Jensen Huang's resignation as Nvidia CEO on Nov. 12 has intensified scrutiny of Commerce Secretary Howard Lutnick's financial ties to the chipmaker and his handling of export restrictions on advanced AI chips bound for China.
Cantor Fitzgerald, the firm Lutnick formerly led and now run by his sons Brandon and Kyle, reduced its Nvidia shareholdings by nearly 50 percent between September 2025 and March 2026, according to securities filings that exclude options. Nvidia was among the firm's largest stock positions.
Yet despite paring back its stake, Cantor maintained extensive business ties to Nvidia's ecosystem. The firm arranged billions of dollars in financing for Nvidia partners and sustained close relationships with the chipmaker's leadership. Cantor hosted Huang and other Nvidia executives for investor meetings in New York in late September. On Oct. 3, Cantor analyst C.J. Muse maintained a $350 price target and an "overweight" rating on Nvidia stock.
As Commerce Secretary, Lutnick faced pressure from White House and U.S. intelligence officials to act against Megaspeed, a Singapore-based company suspected of funneling Nvidia's advanced AI chips to China, according to reporting on Nov. 11. President Donald Trump authorized new export restrictions on suspected smuggling operations for a third time on Nov. 5. Lutnick, however, repeatedly resisted cracking down on such companies.
Before Cantor's September investor meetings, Lutnick received a classified intelligence warning about Huang's ties to a suspected Chinese spy, according to reporting on Nov. 10. Lutnick had also appeared alongside Huang at a G20 technology summit in North Carolina.
Richard Painter, a corporate law professor at the University of Minnesota and former chief White House ethics lawyer for President George W. Bush, said the appearance of the relationship between Lutnick and his former firm's investments "doesn't look great," given what Lutnick knew about Nvidia. Painter noted there is no proof Lutnick shared nonpublic information with Cantor Fitzgerald. "His conversations with his sons better be about publicly available information," Painter said.
Cantor Fitzgerald stated it has held only "immaterial stand-alone proprietary positions in Nvidia from time to time," distinct from positions in 13F filings. No evidence has emerged suggesting Lutnick's sons had advance knowledge of intelligence concerns, that changes in Cantor's holdings were linked to any warnings, or that the firm's business interests influenced Lutnick's decisions as Commerce Secretary.
