(Bloomberg) — Nvidia Corp.’s board is launching an investigation into whether Chief Executive Officer Jensen Huang was targeted by a foreign espionage plot after he admitted to employees that he was unfaithful to his wife.
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The board will assemble a committee of independent directors, working with outside counsel, to oversee the investigation of the case, according to a statement Sunday. In his own memo to staff, Huang said he was “deeply sorry” for the affair.
“I was unfaithful to my wife,” he said. “My actions hurt her and our children. There is no excuse for what I did.”
Huang, 63, said he is fully cooperating with the investigation. He will continue as the chipmaker’s CEO pending the results of the probe.
The stunning admission follows a series of reports that Nvidia’s leader was targeted by former Megaspeed International executive Alice Huang, who the US government suspects was recruited by a Chinese spy agency. The CEO had previously denied he had anything but a “normal” relationship with the woman.
The board investigation will address reports that the chip magnate “has been the target of a foreign intelligence effort,” the company said in its statement. “While the board has no reason to believe that either national security or Nvidia secrets were compromised, the board’s inquiry will examine all available information.”
In his memo, Huang said he will support the investigation. “I love our country and our company, and I am committed to protecting Nvidia and supporting America’s national security,” he said.
The incident has cast doubt over the future of a man who is central to the artificial intelligence boom. Nvidia’s co-founder — a leader famous for his hands-on and tireless management style — built the maker of graphics cards into arguably the world’s most important technology company.
Nvidia sells the advanced components central to artificial intelligence systems, and the executive has taken on the role of chief evangelist for the spread of AI technology.
The Santa Clara, California-based company has no public succession plan, and there is no obvious heir apparent for Huang. He has repeatedly said he wants to continue in his role for decades and has created an informal organizational structure around him that eschews a conventional hierarchy. Instead, his direct reports are tasked with rapidly implementing his decisions.
Huang has said that this system gives his company the flexibility to react to rapid changes in technology and remain agile. But it’s also created a situation where there’s no replacement ready to step in and take over Huang’s relentless schedule.
Concerns that sensitive information might leak via Nvidia’s contacts with China have fueled calls for investigations and greater scrutiny of Huang and the company, ratcheting pressure in what has already been a difficult geopolitical balancing act. While Nvidia is allowed to ship a limited range of products to China under a licensing program granted by the current Trump administration, Beijing has restricted imports of the chips — an impasse that continues to curb the chipmaker’s sales in the world’s second-largest economy.
Investors have poured money into Nvidia, which reports earnings later this month, betting it will continue to be the main beneficiary of runaway spending on AI infrastructure.
The company reached a record market capitalization of nearly $5.8 trillion in October. That has slipped below $5 trillion, however, weighed down by concern about the sustainability of AI infrastructure build-out.
Megaspeed, based in Singapore, has been accused of breaking US export restrictions and smuggling Nvidia chips to China. Huang had told Bloomberg that his contacts with Megaspeed employees were typical of business relationships he has with many Chinese customers and executives.
Read Huang’s full memo below:
Subject: A message to our company
I owe my family and all of you an apology.
I was unfaithful to my wife. My actions hurt her and our children. There is no excuse for what I did. I am deeply sorry.
Throughout my life, my family has given me love and support. They deserve my honesty and loyalty. Instead, I let them down and damaged the life we built together. I take full responsibility for what I did and the hurt I caused, and I accept the criticism that comes with it.
To my wife and family: I love you. I know an apology cannot undo what I have done. I hope our family will heal and that, over time, I can earn back your trust.
To my colleagues at NVIDIA, including those I have worked alongside for decades, and to our board, partners, and shareholders around the world: you deserve better from me.
Leading NVIDIA is the privilege of my life. My responsibility is to serve you and be worthy of your trust. I have fallen short of that responsibility. I am fully committed to NVIDIA and will work to earn back your confidence.
Regarding the national security concerns raised in news reports, NVIDIA’s Board of Directors has initiated an independent investigation. I support the investigation and will cooperate fully. I love our country and our company, and I am committed to protecting NVIDIA and supporting America’s national security. I am proud and grateful to be an American.
My family bears no responsibility for my choices. I do. Please give them privacy.
(Updates with full memo at bottom of story.)
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