Published • loading... • Updated
CNBC: Lutnick faces questions over Nvidia spy scandal. His sons’ firm has deep ties to the chipmaker
Cantor’s Nvidia holdings fell nearly 50% as lawmakers and ethics experts questioned whether Howard Lutnick’s family firm benefited from his Commerce Department role.
- Nvidia CEO Jensen Huang resigned Thursday, intensifying scrutiny of Commerce Secretary Howard Lutnick after reports alleged he repeatedly resisted export crackdowns despite White House pressure; Lutnick's former firm, Cantor Fitzgerald, maintains significant Nvidia holdings.
- Intelligence warnings alleged Huang had ties to a Chinese spy, prompting the White House to push for export restrictions on Megaspeed; Lutnick reportedly blocked these measures multiple times, including a direct order from President Donald Trump on November 5.
- Cantor reported a nearly 50% decline in Nvidia holdings between September 2025 and March 2026, dropping to 1.78 million shares, while ethics expert Richard Painter noted the appearance raised concerns despite no proof of wrongdoing.
- Treasury Secretary Scott Bessent noted Friday that other agencies favored restricting Megaspeed for months, while a White House official stated the president maintains "complete confidence" in Lutnick, revealing internal disagreement.
- Lawmakers urged the Commerce Department to reconsider Nvidia export licenses following smuggling indictments, and senators pressed for investigations into whether national security recommendations were overruled by the administration.
Insights by Ground AI
5 Articles
5 Articles
Howard Lutnick faces questions over Nvidia spy scandal. His sons’ firm has deep ties to the chipmaker
CNBC reports: In late September, Cantor Fitzgerald hosted Nvidia CEO Jensen Huang and other top executives from the chipmaker for investor meetings in New York, according to a Cantor research report reviewed by CNBC. The Wall Street firm liked what it heard. “We continue to view NVDA as the best risk/reward in our coverage,” Cantor analyst C.J. Muse and his colleagues wrote in a research report dated Oct. 3 that maintained a $350 price target an…
Coverage Details
Total News Sources5
Leaning Left0Leaning Right1Center2Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
C 67%
R 33%
Factuality
To view factuality data please Upgrade to Premium
