Politics · United States · 2 hrs ago
Lutnick faces scrutiny over Nvidia exports and his former firm's ties
Commerce Secretary Howard Lutnick is facing questions about U.S. decisions on Nvidia chip exports to China.
The scrutiny has grown after Nvidia CEO Jensen Huang resigned amid reports about his relationship with Alice Huang, an executive at Singapore-based Megaspeed who U.S. authorities suspect of spying for Beijing.
U.S. officials and lawmakers have raised concerns that advanced Nvidia chips could reach China through companies suspected of helping move them there.
Lutnick’s former firm, Cantor Fitzgerald, has ties to Nvidia, including financing for the chipmaker’s business partners; his sons now lead the firm.
Cantor’s reported Nvidia holdings fell by nearly half between September 2025 and March 2026, but there is no evidence that the change was linked to intelligence warnings or that Lutnick’s family had advance knowledge of them.
Lawmakers are pressing Lutnick to explain export controls, including why new Chinese companies have not been added to a U.S. trade blacklist since October 2025.
Congressional leaders are investigating chip sales to China, and Lutnick is expected to face questions from Congress; President Donald Trump says he has complete confidence in him.
Commerce Secretary Howard Lutnick is facing scrutiny over U.S. controls on Nvidia chip exports to China and his ties to Cantor Fitzgerald, the firm formerly run by him and now led by his sons.
Reports say Lutnick resisted efforts to restrict companies suspected of diverting Nvidia chips to China, while lawmakers question the administration’s oversight of exports and additions to a trade blacklist.
The scrutiny intensified after Nvidia CEO Jensen Huang resigned Thursday amid reports about his relationship with Alice Huang, an executive of Singapore-based Megaspeed.
Cantor has maintained business ties with Nvidia and its partners, although its reported Nvidia shareholding fell by nearly 50% from September 2025 to March 2026.
There is no evidence that Lutnick’s sons had advance knowledge of intelligence concerns or that Cantor’s reported holdings were linked to warnings or influenced Lutnick’s decisions.
- Who
- Commerce Secretary Howard Lutnick, Nvidia, and Cantor Fitzgerald, now led by Lutnick’s sons.
- What
- Lutnick faces scrutiny over export controls on Nvidia chips to China and his former firm’s ties to Nvidia.
- When
- The scrutiny intensified in November 2026, after Jensen Huang resigned Thursday.
- Where
- The United States; the reported chip-diversion concerns involve China and Singapore-based Megaspeed.
- Why
- Lawmakers and others question whether Lutnick did enough to restrict chip shipments to China and whether his former firm’s Nvidia ties raise concerns.
This story does not have two clearly opposing sides.
Cantor Fitzgerald’s reported Nvidia shareholding fell by nearly 50%, according to CNBC’s analysis of securities filings.
Reuters reported the administration had held off adding DeepSeek, CXMT and more than 100 other companies to a trade blacklist.
President Donald Trump authorized new export restrictions on companies suspected of smuggling Nvidia chips to China for a third time.
Axios reported Lutnick had received a classified intelligence warning about Huang’s ties to a suspected Chinese spy.
Axios reported Lutnick repeatedly resisted efforts to crack down on Megaspeed.
Jensen Huang announced he would step down as Nvidia CEO, and lawmakers raised questions about exports and Lutnick’s actions.
- Cantor Fitzgerald
- Now led by Brandon and Kyle Lutnick
- Cantor Nvidia holdings
- Nearly 50% decline from September 2025 to March 2026
- Megaspeed chip purchases
- More than $4.8 billion in advanced Nvidia AI chips since June 2024
- Blacklist additions
- No new Chinese companies added since October 2025
- H200 exports
- Trump granted Nvidia permission to sell advanced H200 chips to China in December 2025
2 sources
What people are saying
the appearance doesn't look great.
His conversations with his sons better be about publicly available information.
I don't know yet.
Secretary Howard Lutnick and Under Secretary Jeffrey Kessler must explain why they have not closed export control loopholes and act today to ensure our advanced technology is not fueling China’s military.