Nvidia CEO Jensen Huang spy allegations and AI-sector selloff
Allegations tying Jensen Huang to Chinese intelligence are spreading amid an AI/tech selloff. China denies them, Nvidia's board is investigating, and Goldman defends the stock.
What we know
Kobeissi Letter says China called the claims "groundless speculation and slander" and that Nvidia's board is running an independent probe. Goldman reiterated Buy with a $300 PT. Meme and joke reactions came from several accounts on X.
How the story developed
Allegations tying Jensen Huang to Chinese intelligence are spreading amid an AI/tech selloff. China denies them, Nvidia's board is investigating, and Goldman defends the stock.
China's central bank reportedly vows to probe Solana, Zcash devs propose faster blocks, and South Korea eyes stricter cold-storage rules.
Futures dropped about $250-300B at the open after reports of Jensen Huang's relationship with a Chinese spy, then fully recovered within 7 minutes. Trump defended Huang while China hawks and AI-safety voices criticized him.
Sen. Coons alleges corruption in ties between the administration, Chinese spies and AI billionaires, while WSJ covers Jeffries' challenge of a divided caucus.
FinCEN ordered US financial institutions to stop processing transfers to or from MEXC Global, citing at least $16B in illicit transactions tied to Iran, North Korea and Russia sanctions evasion.
TSMC fell 9.8% and the TAIEX about 9%. The chip index dropped 12.3%, its worst day since March 2020, and Japan, Korea and Singapore sold off too. Taiwan is preparing stabilization measures.
Trump said he may have to destroy what is left of Iran and that he is very close to settling the Russia-Ukraine war after meeting Dmitriev.
NVIDIA is tightening Chinese access to rented AI chips, the EU-China auto deal faces tension over kill switch plans, and the PBOC hiked FX reserve requirements as the yuan rallies.
China's central bank is raising the FX deposit reserve ratio from 4% to 6% from Nov 15, which pressured the offshore yuan and is read as an effort to curb RMB appreciation.
China's central bank will run swap facility operations on Nov 3 with 31 firms applying for 100B yuan. France's PMI beat while Germany's matched, and Alstom plunged 26%.
Compiled with AI by the Global Eye 24 desk from public posts across 7 of our monitored source feeds, and updated each hour while the story develops. Spot an error? Write to corrections@globaleye24.com.