Trump calls Nvidia's Huang an "honorable guy" as Democrats line up oversight; stock down 5.5%

President Trump defended Nvidia CEO Jensen Huang on Sunday night, calling him an "honorable guy" and a "fine person," according to the New York Post. Reuters headlined its own report that Trump said he has not discussed the allegations with Huang. Nvidia stock was still lower at midday: $176.34 at 12:01 PM ET, down $10.31 or 5.52% from Friday's close, per Nasdaq.com.

What Trump said

"He's done an amazing job for our country," Trump told reporters, per the Post. "I haven't heard that he's done anything wrong," he added. "He dealt with somebody but, you know, so does everybody else." The Post notes Huang has been an influential voice in the administration on AI policy, including arguing against tight limits on chip exports to China.

The backdrop, as we reported Sunday: Nvidia's board opened an independent inquiry after Huang admitted an affair with Alice Huang, an executive at Nvidia customer Megaspeed. The Post, citing the New York Times, says a State Department memo overseen by Secretary of State Marco Rubio alleges she was recruited by China's Ministry of State Security. China has called such reports groundless. No charge has been made public, and the board has said it has "confidence in Jensen."

The number behind the number: the stock fell anyway

A presidential endorsement did not stop the selling. Our chart shows the stock 26.3% below its October 6 peak. The reason is visible in the politics: the White House is not the body that will question Huang next.

Democrats are about to hold the gavel

According to CNBC, Democrats won majorities in both chambers in last week's midterms. Sen. Chris Coons, in line to chair Senate Foreign Relations, wrote that "Congress will investigate and get answers." House Democratic leader Hakeem Jeffries called it "a significant issue of concern" and expected it to come up in a classified briefing with White House officials Monday. CNBC adds that Sen. Elizabeth Warren's June invitation for Huang to testify before the Senate Banking Committee was declined.

The Republican side has its own timeline: House committee chairs have asked Huang for a closed-door briefing on November 18, per our earlier report, a day after Nvidia reports third-quarter earnings on November 17.

Who it hits

Holders of broad index funds carry Nvidia as one of their largest positions, so a governance story shows up in retirement balances. Options traders face a big event cluster: earnings, the briefing and any committee action inside 48 hours. Data-center builders and AI-hardware resellers that depend on Nvidia supply are exposed if export policy tightens under a new Congress, which is the scenario Trump's support does not cover.

What we could not confirm

The Reuters piece sits behind a redirect we could not open, so we rely on its headline only. We did not verify the spy allegation independently; it remains a reported intelligence assessment attributed to the New York Times. We are watching the Monday briefings and the November 17 results.

Sources: New York Post, CNBC, Reuters (headline), Nasdaq.com quote taken 12:01 PM ET, November 9, 2026 (delayed data possible). This is market information, not investment advice.