House Democratic leader Hakeem Jeffries called for a full congressional briefing on Nvidia CEO Jensen Huang's reported ties to a Chinese businesswoman allegedly linked to Beijing. Jeffries also urged the Biden administration to tighten U.S. restrictions on chip sales to China.
Nvida stock (NVDA) fell 5.8 percent to $168.26, reflecting investor concern over potential government scrutiny of the company's China business. Tighter export controls could substantially reduce Nvidia's revenue in a market that represents a significant portion of its global sales.
The demand for a briefing reflects escalating U.S.-China tensions over technology leadership. U.S. lawmakers are increasingly scrutinizing American companies' China operations, including executive relationships and supply chain vulnerabilities. The semiconductor industry remains a flashpoint in geopolitical competition.
Jeffries' statement signals a growing bipartisan push to protect U.S. technological advantages and prevent advanced chip technology from reaching entities that could bolster China's military or surveillance capabilities.
The broader market declined. The Nasdaq Composite fell 1.1 percent to close at 24,983. Microsoft dropped 1.9 percent and Apple fell 0.7 percent, indicating risk-off sentiment in growth sectors.
