The meeting centers on Huang's relationship with a Chinese businesswoman, which has raised national security concerns in the U.S. Huang has admitted to the relationship. The woman allegedly fed intelligence and advanced chips to China, and Nvidia said it is investigating him.
Asian markets showed the damage in small doses. Japan's Nikkei 225 edged 0.1% lower to 61,224.87, and Taiwan's Taiex lost 1.2%. Australia's S&P/ASX 200 declined 0.4% to 9,117.00. Hong Kong's Hang Seng dropped 0.9% to 24,088.41. In Seoul, the Kospi stood nearly unchanged at 5,375.63, while the Shanghai Composite rose 0.2% to 3,688.05. U.S. Futures were mixed.
The slide follows a strong day on Wall Street. The S&P 500 rose 1.3% Wednesday, nearly erasing last week's brutal sell-off over worries about an AI slowdown, and it sits within 2.6% of its all-time high from last month. The Nasdaq composite gained 1.6%, and the Dow Jones Industrial Average added 254 points, or 0.5%. Investors still wonder whether AI will earn enough to justify the massive spending behind it. Benchmark U.S. Crude fell 1.21% to $85.48 a barrel.
The whiplash is real. CoreWeave jumped 24.7% Wednesday for losing less money than analysts expected, while Nvidia, the biggest name in AI chips, got hammered in a single evening.