US Commerce Secretary Howard Lutnick has agreed to testify before the Senate Banking Committee on December 10 as White House officials reportedly discuss whether to fire him over his handling of the Nvidia spying scandal. The congressional summons follows the Thursday resignation of Nvidia chief executive Jensen Huang and growing bipartisan anger over the Commerce Department’s delay in blacklisting Megaspeed, a Singapore-based data center company that bought billions of dollars of advanced Nvidia artificial intelligence chips.
Senate Banking Committee Chair Tim Scott, a South Carolina Republican, sent formal letters on Thursday calling on Jensen Huang to testify on December 3 and Lutnick to testify on December 10, according to Fortune. Scott wrote on social media that the committee is “seeking answers to questions that raise grave national security concerns,” noting in his letter to Huang that the panel holds “jurisdiction over matters relating to ‘export controls,’ including their application to NVIDIA’s exports of advanced semiconductors.” Politico reported that Scott warned Huang the committee could pursue a subpoena if the former Nvidia chief declines to appear voluntarily.
Commerce Department spokesperson Kristen Eichamer told NBC News: “Secretary Lutnick has proactively agreed to appear voluntarily before the banking committee to address their questions,” while the Associated Press reported that White House officials are weighing whether Lutnick should be removed from his post. A White House official pushed back on those discussions in a statement to Axios, saying President Donald Trump retains full confidence in Lutnick’s leadership at the Commerce Department.
For AI developers, cloud computing providers, and enterprise hardware buyers, the fallout in Washington threatens to tighten the supply of high-end graphics processing units sold outside the United States. Lawmakers are now pressing to pass at least four bills restricting chip exports to close third-country loopholes. Chinese AI companies have started trying to lock in Nvidia chip capacity outside China before stricter rules take effect, people familiar with the matter told Reuters, while Beijing has pushed domestic chipmakers including Huawei to develop local hardware that analysts say remains less efficient for training large AI models.
Why Megaspeed and Howard Lutnick are under scrutiny
Pressure on Lutnick intensified after reports emerged that a US intelligence assessment detailing Jensen Huang’s personal relationship with Megaspeed executive Alice Huang (no relation), whom US intelligence officials suspect of spying for China, had circulated among senior Trump administration officials, The Guardian reported. Beijing has denied the allegations that Alice Huang is an intelligence operative, calling the claims a smear.
According to the Financial Times, Alice Huang and financier Kang Wei acquired Singapore-based Megaspeed in 2023 to build a data center operation, pitching investors on their ability to secure coveted Nvidia hardware. Since June 2024, Megaspeed has purchased more than $4.8 billion worth of advanced Nvidia AI chips, 24/7 Wall St. reported. Despite internal administration warnings about the firm’s ties, the Commerce Department delayed adding Megaspeed to the US Entity List, the federal trade blacklist that bars foreign companies deemed national security risks from buying sensitive American technology.
Axios reported that Lutnick stalled a broader administration crackdown on foreign intermediaries suspected of diverting Nvidia processors to China. Republican Rep. John Moolenaar said he heard that Trump had directed Megaspeed to be banned three separate times. According to the New York Times, the US Justice Department took over the Commerce Department’s investigation into Megaspeed last year after Nvidia’s general counsel requested information about the Singapore firm.
Bipartisan anger in Congress over chip export controls
Lawmakers from both parties have criticized the Commerce Department’s delays and demanded wider investigations into how export licenses were handled. Utah Republican Sen. John Curtis said Lutnick’s reported delay in restricting Megaspeed “raises the question of whether the commerce department is acting in the best interests of the American people”.
Texas Republican Sen. John Cornyn told the Financial Times that there needed to be “a thorough investigation and accountability for the outrageous circumvention of national security export controls” and said that heads should roll. House Foreign Affairs Committee Chair Brian Mast, a Florida Republican, said Congress needs to examine the Commerce Department’s role in approving chip exports, though he added that he still has confidence in Lutnick.
House Speaker Mike Johnson told reporters at the US Capitol on Thursday that support is building for tighter legislative limits on advanced semiconductor sales. “The export controls on chips to China has been a big issue around here,” Johnson said. “I think there’s a developing consensus in Congress that is an important position to take.”
Democratic leaders have focused on the White House’s ties to the ousted Nvidia co-founder. The New York Times reported that Trump called Jensen Huang two days before his resignation and urged him to fight for his job. Senate Democratic Leader Chuck Schumer demanded that Nvidia and the administration explain what actions they took after learning of Jensen Huang’s relationship with Alice Huang, and questioned what Trump knew when he invited the Nvidia chief aboard Air Force One for a state visit to Beijing earlier in 2026. “Americans deserve to know that those at the highest levels of power are putting America first, not their bottom line or their personal friendships.” House Democratic Leader Hakeem Jeffries separately demanded a classified briefing on Nvidia for all members of Congress.
Jensen Huang’s exit and what happens next
As background to the congressional investigation, Jensen Huang stepped down immediately as Nvidia’s CEO, president, and board member on Thursday after more than 30 years running the company he co-founded, CBS News reported. Chief Financial Officer Colette Kress was named interim CEO while retaining her CFO role as the board searches for a permanent successor.
Jensen Huang had admitted to an extramarital affair with Alice Huang in a November 8 letter to employees, and Trump said on November 9 that the FBI was investigating the matter. Further reporting uncovered two workplace relationships with subordinates: the New York Times reported an affair with Nvidia healthcare executive Kimberly Powell, and Reuters reported a relationship with another unnamed Nvidia employee. Following a shareholder lawsuit filed by Mark Kistenmacher on November 10, Nvidia’s board hired Joon H. Kim, a partner at Wachtell, Lipton, Rosen & Katz and former acting US Attorney for the Southern District of New York, to lead an independent investigation.
Nvidia’s board statement announcing Huang’s departure did not mention the personal conduct revelations or the Megaspeed investigation, instead thanking him for his contributions to the company. On China’s Weibo platform, news of his exit generated more than 400 million posts overnight, where users recalled his rock-star reception during a January 2026 visit when sellers advertised photos with him for 25,000 yuan ($3,700). In US trading, the multi-day scandal wiped more than $600 billion off Nvidia’s market value, with shares falling 4.34% on Thursday to close at $166.19, leaving its market capitalization at $4.01 trillion.
Kress will lead Nvidia into its quarterly earnings report on Tuesday, November 17. Meanwhile, Mast said congressional staff spoke with Nvidia on Wednesday night to arrange a date and location for Huang’s House testimony, which could take place after the US Thanksgiving holiday, ahead of the Senate Banking Committee hearings scheduled for Huang on December 3 and Lutnick on December 10.