for 2026.
Investors are pricing three risks. The first is key-person risk: Huang co-founded Nvidia in 1993 and has led it ever since, and some analysts argue the stock would be worth much less without him. The second is political and regulatory risk: the story touches US export controls on AI chips to China, and lawmakers from both parties want answers. The third is legal risk from the shareholder suit and any official inquiry.
The fundamentals have not changed yet. Nvidia reports results for its third fiscal quarter, which ended on 25 October 2026, on Tuesday 17 November. At least one large bank trimmed its price target this week, citing higher memory-chip costs that could squeeze margins, while still expecting strong sales.
Nvidia on our feed
Nvidia (NVIDIA) is at $168.65 on our MT5 feed: −5.49% over 24 hours and −11.70% over five days. The five-day range runs from $165.78 to $194.77.
Microsoft is at $533.05, −2.20% over 24 hours, and the Nasdaq 100 (USTEC) moved +0.81% over the same period, as the inflation data also weighed on big technology shares.
Nvidia, Microsoft and the Nasdaq 100 side by side over the same five days:
Scenarios
- More pressure: if Huang refuses the congressional briefing and a subpoena follows, if officials confirm that sensitive information was passed on, or if the board signals a leadership change, the stock may fall further and weigh on the Nasdaq 100.
- Holding pattern: if the investigation runs quietly and Huang stays in his role, traders may shift their focus to the 17 November results, and the stock may trade on earnings expectations again.
- Relief: if the investigation finds no breach of security and the results and guidance are strong, part of the recent fall may be recovered.
What to watch next
- Wednesday 11 November: the deadline Representative Mast set for Huang to answer the request for a closed-door briefing.
- Board updates: the board has said it will give further updates as appropriate.
- Any statement from the FBI or the Justice Department: so far the only public comment on an FBI review came from President Trump.
- US export controls: any new step by Washington on AI chip sales to China.
- Results on Wednesday 18 November at about 00:20 Mecca time (Tuesday 17 November in the US), followed by the conference call at 01:00 Mecca time.
Trading Nvidia at TNFX
Nvidia (NVIDIA), Microsoft and the Nasdaq 100 (USTEC) are available as CFDs on MT4 and MT5, long or short. US stocks trade during US market hours, 17:30 to 00:00 Mecca time, and can open with a gap after news that breaks overnight. Spreads can widen around headlines like these, so use stop-losses and size positions for the risk. See our Nvidia page and Nasdaq 100 page.
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Common questions
Why did Nvidia stock fall this week?
Nvidia fell on Monday 9 and Tuesday 10 November 2026 after its board opened an investigation into reports that CEO Jensen Huang was the target of a foreign intelligence effort. On Tuesday a hot US inflation report, a subpoena threat from House Republicans and a shareholder lawsuit added to the pressure.
Is Jensen Huang still the CEO of Nvidia?
Yes. The board said it has confidence in Huang and his leadership team, and Huang said he supports the investigation and will cooperate fully.
Who is Alice Huang?
She is a former executive of Megaspeed, a Singapore-based buyer of Nvidia chips. US intelligence agencies are reported to believe she passed information to Beijing. She is not related to Jensen Huang.
Is the FBI investigating Jensen Huang?
President Trump said on 9 November that the FBI is looking into the matter. The FBI itself has not made a public statement.
What is the Nvidia share price now?
On the TNFX MT5 feed Nvidia is at $168.65, −5.49% over 24 hours and −11.70% over five days.
When does Nvidia report earnings?
Nvidia reports third-quarter results on Tuesday 17 November 2026 at about 1:20 p.m. US Pacific time, which is 00:20 Mecca time on Wednesday 18 November. The conference call starts at 01:00 Mecca time.