COMMERCE DEPARTMENT
Rene Haas to take over Jensen Huang role at Nvidia? All about Arm Holdings CEO, ex-Vice President of Nvidia
Rene Haas has 35 years of experience in semiconductors and systems. Jensen Huang stepped down on Thursday after revelations of extramarital affairs, including one involving a suspected Chinese spy.
Alice Huang’s unusual Megaspeed exit draws attention Amid Nvidia China chip controversy: She got one share for just one Singapore dollar on the day she left
Alice Huang received one Megaspeed share for just S$1 on the day she stepped down as managing director in 2023. The corporate filing has drawn attention as the Singapore-based firm faces scrutiny over alleged $7.5 billion Nvidia chip shipments to China, its financial growth and Huang's reported relationship with Jensen Huang.
Bessent blames Lutnick's Commerce Department for not restricting Nvidia chips to China
Treasury Secretary Scott Bessent has publicly expressed frustration regarding the Commerce Department's delay in implementing export restrictions. The restrictions concern Nvidia chips, particularly those sold to companies like Megaspeed International, linked to CEO Jensen Huang. Huang resigned amid allegations of having an affair with Megaspeed's CEO, who is suspected of espionage. Members of Congress have called for explanations regarding Commerce Secretary Howard Lutnick's decision-making in this matter.
Huang's China affair may fix Howard Lutnick, the man who wanted to fix India
Howard Lutnick faces a precarious future as the US commerce secretary, as divergent policies surrounding AI chip sales come into play. With Treasury Secretary Scott Bessent pointing fingers at Lutnick for delays in sanctioning the China-affiliated Megaspeed, things heat up. Complicating matters further, President Trump had previously endorsed specific chip sales to China, raising national security alarms.
Bessent blames Lutnick's Commerce Department for not restricting Nvidia chips to China
Scott Bessent has publicly criticized the Commerce Department for its delay in implementing export controls on Nvidia chips. He stated that multiple departments, including Treasury, have sought to add Megaspeed to an export control list. Allegations regarding Nvidia's CEO Jensen Huang's scandalous relationship with a suspected Chinese spy have contributed to this issue. The Commerce Secretary's close ties to Huang have sparked congressional scrutiny and demands for explanations.
MSTC shares skyrocket 20% to hit upper circuit. Here’s why
MSTC shares hit the 20% upper circuit after the state-owned company reported its strongest second-quarter performance since listing, with consolidated profit after tax rising 57.7% YoY to Rs 74.92 crore. Revenue from operations grew 29.4% to Rs 110.02 crore. The stock also gained after receiving in-principle RBI approval to operate a TReDS platform.
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Nvidia scandal puts China chip curbs back in focus as US lawmakers push tougher export restrictions
US lawmakers from both parties are pushing tougher restrictions on China's access to advanced AI chips following reports about former Nvidia CEO Jensen Huang's affair with a suspected Chinese spy. Congress is weighing measures to tighten export oversight, track advanced processors, pressure US allies and close remote-access loopholes.
US Senate panel seeks testimony from Jensen Huang, Commerce Secretary Lutnick over China spy concerns
US Senate Banking Committee Chairman Tim Scott has asked former Nvidia CEO Jensen Huang and Commerce Secretary Howard Lutnick to testify over national security concerns, alleged Chinese espionage and oversight of chip exports to China. Scott warned he could subpoena Huang, as lawmakers intensify scrutiny of Nvidia and the Commerce Department.
Megaspeed, firm central to Nvidia CEO Jensen Huang's scandal, pledges to cooperate with US probe
In its first statement since Huang admitted to having an affair with a Chinese woman and former executive of the company, Megaspeed International said Thursday that it takes its obligation to comply with U.S. export control laws "extremely seriously."
Chinese AI firms rush to secure Nvidia chip capacity as spy scandal stirs fear of US curbs
Chinese artificial intelligence companies are actively seeking to rent Nvidia-powered computing capacity from overseas data centres. They are motivated by fears of stricter US export controls and political controversies surrounding Nvidia's CEO. Major cloud providers and smaller AI labs are exploring international options to maintain access to advanced processors.
‘I bet I can get Jensen here’, Alice Huang boasted at a party. Minutes later, he arrived
Alice Huang, involved in business with Nvidia, claimed her closeness to CEO Jensen Huang. Their association, dating back to 2023, raised concerns over potential espionage links. Megaspeed, her company, purchased significant AI chips from Nvidia, exceeding four billion dollars between 2024 and 2026. US authorities investigated Megaspeed for possible violations regarding chip exports to China. Jensen Huang's recent personal issues have also prompted an independent inquiry into Nvidia's internal matters.
China’s army-linked university was served Nvidia chips despite US sanctions
A Chinese university with close links to the country's military has purchased two of Nvidia's powerful H200 AI chips despite being on the US export blacklist, according to procurement records reviewed by Reuters. The findings raise fresh concerns over gaps in Washington's export restrictions and China's access to advanced American technology through domestic suppliers. Other Chinese universities and research institutions have also reportedly obtained restricted Nvidia chips or rented computing capacity powered by them.
India, Canada begin sixth round of trade talks
India and Canada have initiated their sixth round of negotiations for a Comprehensive Economic Partnership Agreement. Commerce and industry minister Piyush Goyal engaged with Canada's international trade minister Maninder Sidhu before the talks. Both ministers emphasized the necessity of a balanced agreement to enhance market access. The discussions aim to leverage the strengths of both economies for mutual benefit.
Singapore questioned Alice Huang over false import declarations, then dropped the case; here's where she went next
US agencies believe that Alice Huang was a Megaspeed executive and a Chinese spy. She was assigned the role to feed information back to China. Alice was allegedly given the role of developing a close relationship with Jensen, and gathering information about Nvidia. It was reported that China wanted information about Nvidia's advanced AI chips and business strategy.
Nvidia servers still in their boxes: As Jensen Huang's controversy grows, here's what a US official found inside Megaspeed's Malaysian data centre in 2024
The US agencies believe that Alice Huang was a Megaspeed executive and a Chinese spy. She was assigned the role to feed the information back to China. Megaspeed is a Singapore-based AI infrastructure company. According to reports, it had purchased $4.8 billion in Nvidia chips over the last two years.
How Nvidia CEO Jensen Huang's extramarital affair could cause collateral damage in Washington
The affair between Nvidia CEO Jensen Huang and a Chinese businesswoman suspected of spying for Beijing has triggered investigations in the US, raising concerns over national security and the security of sensitive AI technology. The controversy has drawn scrutiny from Congress, the Justice Department and Nvidia's board, with President Donald Trump also weighing in.
Nvidia CEO Jensen Huang and Alice Huang affair: Timeline of suspected Chinese spy scandal
The reports of Nvidia CEO Jensen Huang’s alleged involvement in a spy scandal have sent shockwaves through the tech world. President Donald Trump defends Huang as an ‘honorable guy’, whereas Nvidia’s board of directors has confirmed an independent investigation into the Jensen Huang-Alice Huang case to understand whether Huang was under the radar of Chinese spy operations. Here’s an entire timeline of how this spy drama unfolded.
Nvidia faces deepening scrutiny over China chip ties, CEO affair
The market value of Nvidia has plummeted following troubling accusations against CEO Jensen Huang, linked to his association with Alice Huang, who faces espionage allegations. The FBI is currently investigating whether foreign intelligence agencies have targeted Huang due to this connection. In response, Nvidia's board has begun an internal review to mitigate potential threats, highlighting vital concerns about the company's security measures and governance structure.
Jensen Huang case: Nvidia CEO love affair scandal revives push for tougher US line on China
Huang, who co-founded Nvidia and turned it into the world's leading supplier of the processors that power artificial intelligence, admitted on Sunday to an affair with Alice Huang, a former executive at Singapore-based Megaspeed whom US intelligence officials believe was working for Chinese intelligence.
Three years ago today, Alice Huang stepped down as Megaspeed director: What happened next and Why Jensen Huang faces scrutiny
Three years after Alice Huang left Megaspeed's board, her reported relationship with Nvidia CEO Jensen Huang and alleged China intelligence links have drawn attention. US investigations into Megaspeed, Nvidia's board inquiry and a congressional request for answers have raised questions about national security and the company's China dealings.
Jensen Huang row gives US lawmakers fresh ammo on chip controls
Members of the US Congress have urged for for tighter congressional oversight of advanced chip exports to China and legislations mandating companies to track chips to tackle smuggling.
Will Nvidia CEO Jensen Huang keep his job amid FBI probe? Here’s what we know
Nvidia's CEO Jensen Huang finds himself embroiled in controversy as he is under investigation due to his alleged affair with Alice Huang, believed to be a Chinese spy. In light of these serious claims, Nvidia has launched an independent inquiry, which Huang is fully backing. Meanwhile, federal authorities are probing for possible export violations, raising questions about Huang's leadership amid concerns over succession planning and the company's future stability.
DPIIT seeks Fillip for local mfg of 100 goods in budget
DPIIT has examined 500 heavily imported products to identify opportunities for boosting domestic manufacturing. The department plans to share its findings with the finance ministry for the FY28 budget recommendations. Commerce Minister Piyush Goyal met with Skoda Auto Volkswagen to promote electric vehicle manufacturing and increase localization. High import dependence is classified based on the percentage of domestic demand met by imports.
Govt may extend support measures in FY28 Budget to boost manufacturing of 100 products: Official
The government may announce Budget 2027-28 support measures to boost domestic manufacturing of 100 products, including auto components, chemicals and machinery, to reduce import dependence. DPIIT has identified the products after consultations with ministries and industry.
FDA suspends 43 food business licences across Maharashtra during Diwali inspections
Maharashtra FDA took action during a special Diwali enforcement drive by suspending 43 food business licenses. Inspections were conducted across seven divisions in the state, which included major cities like Mumbai and Nashik. Violations of food safety requirements led to the suspensions and the seizure of food articles worth Rs 63.09 lakh.
Chinese genetic firm Novogene sues US over military designation
Chinese genetic sequencing firm Novogene has initiated legal action against the Pentagon over its military designation. Novogene was added to a list of companies alleged to be supporting Beijing's military as of June. This designation prohibits the Defense Department from directly contracting with these firms, including Alibaba and Baidu. Other Chinese companies have also pursued legal recourse against the Pentagon regarding similar designations.
Piyush Goyal sets March 2027 deadline for digitisation of DGFT services, aims to end physical visits
Commerce Minister Piyush Goyal has set March 31, 2027, as the deadline for complete digitisation of DGFT services, including licence, permit and SCOMET approvals. From April 1, businesses will no longer need physical visits to government offices for these services. The move also includes digitising historical records and simplifying procedures.
US trade deficit contracts slightly in September
In September, the US trade deficit decreased by 0.6 percent, driven by capital goods imports and strong exports. Imports rose by 1.2 percent to $426.6 billion, primarily fueled by computers and accessories. Additionally, crude oil imports saw a reduction of $1.3 billion during this period. On the other hand, exports climbed by 1.8 percent, reaching $321.5 billion due to oil, food, and capital goods.
SK Hynix's New York chip plans hit snag over US restrictions on China, sources say
SK Hynix is seeking US export licenses to equip its Dalian plant, arguing that increased production there would help fund its planned US expansion. But the Commerce Department has yet to approve the new licenses, the people said. Its Solidigm unit plans to invest about $45 billion and build two NAND plants in Marcy, New York, two people said, with investment potentially reaching about $100 billion over time. NAND is memory that retains data even when power is turned off and is used for storage in data centers.
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