Jensen Huang spy affair wipes $400 billion off Nvidia

The disclosure came in a memo to employees on Sunday, and the market reaction was immediate: Nvidia shares slid as much as 8.8% on Monday, at one point erasing nearly $400 billion in market valuation. Beyond the share move, the company's board is assembling a committee of independent directors who will work with outside counsel to investigate reports of Huang being targeted for foreign intelligence.

Nvidia, the leading maker of AI chips, has used its financial strength to back dozens of major players, from frontier labs to cloud computing players. Huang has also been among the most forceful advocates for the benefits of AI, from Washington to Wall Street. Those roles may widen the fallout beyond the company itself, though the body does not specify how.