Nvidia CEO exit and Megaspeed export scandal
Treasury Secretary Bessent blamed Commerce for failing to blacklist Megaspeed, the firm tied to an alleged Chinese spy, as doubts grow over the allegation that cost Jensen Huang his job. Nvidia stock has sold off sharply.
Confirmed
- Nvidia's founder-CEO Jensen Huang has left the company
- Bessent says Treasury pushed for months to list Megaspeed; Commerce has not acted
- Megaspeed is a Singapore firm linked to an alleged Chinese spy
- Nvidia stock has sold off sharply
Not yet known
- Unconfirmed: whether Lutnick will testify before the Senate on Dec 10
- Whether the alleged Chinese spy link holds; commentators say the AG, CIA and DNI do not back it
- Whether Megaspeed will be added to the Entity List
What we know
The FT reports that Bessent blamed Lutnick's Commerce Department for failing to ban chip exports to Megaspeed, the Singapore firm linked to an alleged Chinese spy. CNBC quoted Bessent saying Treasury, War, USTR and State favoured listing it for months. Market news accounts say he agreed to testify (unconfirmed). Commentators cite the AG, CIA and DNI as not backing the spy claim, and Elon Musk responded with 'Hmm' to Tim Sweeney's criticism of the board. AMD outperformed Nvidia by 53 points over five days, while retail bought a record $111M at the open.
Will Jensen Huang rejoin NVIDIA by November 30, 2026?
Traders' bets on Polymarket, not a forecast by Global Eye 24. Polymarket · $63k traded · updated 15:44 UTC
Jensen HuangNvidia founder-CEO (departed)
Scott BessentUS Treasury Secretary
Howard LutnickUS Secretary of CommercePhotos and descriptions: Wikipedia
How the story developed
Treasury Secretary Bessent blamed Commerce for failing to blacklist Megaspeed, the firm tied to an alleged Chinese spy, as doubts grow over the allegation that cost Jensen Huang his job. Nvidia stock has sold off sharply.
Treasury Secretary Scott Bessent said Commerce failed to blacklist Megaspeed, the Singapore firm linked to an alleged Chinese spy, deepening the Nvidia scandal after its CEO's exit.
Nvidia's founder-CEO has left amid a spy-linked scandal, and the Treasury Secretary has blamed Commerce for failing to blacklist Megaspeed. Markets are repricing Nvidia's circular AI deals.
Treasury Secretary Bessent blamed Commerce for failing to blacklist Megaspeed, the Singapore firm linked to an alleged Chinese spy, as turmoil over Nvidia's departed CEO hits the stock and AI-financing partners.
Treasury Secretary Bessent said Commerce failed for months to add Nvidia customer Megaspeed to the Entity List, citing chip export leakage. Lutnick agreed to testify before the Senate on Dec 10.
Treasury Secretary Scott Bessent said Treasury has pushed for months to add Megaspeed to the Entity List while Commerce has not acted, citing significant chip-export leakage.
Sources
“Bessent has blamed Howard Lutnick's commerce department for failing to ban exports of Nvidia's chips to Megaspeed”
View post →What people are posting
Posts on X this story draws on. They are individual users' views and have not been verified by Global Eye 24.
“AMD has outperformed Nvidia by +53.2 percentage points over the last 5 trading days”
View post →By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.