Did Nvidia investors pay “artificially inflated prices” for Jensen Huang’s secret?

A shareholder lawsuit filed Nov. 9 says investors bought Nvidia stock at “artificially inflated prices” because the company never disclosed Jensen Huang’s affair with Alice Huang, a former Megaspeed executive whom U.S. intelligence reportedly believes worked for China’s Ministry of State Security. Huang resigned on Nov. 11. Nvidia lost more than $600 billion in market value that week.

The timeline is what makes investors squint. U.S. officials had been investigating Megaspeed, a major Nvidia partner, for more than a year. Singapore opened its own probe in October 2025. Trump was reportedly briefed on the relationship late last year. A secret government memo calling Alice Huang a spy circulated this spring. And when The New York Times reported a “close relationship” on Oct. 29, Nvidia called the interactions “not unusual or unexpected.”

What we don’t know is when Nvidia’s board learned any of this. No public report says it knew early, and the lawsuit is an allegation, not a finding. But that’s the right question. Securities law rests on a simple promise: if a company knows something that matters, the people buying its stock should know it too. A CEO’s relationship with someone the government suspects of spying, while her company bought about $4.8 billion in Nvidia chips over two years, is hard to call a private matter.

That’s the hypocrisy. Commerce investigators, the Justice Department, Singapore regulators and eventually a House committee were all looking at Megaspeed. The only people apparently left out were the ones who owned the company. Retail investors were sold Nvidia as the safest bet in AI. They paid full price with the least information.

I keep wondering how many people bought in October, reassured that it was all “not unusual.” If a company can shrug off a spy concern two weeks before its CEO resigns over it, what does disclosure even mean?