Nvidia shares tumble over investigation into Huang's affair with alleged Chinese spy

Hundreds of billions of dollars have been wiped off the value of Nvidia after the US chipmaker announced an independent investigation would be carried out into its chief executive's affair with an alleged Chinese spy. Nvidia's probe came after reports that the US believed the Nvidia boss had been targeted in an espionage campaign by China. However, China has rejected the claims, with its foreign ministry saying "allegations about Chinese spies were "entirely groundless, speculative and intended to smear and malign China".

US intelligence officials believe Alice Huang, also known as Huang Le, was a spy for Beijing, according to a New York Times report , external . The report said Secretary of State Marco Rubio sent a memo to top officials in Washington last spring warning that the Nvidia boss was in a close relationship with a Chinese spy. Huang admitted he was "unfaithful" to his wife and apologised for hurting her and their children.

He added he was "committed to protecting Nvidia and supporting America's national security" and would cooperate with the investigation.