CONGRESS WANTS NVIDIA'S JENSEN UNDER OATH

Nvidia is down roughly 18% this month and has erased its 2026 gains, and the cause is not chip demand. On November 8, Jensen Huang emailed staff to admit he had been unfaithful, said he was deeply sorry, and named nobody. The Times had already reported he told his board the other person was a business executive whom US intelligence concluded works for Chinese intelligence, specifically an executive at Megaspeed, a Singapore data center firm that happens to be one of Nvidia's biggest customers and already under US scrutiny over chips allegedly moving into China. The board opened an independent investigation with outside counsel the same day, said it had no reason to believe national security or Nvidia secrets were compromised, and then said the inquiry would examine all available information. Pick one. Wednesday the Times reported a second affair, with an Nvidia vice president who reports directly to him. The stock fell about 8% after hours, the Journal reported the board was preparing to oust him, and Bloomberg says directors hired an outside firm to go find a replacement for a man analyst Dan Ives figures is worth 25% to 30% of the company. Washington is not aligned either. Trump called him a great guy on Sunday. Senator Kevin Cramer says he has got to go. House chairmen Brian Mast and John Moolenaar want him at a closed-door briefing November 18 and have threatened a subpoena, which nobody has actually issued. Nothing about the spying is proven, and China denies it.

Why you should give a shit: Your index fund is quietly long Jensen Huang's personal life, and the board looks ready to close that futures position six days before the November 17 earnings call.