Nvidia’s value tumbles by $330bn after ‘honeytrap’ investigation launched, as China denies spying claims – business live

Newsflash: Nvidia’s shares have dropped sharply at the start of trading in New York, as Wall Street gives its verdict on the company’s spying scandal.

Shares in the chip maker fell by almost 7.5% as soon as the opening bell rang out, as investors respond to the news that CEO Jensen Huang has admitted having an extramarital affair – reportedly with a Chinese spy.

That knocked the shares down to $172.75 each, down from $186.64 on Friday night.

That, by my maths, wipes $335bn off Nvidia’s valuation, following the board’s decision to launch an independent investigation into whether Jensen Huang has been the target of a foreign intelligence effort.