Nvidia is on track to lose about $470 billion in two days as the Jensen Huang probe widens

If your WhatsApp group is full of "Nvidia is finished" screenshots this morning, pause before you forward them. Yes, the stock is getting hit. No, a court has not proved that Jensen Huang handed restricted AI chips to China. What we actually have, as of 11 November 2026, is a brutal two-day market reaction sitting on top of an allegation that Reuters says it could not independently verify.

Moneycontrol, citing Reuters, reported at 2:24 am IST on 11 November that Nvidia shares fell more than 5% on Tuesday after losing 4.3% on Monday. Monday alone wiped $192.08 billion off the company's market value. If Tuesday's drop holds, another roughly $221 billion is at risk. Add those sessions and Nvidia is on track to shed about $470 billion in two days. That is not a small Indian mid-cap story. That is the company whose chips sit under ChatGPT-style products, cloud GPUs and half the AI pitch decks doing the rounds in Bengaluru and Hyderabad.

What actually triggered the selloff#

The market is reacting to the fallout from Huang's relationship with Alice Huang, also known as Huang Le. They are not related. She is a Chinese businesswoman alleged to be a spy for Beijing. The Information reported on Tuesday, citing two people who know her, that the relationship helped facilitate shipments of at least $7.5 billion worth of Nvidia chips to Chinese firms.

Read that sentence carefully. "Helped facilitate" is The Information's report, not a conviction. Moneycontrol notes that Nvidia did not immediately respond to a Reuters request for comment. Alibaba, Tencent, Megaspeed and Shanghai Century Litong were not immediately available outside regular business hours. Reuters could not independently verify the report. If a headline skips that line, it is overselling the story.

Huang is 63. Nvidia's board launched an internal investigation on Sunday. The FBI is examining whether he was targeted by a foreign intelligence operation. He has told employees he was unfaithful to his wife, but he gave no details about the relationship. Personal admission and an espionage finding are not the same thing. One has come from Huang. The other has not been proved in these reports.

The chip trail The Information describes#

The Information says Alice Huang, her husband and her sister built a network of companies across China and Singapore to acquire Nvidia chips. At the centre was Shanghai Century Litong, which in 2023 secured preferred cloud partner status with Nvidia and priority access to chips.

When orders for chips covered by US export restrictions stalled, the report says she used ties to Nvidia and its distributors to secure supplies. That, according to The Information, helped move about 240,000 H100, H200 and some A100 chips into China. Century Litong rented computing capacity and ran data centres on Nvidia chips, including some barred from sale to China. Some of that capacity ultimately served Alibaba, Tencent and smaller Chinese AI labs, the report says.

She also held an executive role at Singapore-registered Megaspeed, which The Information links to Century Litong. US authorities have already investigated Megaspeed over Nvidia chip shipments from Southeast Asia to China. The same report says she used the relationship with Jensen Huang to boost her credibility, kept her role vague, and avoided a paper trail. Again, that is an allegation in a news report. It is not a charge sheet we have seen.

Why $260 billion and $470 billion are both in circulation#

Do not mix the two numbers and call everyone a liar. They are snapshots from different moments.

Business Today, updated at 4:28 pm IST on 10 November, used a Monday picture. Citing Forbes, it said Huang's net worth fell from $162.2 billion to about $154.7 billion during Monday's trading, a drop of around $7.4 billion. He slipped from eighth to tenth among the world's richest, below Warren Buffett and Larry Ellison. By 1:30 pm EST that day, Nvidia was down about 5.5%, and its market value had moved from $4.5 trillion to $4.24 trillion. That is roughly $260 billion of shareholder value. Business Today is explicit that both figures are market valuations, not cash someone withdrew from a bank.

Moneycontrol's 11 November piece is the next session. Monday's closed loss was 4.3% and $192.08 billion. Tuesday was another fall of more than 5%, with about $221 billion at risk if the loss held. The about $470 billion figure is the two-day track, not a replacement for Monday's $260 billion headline. If you are explaining this to a friend, say "Monday was already huge, Tuesday made the two-day total about $470 billion, and Tuesday was still moving when that line was written."

What this means if you use AI from India#

Your ChatGPT, Gemini or Copilot tab will not shut off because Nvidia fell 5% today. Indian IT companies do not buy a fresh H100 every time the Nasdaq blinks. The practical risk is slower and more annoying.

Bank of America put the real debate in one line, as quoted by Moneycontrol: is this company-specific, or does it trigger restrictions and disruption across AI infrastructure? The same note says allegations should not be equated with proven business damage. That is the grown-up reading. A probe can still change export checks, partner reviews and how quickly cloud firms in India get new GPU capacity. It does not, by itself, mean the chips already installed in data centres stop working.

There is a second India angle that is easy to miss. A lot of global AI capacity is fabbed in Taiwan. Business Today points out that Huang's influence runs through Nvidia's relationship with TSMC, which manufactures its advanced AI chips. Taiwanese media call his popularity there "Jensanity". He was born in Tainan and moved to the United States as a child. Fans treat his visits like a film-star landing. The allegation lands harder there because China claims sovereignty over the island, and advanced chips are already a security subject.

Reuters found people in Taipei struggling to square the story with the man they know. Hsiao Kui-yu, 68, who runs a dried-fruit shop in Siping market that Huang often visits, told Reuters she thought it must be a lie or fake news. Huang's barber, Ray Wang, who has known him since 2017, said he prays every day that Huang gets through this. Academic Liu I-li told Reuters you cannot judge a person by just one thing. Taiwan's Deputy Foreign Minister Chen Ming-chi declined to comment and said he had no evidence and no authority to investigate.

The board and the FBI are not saying the same thing#

Keep the two tracks separate. Moneycontrol says the board opened its internal investigation on Sunday and the FBI is examining whether Huang was targeted. Business Today adds an important board line: Nvidia's board has said there is no reason to believe company secrets or national security were compromised. The allegations involving Alice Huang remain unproven.

So we have four layers, and mixing them is how rumours get born:

• Huang has told staff he was unfaithful. That is his own statement, without details of the relationship.
• The Information says the relationship helped move at least $7.5 billion of chips, including about 240,000 H100, H200 and some A100 units. Reuters could not independently verify that.
• The board is investigating and has said it has no reason to believe secrets or national security were compromised.
• The FBI is examining whether Huang was targeted by a foreign intelligence operation. An examination is not a result.

What to watch next#

The next real headline is not another percentage. It is whether Nvidia, Alibaba, Tencent, Megaspeed or Century Litong actually respond, and what the board's independent investigation says. Until then, treat the $7.5 billion shipment claim as reported, not settled. Treat the $470 billion as a two-session market-value track that depended on Tuesday's loss holding, not as money Nvidia "lost" from a bank account.

For anyone in India building on rented GPUs, the useful question is the one Bank of America asked. Does this stay inside Nvidia, or does it become tighter export scrutiny that makes AI capacity slower and costlier? We do not have that answer this morning. We do have a stock that just reminded every AI bull market how fast a governance story can reprice the most important chip company on earth.