Nvidia Sheds $430B in Two Days as Jensen Huang Faces Calls to Resign

Nvidia shares closed down 5.5% at $168.89 on Tuesday, following a 4.3% drop on Monday, according to Yahoo! Finance. That leaves the stock down about 9.5% since Friday's close, wiping out roughly $430 billion in market value. The sell-off has erased all of Nvidia's gains for 2026.

Board Investigation

The independent members of Nvidia's board have retained Joon Kim, a former acting U.S. Attorney for the Southern District of New York, and his firm Wachtell, Lipton, Rosen & Katz to carry out the investigation it announced on Sunday.

Resignation Demands

Sen. Kevin Cramer called on Huang to step down, telling Politico that "the potential for extortion is so tremendous that something as sensitive as Nvidia chips, I just think he's got to go." Former National Economic Council director Larry Kudlow similarly urged Huang to resign on his Fox Business show, saying "Step down, Mr. Huang, right now."

Political Fallout

Senate Democratic leader Chuck Schumer accused President Donald Trump of failing to act after being briefed on the relationship, calling it "What a dereliction of duty." Rep. John Moolenaar wants to know whether Huang shared privileged information with Alice Huang, while House Foreign Affairs Committee Chairman Brian Mast prepared to subpoena Huang unless he responded by Wednesday to a request for a closed-door briefing.

Alice Huang Background

Alice Huang, who also goes by Huang Le and is not related to Jensen Huang, worked in banking and investment management in China before becoming the controlling shareholder of Singapore-based Megaspeed in March 2023. Megaspeed, which Nvidia lists as a cloud partner, has drawn U.S. scrutiny over whether it helped Chinese firms obtain export-controlled Nvidia chips, though there has been no public finding that it broke the rules.