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Nvidia is facing a crisis following reports of a relationship between its CEO, Jensen Huang, and Alice Huang, a former executive at Mega Speed, whom U.S. authorities suspect of working for Chinese intelligence. Beijing denies the allegation. The company and the FBI are investigating the case, while shareholders have filed a lawsuit accusing Nvidia of misleading investors about deals allegedly used to facilitate the transfer of chips to China, including around 240,000 graphics processing units valued at an estimated $7.5 billion in total. Nvidia shares fell 4.3% and then 5.47% over two trading sessions, wiping about $470 billion off the company’s market value and bringing its valuation to $4.07 trillion. The company also lost around $1.33 trillion in value over the course of a month. The crisis has raised questions about Huang’s leadership, despite the board’s stated confidence in him and its support for the internal investigation.
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