US bourse was unfazed overnight (9th) by news that NVIDIA (NVDA.US) CEO Jensen Huang was under investigation. Coupled with a pullback in international oil prices, the DJIA closed up 1,104 points, while the Nasdaq also rallied 2.74%. Hong Kong stocks opened 172 points higher this morning (10th) before trimming gains. The HSI closed midday at 24,518, up 69 points or 0.29%, with main board turnover at HKD92.984 billion. The HSCEI stood at 8,263, up 2 points or 0.03%, while the HSTECH rose 28 points or 0.7% to 4,069.

Major techs were mixed. BABA-W (09988.HK) posted the largest decline, slipping 3.44% by midday. XIAOMI-W (01810.HK) dropped 1.2%; BIDU-W (09888.HK) rose 1.4%; MEITUAN-W (03690.HK) added 0.47%; and TENCENT (00700.HK) edged down 0.05%.

The PHLX Semiconductor Sector Index rebounded 6.85%, lifting Hong Kong-listed chip stocks. SMIC (00981.HK) jumped up 3.91%, making it the best-performing blue chip by midday. HUA HONG GRACE (01347.HK) mounted 2.92%; GIGADEVICE (03986.HK) soared 3.13%; MONTAGE TECH (06809.HK) surged 6.34%; and ILUVATAR COREX (09903.HK) climbed 9.06%.

Among AI large-model stocks, MINIMAX-W (00100.HK) skyrocketed 7.06%, while Z.AI (02513.HK) rebounded sharply by 11.89%.

Among selected blue chips, HSBC HOLDINGS (00005.HK) elevated 3.06%. WUXI APPTEC (02359.HK) was removed from the "Chinese military company (CMC)" list under US Section 1260H. CLSA said geopolitical risks are expected to ease, and WUXI APPTEC (02359.HK) hiked 1.11%. LENOVO GROUP (00992.HK) soared 2.9%; CMOC (03993.HK) swelled 3.8%; and CATL (03750.HK) advanced 2.38%.
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Anthropic's IPO has captured tremendous attention, with reports suggesting fundraising could whop as much as USD69.3 billion. Morningstar estimated Anthropic's fair equity value at USD1.7 trillion ahead of its listing, forecasting annual revenue growth of 47% over the next five years.

Under a bullish scenario, the company's bull-case valuation could reach USD3 trillion, assuming faster enterprise adoption, market share gains against OpenAI and Google, and improved monetization efficiency of computing assets, with annual revenue growth exceeding 60% over the next five years.

Under a bearish scenario, Anthropic's bear-case valuation would be USD500 billion, factoring in slower enterprise adoption and annual revenue growth of 22% over the next five years. Key risks include intensifying competition and elevated infrastructure costs.
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Citi published a report stating that NVIDIA (NVDA.US) has launched a board-led independent investigation into CEO Jensen Huang, following reports that he may have been targeted in a foreign intelligence operation involving an executive linked to Singapore data center operator MegaSpeed.

The investigation will be conducted by an independent board committee with support from external legal counsel, the broker noted. The company said there is currently no evidence that NVIDIA's IP, confidential information, or US national security interests have been compromised.

Huang admitted to an extramarital affair to employees, apologized to stakeholders, and pledged full cooperation with the investigation. The company also stated that Huang will continue serving as CEO during the investigation period.

The broker viewed key investor concerns may include potential corporate governance implications, intensifying regulatory scrutiny, export control compliance related to H200 chips entering China through intermediaries (accounting for less than 1% of data center sales), and the long-term impact on leadership stability.

Citi maintained a Buy rating with a TP of USD315.
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Former Goldman Sachs CEO Lloyd Blankfein said data center construction could help rebuild US industrial capacity, and warned that domestic opposition to building data centers in the US could allow China to benefit.

He said the decline in US industrial capacity over recent decades has undermined the middle class and, to some extent, affected national security.

He believed the development of data centers and the US leadership in the AI sector could reverse the trend. If the US strongly resists the construction of data centers, it would amount to handing China a gift.
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NVIDIA (NVDA.US) CEO Jensen Huang is facing an internal company investigation after admitting to an extramarital affair with a Chinese woman.

NVIDIA said that although the company has not disclosed the specific list of investigators, the probe is being led by the board of directors with assistance from external legal counsel. Attorney Stephen Neal, the board's lead independent director and head of corporate governance, is expected to play a key role in the investigation.

In a statement, NVIDIA's board said there was no reason to believe national security or NVIDIA confidential information had been compromised, but that all evidence would be reviewed. Meanwhile, Chinese authorities denied the espionage allegations, whereas Huang said he would fully facilitate the investigation process.

However, the incident has raised market uncertainty over Huang's future at the company and sparked concerns about broader implications for other technology firms involved in AI infrastructure deployment.

Citi analysts said in a report on Monday (9th) that one key focus for investors going forward would be the potential corporate governance implications and heightened regulatory scrutiny the company could face during the investigation.

NVIDIA's board has 10 independent directors. Neal joined NVIDIA's board in 2019 and currently serves as chairman emeritus and senior counsel at law firm Cooley LLP. He previously served as the firm's CEO from 2001 to 2008.

Neal did not immediately respond to requests for comment.
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NVIDIA (NVDA.US) CEO Jensen Huang admitted to having an extramarital affair with a Chinese woman, arousing market concerns over his future at the company and questions about the chipmaker's development should the 63-year-old co-founder be forced to step down. Huang has led the chipmaker into becoming one of the world's most valuable companies by market cap.

Huang sent a message to employees last Sunday (8th) admitting to the relationship and said the board is investigating whether he had been targeted by foreign intelligence agencies. Following the disclosure, NVIDIA shares plunged more than 5% on Monday despite a sharp broader market rebound. The board said it has confidence in Huang and stated there is no reason to believe national security or NVIDIA secrets have been compromised.

The New York Times first reported that intelligence circulated in internal memoranda within the Trump administration this spring alleged the Chinese businesswoman was an agent of China's Ministry of State Security. China said the allegations were smears.

NVIDIA said Huang will continue to lead the company during the investigation. However, pressure on the chipmaker that drove the first four years of the generative AI boom is rapidly intensifying. Politicians from both parties have demanded briefings, while Democrats expected to control both chambers of Congress have called for investigations and new legislation to prevent advanced AI chips from aiding China's military development.

Huang wields enormous influence at NVIDIA and is the company's only prominent public figure, with no clear deputy currently identified. He is also among the strongest advocates for AI development in the US, playing a critical role in broader infrastructure financing and maintaining close ties with US President Donald Trump, placing NVIDIA at the center of discussions on AI policy, security and regulation.

Melius Research analysts said in a report on Monday that NVIDIA's issue is the lack of a clear successor, and they had expected Jensen to remain for at least another decade.

Bernstein analyst Stacy Rasgon said in an interview with CNBC that Jensen Huang is NVIDIA, and NVIDIA is Jensen Huang. He added that Huang essentially manages the company through a top-down approach and controls all major decisions.

NVIDIA did not immediately respond to requests for comment.
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US bourse was immune from news overnight (9th) that NVIDIA (NVDA.US) CEO Jensen Huang was under investigation. Coupled with a pullback in international oil prices, the DJIA closed up 1,104 points, while the Nasdaq also mushroomed 2.74%. This morning (10th), the HSI opened at 24,621, up 172 points or 0.7%; the HSCEI opened at 8,298, up 38 points or 0.47%; and the HSTECH opened at 4,072, up 31 points or 0.78%.

Major techs were in a mixed bag. TENCENT (00700.HK) rose 1.1%; BIDU-W (09888.HK) gained 1.91%; and MEITUAN-W (03690.HK) added 0.6%. BABA-W (09988.HK) fell 0.48%, while XIAOMI-W (01810.HK) lost 0.47%.

WUXI APPTEC (02359.HK) was removed from the "Chinese military company (CMC)" list under US Section 1260H, shoring up healthcare shares. WUXI APPTEC (02359.HK) opened up 6.06%; WUXI BIO (02269.HK) and WUXI XDC (02268.HK) also opened more than 3% higher; BEONE MEDICINES (06160.HK) rallied 7.58%; and SBP GROUP (01177.HK) leaped 2.19%.

Hong Kong chip makers tracked gains in overseas markets. HUA HONG GRACE (01347.HK) soared 4.38%; SMIC (00981.HK) shot up 2.56%; GIGADEVICE (03986.HK) climbed 4.29%; MONTAGE TECH (06809.HK) advanced 4.95%; and ILUVATAR COREX (09903.HK) jumped up 5.77%. Kingboard series rebounded, with KB LAMINATES (01888.HK) up 6.88% and KINGBOARD HLDG (00148.HK) up 4.05%.

Among selected blue chips, LENOVO GROUP (00992.HK) soared 5.95%; HSBC HOLDINGS (00005.HK) opened 2.33% higher; and ZIJIN MINING (02899.HK) swelled 2.18%. After Brent oil futures dropped nearly 6% overnight, "three oils" were softer this morning, with CNOOC (00883.HK) down 1.54% and PETROCHINA (00857.HK) also down nearly 1%.
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US President Donald Trump said the Federal Bureau of Investigation (FBI) is investigating allegations that NVIDIA (NVDA.US) CEO Jensen Huang had an extramarital affair with a Chinese businesswoman accused of being a spy.

Trump said he was shocked by the allegations involving Huang and had spoken with him. Huang said he was completely unaware that the woman was allegedly a spy.

NVIDIA shares closed down more than 4% overnight (9th), after the company's board launched an internal investigation to determine whether Huang had become a target of foreign intelligence agencies.

Yesterday, Chinese Foreign Ministry spokesperson Guo Jiakun said the so-called narrative about a Chinese spy was entirely groundless speculation and a smear campaign.
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NVIDIA (NVDA.US) CEO Jensen Huang has spent the past two years building close ties with US President Donald Trump, gaining significant access and influence over federal AI policy, while the company has also pushed for relaxed restrictions on sales of advanced chips to China.

Now, revelations regarding Huang's alleged extramarital affair with a suspected Chinese spy have placed the alliance under scrutiny, while also drawing attention to the millions of dollars invested by Huang and other NVIDIA executives to expand political influence in Washington.

As co-founder and CEO, Huang has effectively become synonymous with NVIDIA. During Trump's second term, he evolved from someone the president barely knew into one of the few corporate executives accompanying Trump aboard Air Force One.

NVIDIA has pledged at least USD26 million to projects led by Trump, including a USD25 million donation to the White House ballroom project and USD1 million to his 2025 inauguration fund. According to documents obtained by The Washington Post, the company initially hoped to make the ballroom donation anonymously. The report said the ballroom donation matched Apple in size and ranked among the largest disclosed corporate contributions.

The relationship is now being reexamined by congressional Democrats, including Connecticut Democratic Senator Richard Blumenthal, who pressured Huang in November 2025 over NVIDIA's ballroom donation and contacts with the White House. Blumenthal renewed his warning on Thursday, while California Democratic Representative Robert Garcia, who is expected to chair the Oversight Committee after Democrats regain control of the House next January, said he would investigate corporate corruption issues.

Trump continued defending Huang on Sunday, describing him as a "respectable person" and saying he had not heard of any misconduct. According to The New York Times, the president had already been briefed in October 2025 about the alleged Chinese intelligence operation but chose not to act. The report also said Secretary of State Marco Rubio supervised a classified memorandum this spring detailing related concerns.

In December 2025, days after meeting Huang again, Trump announced plans to allow exports of higher-performance H200 chips to approved Chinese customers. The Commerce Department formally relaxed licensing restrictions the following month.

In 2026, Huang continued accompanying Trump on visits to China, while NVIDIA also opposed congressional efforts to further tighten export controls.

However, NVIDIA's success in Washington has not yet secured full access to the China market. Beijing has still not approved large-scale imports of H200 chips, and as of early November, hundreds of thousands of chips were still awaiting shipment.

NVIDIA has also quietly intensified its Washington influence operations. According to company disclosures, federal lobbying expenses hit a record USD2.15 million in 3Q, up 72% QoQ and 10% YoY. As of September, cumulative lobbying expenses for 2026 reached USD4.69 million, close to the full-year 2025 level of USD4.97 million.

NVIDIA hired former Obama administration Commerce Department official and former Intel lobbying chief Bruce Andrews in June to oversee Washington operations, and established its first employee-funded political action committee (PAC) in August. According to CNBC analysis of Federal Election Commission filings, the committee had raised more than USD263,000 as of September but had not yet backed any candidates. The next disclosure date is December 3.

In addition, two NVIDIA executives - software vice president Gavin Sherry and hardware vice president Sundeep Madra - each donated USD443,000 to the Republican National Committee on Junw 24.

The donations underscore the close relationship between Huang and Trump. NVIDIA, the USD4.3 trillion technology giant, not only supports the US economy but also provides the US with a critical advantage over China in the competition for AI leadership.

The matter has also raised further questions regarding the Trump administration's response after US intelligence agencies reportedly revealed close ties between the influential NVIDIA executive and a Chinese spy.
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Major Wall Street financial institutions have yet to respond on Monday (9th) to reports that NVIDIA (NVDA.US) is investigating whether CEO Jensen Huang disclosed company or national security secrets during an extramarital affair, possibly because the incident emerged over the weekend or because the market is still awaiting further developments.

RBC Capital Markets did not mention Huang in its research report on NVIDIA. However, institutions that have commented generally focused on whether Huang will remain as CEO. Investors were apparently concerned, with the stock sliding 5% in early pre-market trading.

Dan Ives of Yorkville Ives said that Huang faces a clear risk of being removed as CEO, depending on the board's investigation findings, which would pose risks to the share price as he is highly important to NVIDIA's global narrative and strategy.
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