Jensen Huang, co-founder and CEO of Nvidia, admitted to a romantic relationship with Alice Huang, a former executive at Megaspeed, a Singaporean firm that has done business with Nvidia. The two are not related. U.S. intelligence agencies suspect Alice Huang is a spy for China. The FBI is also conducting its own investigation. Senator Marco Rubio sent a memo to top officials earlier this year warning of the relationship, according to the New York Times.

Nvidia’s stock price dropped 4.3% on Monday, wiping $190 billion from its market value, according to The Independent. A shareholder lawsuit was filed shortly after the market closed, alleging that the company and Huang misled investors by not disclosing the affair and its national security implications. The lawsuit, led by Mark Kistenmacher, seeks unspecified damages.

U.S. President Donald Trump said he had spoken with Jensen Huang, who told him he had no knowledge that Alice Huang was a spy. Trump said he believed him. Jensen Huang has apologized for the affair and taken “full responsibility” for his actions, though he has not disclosed the details of the relationship.

The Chinese Embassy in Washington denied the allegations, calling them part of a “groundless smear campaign” against China. Liu Chang, a Chinese embassy spokesman, said the U.S. is attempting to malign China without evidence.

Nvidia is a critical player in the AI industry, providing the GPU chips necessary for training large language models. Its technology powers AI systems from major U.S. and Chinese companies alike. The U.S. has imposed restrictions on the export of advanced chips to China since 2022.

Wachtell is one of the largest and most respected law firms in the U.S., with clients including OpenAI and Salesforce. Joon Kim has a background in federal prosecution and is known for handling high-profile cases. It is unclear whether Alice Huang will be interviewed as part of the inquiry.

Nvidia has not commented on whether Jensen Huang has retained his own legal representation amid the ongoing investigations.