Nvidia’s value tumbles by $430bn since spy allegations, as major US law firm hired to investigate claims – business live
Summary
Nvidia hired former federal prosecutor Joon H. Kim and law firm Wachtell, Lipton, Rosen & Katz to conduct an independent investigation into CEO Jensen Huang’s relationship with a woman whom U.S. officials suspect of spying for China. Nvidia’s market value fell by about $430 billion after the allegations emerged, while updates from Britain included a Treasury inquiry into a budget leak and a homebuilding forecast cut by Taylor Wimpey.Key Facts
- Nvidia retained Joon H. Kim, a former acting U.S. attorney in Manhattan, to help lead its investigation.
- The investigation will examine Huang’s relationship with Alice Huang, who U.S. officials believe is a Chinese spy; Beijing has denied allegations of an espionage operation targeting Jensen Huang.
- Nvidia’s shares fell 5.5% on Tuesday after dropping 4.27% on Monday.
- Nvidia’s reported market value fell to $4.07 trillion from $4.50 trillion before the story broke.
- Treasury officials told a parliamentary committee that a report on the government’s planned bank tax appeared before the budget announcement; officials said they would share the findings of an investigation into the leak.
- E.ON is reviewing whether former nuclear power plant sites in Germany could be converted into data centers, citing their existing infrastructure and grid connections.
- Taylor Wimpey cut its forecast for home completions for a second time this year, citing higher mortgage and living costs.
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