Jensen Huang Faces Subpoena Threat as Nvidia's 2026 Gains Evaporate

Nvidia's stock closed Tuesday afternoon at $166.95, a slide that leaves the AI chipmaker down 18.42% for November and erases every gain it had built up in 2026. That price sits roughly 10.5% under the $186.50 close Nvidia finished 2025 at, and 31.4% below its recent peak of $243.37.

The damage piled up fast: shares dropped more than 6% in Tuesday afternoon trading after a 4.3% fall on Monday. Across those two days the decline was on track to wipe out more than $470 billion in market value. November is now shaping up as Nvidia's worst month since September 2022, when it lost roughly 19.6% — and that came after a 32% crash in April of that year. Even so, some analysts still see the stock as extremely overbought over the long term, and one technical read suggests an additional 20% drop would count as healthy, leaving the price above its average of the last 50 months.

Washington is driving the panic. House Foreign Affairs Committee Chairman Brian Mast told ABC News on Tuesday he was ready to subpoena CEO Jensen Huang unless he responds by Wednesday, November 11, to a request for a closed-door briefing. No subpoena had been issued at the time of the report. Mast and two other Republican committee chairs asked Huang to appear on November 18 to explain his interactions with Alice Huang, a former executive at Singapore-based chip buyer Megaspeed, and to detail Nvidia's safeguards against foreign espionage, according to a letter reviewed by Reuters.

U.S. authorities have reportedly investigated whether Alice Huang — who has no family relationship to the Nvidia CEO — passed information to Beijing. The allegations have not established that Jensen Huang knowingly disclosed confidential information or violated export rules. On Sunday, Nvidia's board announced an independent investigation into whether its chief executive was targeted by a foreign intelligence operation, saying it had no reason to believe national security or company secrets were compromised. The Financial Times reported Nvidia hired former U.S. prosecutor Joon H Kim to run that internal probe.

Legal trouble is stacking up too. Shareholders filed a proposed class-action lawsuit Monday, alleging Nvidia and Huang failed to disclose risks tied to the reported relationship. The fallout lands amid a wider reassessment of the AI boom, with investors questioning how long massive data-center spending can last and rivals pitching cheaper alternatives. Google introduced new AI chip configurations Monday, and The Information reported that OpenAI was weighing a purchase of Google's tensor processing units; neither company has confirmed a deal, but Google has rolled out a new TPU line for select customers that competes directly with Nvidia's chips.