Today is the deadline. House Foreign Affairs Committee Chairman Brian Mast told ABC News on Tuesday that he was prepared to subpoena Jensen Huang unless the CEO responded by Wednesday, November 11, to a request for a closed-door briefing. No subpoena had been issued as of late Tuesday. That may change by the time you read this.
Senator Kevin Cramer was described as urging Huang to step aside in recent coverage, but his committee affiliation and the exact wording of his comments could not be confirmed from primary reporting at the time of publication.
Meanwhile, the investigation has extended to Singapore. Reports have said Singapore is investigating Megaspeed, the Singapore-based firm tied to Alice Huang, amid scrutiny over whether third parties helped route restricted Nvidia chips to China. But claims that Alice Huang was questioned and barred from leaving Singapore, or that regulators documented discrepancies of “tens of thousands” of chips worth “billions” between Nvidia’s reported exports and actual shipments, could not be verified.
Nvidia shares plunged to $166.95 Tuesday afternoon, leaving the AI chipmaker down 18.42% for November and wiping out all the gains it had accumulated in 2026. At that price, Nvidia was roughly 10.5% below its $186.50 closing price at the end of 2025 and 31.4% below its recent $243.37 peak. Microsoft overtook Nvidia in market capitalization during Tuesday trading on November 10, 2026.
The scandal is real, but it is not the only thing moving the stock. That is the part most coverage is missing.
November 5 was not an Nvidia-only event. The Nasdaq Composite closed down about 5.5%, enough to put it more than 10% below its record and in correction territory. Nvidia was already breaking down before the espionage allegations fully surfaced. The personal scandal accelerated a slide that had a broader origin.
What the broader market is doing is reassessing what it will pay for AI earnings growth. Some market commentary has pointed to Nvidia’s forward valuation compressing sharply in early November, in part because the stock fell even as analysts continued to raise their earnings expectations. The business did not deteriorate; the price the market is willing to assign to it did.
That compression has been building for weeks. Claims about Nvidia trading at a specific multiple, or at its lowest valuation level since 2019, could not be verified and have been removed.
So how much of the decline is Huang and how much is the broader AI rethink? Both, and they are feeding each other. “This is, for now at least, a personal scandal, and the market is pricing it like a corporate crisis,” one wealth manager told The Armchair Trader. That framing is fair. The underlying business is not in question today. Nvidia’s most recent reported quarter underscored how fast the company has been growing, even as the market’s willingness to pay up for that growth has wobbled. The allegations have not established that Jensen Huang knowingly disclosed confidential information or violated export rules.
The case against the bulls: after the two-day slide, the stock sits 2.81% above its 52-week low of $164.27. If Huang does not comply today, a formal subpoena threat hangs over the stock heading into next week’s events. That is not a backdrop that invites calm reading of a data center revenue line.
What to watch next: Huang’s response to Congress arrives today or the subpoena threat becomes real. The company reports quarterly earnings November 17, a day before the requested congressional briefing on November 18. Those two events, stacked within 24 hours, will determine whether the stock finds a floor near its yearly low or whether Washington risk gets priced in more deeply still. Watch the earnings call for any signal about whether the scandal has affected customer relationships. That is the data point the headlines cannot give you.
