A new report has tied the affair at the centre of Nvidia's board investigation to a vast alleged pipeline of advanced computer chips into China, saying a network linked to Alice Huang secured about 240,000 Nvidia chips worth at least $7.5 billion for Chinese firms.

The report, published by The Information on Tuesday, November 10, 2026, is the most serious development yet in a scandal that has already wiped about $200 billion off Nvidia's market value and drawn in the FBI. Nvidia's board launched a formal investigation on Sunday into whether chief executive Jensen Huang, 63, was targeted by a foreign intelligence operation.

Key Points

• The Information reports a network linked to Alice Huang secured about 240,000 Nvidia chips worth at least $7.5 billion for Chinese firms.
• At its centre was Shanghai Century Litong, founded in June 2023, which won preferred cloud partner status with Nvidia by October.
• Alice Huang is a former executive of Singapore-based Megaspeed, whom US authorities concluded was a Chinese intelligence asset.
• Nvidia's board opened a formal investigation on Sunday into whether CEO Jensen Huang was targeted by a foreign intelligence operation.
• Nvidia shares fell more than 4% on Monday to a seven-month low, wiping about $200 billion off the company's market value.

What Happened

According to The Information, Alice Huang, along with her husband and sister, allegedly built a network of companies across China and Singapore that channelled advanced Nvidia chips to Chinese buyers. The report says the network secured about 240,000 chips worth at least $7.5 billion, a scale that would make it one of the largest alleged chip-smuggling operations ever reported.

At the centre of the network was Shanghai Century Litong, a China-based company founded in June 2023. The report says the firm secured preferred cloud partner status with Nvidia by October of that year, giving it privileged access to the chipmaker's products and support. How a newly founded company won that status so quickly is now a central question for Nvidia's investigators. Alice Huang is a former executive of Megaspeed, a Singapore-based firm US authorities have concluded was a Chinese intelligence asset, and Megaspeed has separately been investigated over allegations it helped smuggle advanced Nvidia chips to Chinese customers, breaching the export controls Washington imposed to keep the most powerful AI hardware out of Chinese hands. Nvidia has not confirmed the shipments, and the claims have not been independently verified.

Background: How the Huang Affair Reached Nvidia's Board

The affair has unfolded in public over the past week, moving from a personal scandal into a question of national security and corporate governance. Earlier reports established that Huang had a relationship with Alice Huang, and that US authorities had concluded she was a Chinese intelligence asset. The board's decision on Sunday to open a formal investigation marked a sharp escalation, turning a personal matter into a formal inquiry at the top of the company.

President Donald Trump weighed in on Monday, November 9, saying the FBI is looking into Huang's relationship. Trump said Huang had told him: "I had no idea that she was a spy." The president added: "I really believe him." A shareholder lawsuit has also been filed, and lawmakers have sought answers about what Nvidia knew and when. Nvidia sits at the heart of the AI boom, and Washington has spent years tightening export controls to stop its most advanced chips reaching China.

Nvidia Chips China: The $7.5 Billion Pipeline at the Heart of the Report

The scale of the alleged pipeline is what sets this report apart. About 240,000 advanced chips, worth at least $7.5 billion, would be enough to equip large AI data centres for Chinese firms barred from buying the chips directly. The report does not say over what period the shipments took place, or which Chinese firms ultimately received the hardware.

The alleged route ran through companies in China and Singapore, with Shanghai Century Litong at its centre. Singapore has become a focal point for chip diversion cases, as a major trading hub where legitimate distribution and illicit rerouting can be hard to tell apart. For Nvidia, the questions are twofold: whether its own systems failed, and whether its chief executive was manipulated. The board has said it will examine all available information, and the report also raises the stakes for US export enforcement.

Reactions and Quotes

President Donald Trump defended Huang on Monday, saying the FBI is looking into the relationship and relaying Huang's account: "I had no idea that she was a spy." Trump added: "I really believe him." The White House is, for now, standing behind Huang.

China has rejected the spying claims outright, calling them "a groundless accusation, slander, and a smear". Nvidia's board, announcing its investigation on Sunday, said it had no reason to believe national security or Nvidia secrets were compromised, but the company has not commented in detail on the report's specific claims, and has not said when the investigation will conclude.

Why It Matters

The story sits at the intersection of the forces shaping American technology policy: the AI boom, the rivalry with China, and the export controls meant to keep the most powerful chips out of Beijing's hands. If the report's claims are borne out, it would suggest the controls have a serious leak running through people and companies close to the top of Nvidia. It also matters for investors: shares fell more than 4% on Monday to a seven-month low, wiping about $200 billion off the company's value and adding a new, unpredictable risk to a stock already under pressure.

What Happens Next

The board's investigation is now the central process to watch. It will examine whether Huang was targeted by a foreign intelligence operation, and is likely to look closely at how Shanghai Century Litong won its partner status and where the chips it obtained went. The FBI's interest, confirmed by Trump on Monday, is a second track, and Congress is also likely to press for answers: the $7.5 billion scale tends to draw hearings. For now, the market will watch Nvidia's next public statement, and whether the board's inquiry produces further disclosures.

Frequently Asked Questions

What does the new report allege about Nvidia chips and China?
The Information reports that a network linked to Alice Huang, her husband and her sister, secured about 240,000 Nvidia chips worth at least $7.5 billion for Chinese firms.

Who is Alice Huang?
A former Megaspeed executive whom US authorities concluded was a Chinese intelligence asset.

What is Shanghai Century Litong?
A Chinese firm founded in June 2023 that won Nvidia preferred cloud partner status by October that year, per the report.

What is Nvidia's board investigating?
Whether CEO Jensen Huang, 63, was targeted by a foreign intelligence operation. The board said it had no reason to believe national security or Nvidia secrets were compromised.

How have Nvidia shares reacted?
Shares fell more than 4% on Monday to a seven-month low, wiping about $200 billion off the company's market value.

Related coverage: Nvidia Invests $3 Billion in Meta as Muse AI Partnership Deepens · Anthropic Q3 Revenue Hits $17 Billion as Costs Climb in New IPO Filing · Global Markets Slide as Nasdaq Enters Correction