Spy allegations against Chinese businesswoman shake Nvidia — but US agencies withhold judgment

The US Justice Department said it has not yet reached a conclusion on espionage allegations against a Chinese businesswoman that surfaced following Jensen Huang's resignation as Nvidia's CEO. The FBI has opened a related investigation, but sources said assessments within the intelligence community remain divided over whether any spy activity took place.

According to CNN, Reuters and other media outlets, Attorney General Todd Blanche said at a press conference in Washington on Thursday that the FBI is investigating allegations that Alice Huang — known in Chinese as Huang Le, and reported to have had an extramarital relationship with Huang — spied for the Chinese government.

Blanche drew a line between the existence of an investigation and a confirmation of wrongdoing, saying the fact that a probe is underway does not mean spy activity has been established.

Asked directly whether Alice Huang is a Chinese government spy, Blanche said: "The Justice Department, myself and FBI Director Patel have not reached a conclusion yet."

President Donald Trump also stressed that Alice Huang's status as a spy has not been confirmed.

In an interview on the "Straight Shooter" podcast released Friday, Trump was asked whether Jensen Huang should have stepped down as Nvidia's CEO. "The important thing is whether she was a spy," Trump said. "If that woman was a spy, yes. If that woman was not a spy, then perhaps the situation would be different."

Caution is also emerging within the US intelligence community about drawing firm conclusions on Alice Huang's alleged spy activities.

CNN, citing multiple sources, said some officials at the Office of the Director of National Intelligence believe it would be inaccurate to label Alice Huang a Chinese spy and that the allegations have been overstated.

Within the CIA, sources said, some analysts have concluded that the information gathered so far is insufficient to determine that Alice Huang deliberately passed intelligence to the Chinese government.

Officials said further verification is needed on whether Alice Huang had contact with Chinese intelligence services and what information, if any, was actually transmitted.

Similar skepticism has emerged in Congress.

Rep. Jim Himes, who leads the Democratic Party's side on the House Intelligence Committee, told Politico that he received a classified briefing from senior intelligence officials earlier this week but came away without information sufficient to confirm a link between Alice Huang and the Chinese government.

"At a minimum, right now I don't know," Himes said.

Even so, some within the US government have cautioned that an unproven espionage case does not necessarily mean there is no national security risk.

Some officials have raised concerns that under China's national intelligence laws, Chinese nationals can be compelled to cooperate with government intelligence-gathering activities.

Analysts have noted that Alice Huang's personal relationship with the former CEO could have given her indirect access not only to Nvidia's advanced semiconductor business but also to key US policymakers — a potential counterintelligence vulnerability.

US intelligence agencies launched a related investigation after learning of the relationship last year.

According to CNN, Secretary of State and National Security Adviser Marco Rubio drafted a memo early this year outlining concerns about the relationship and personally briefed President Trump on the matter in May.

The controversy extends beyond a personal relationship and is also tied to allegations that Nvidia's advanced AI chips were diverted to China through indirect channels.

The Information, a US technology news outlet, reported Tuesday, citing sources who know Alice Huang, that she used her relationship with the former CEO to help facilitate the supply of at least $7.5 billion worth of Nvidia AI chips to Chinese companies.

According to the report, Alice Huang and her family built a corporate network spanning China and Singapore, and she is alleged to have leveraged those connections to obtain Nvidia semiconductors subject to US export controls.

Singapore's government also released the findings of its own inquiry into Alice Huang on Thursday.

According to Singapore's Ministry of Home Affairs, local police investigated Megaspeed — a company Alice Huang was involved in managing — and other entities from February last year over possible false declarations in server procurement.

Singaporean authorities concluded in February this year that there was insufficient evidence to establish criminal charges against Alice Huang. However, they determined that she had provided false information to downplay her role within her company, issued a stern warning and barred her from re-entering the country.

Singapore's Ministry of Home Affairs made clear that the investigation was not related to espionage charges.

Meanwhile, Nvidia officially announced Thursday that Jensen Huang had stepped down as president, CEO and member of the board of directors.

Huang co-founded Nvidia in 1993 and led the company for 33 years, building it into a dominant force in the AI chip market. His departure came after a series of allegations involving an extramarital affair and suspected intelligence leaks.

Nvidia named Chief Financial Officer Colette Kress as interim CEO and said it has begun searching for a permanent successor. Kress will also continue to serve as CFO for now.

Nvidia is scheduled to report its fiscal third-quarter 2027 earnings on Nov. 17 (local time). With the company's founder gone under extraordinary circumstances, markets are watching closely to see how the new leadership will manage operations, customer relationships and product development plans.