A day after Jensen Huang resigned from Nvidia, the story has moved somewhere much heavier.

A day after Jensen Huang resigned from Nvidia, the story has moved somewhere much heavier. Semafor, citing two administration officials, reports the DOJ is running three investigations that could sweep up Nvidia.

One of them is antitrust and focused on Nvidia itself. The other two target Megaspeed and Supermicro, centered on Alice Huang, the alleged Chinese spy. There's no indication the DOJ would seek criminal charges against Nvidia or Huang at this time. Nvidia and the DOJ didn't comment. Supermicro says Megaspeed "is not, and has never been" a customer, and that it has cooperated with US, Taiwanese and Singapore authorities.

The stock tells you the probe report wasn't what broke it. NVDA fell as much as 14.35% Thursday on the resignation news, bottoming at $148.80, then clawed back to close at $166.19, down 4.34%. The Semafor story landed at 2:12 p.m. ET, after the low.

Separately, Huang has agreed to testify before Congress by Thanksgiving. That came after Brian Mast, John Moolenaar and Rick Crawford sent him a Nov 4 letter and then threatened a subpoena. The session is expected to be closed-door, though Mast expects it to be recorded on video and transcribed.

His framing was telling: "Nvidia is a very important company to the United States of America. I don't want to see anything hurt in Nvidia, but he has some very serious questions to answer."

My read: the antitrust probe matters most to shareholders, because it's about the company and stays open regardless of who sits in the CEO chair. Which makes me wonder how much interim CEO Colette Kress will be asked about it on the Nov 17 earnings call, and how much she'll be able to say.

Sources:
Semafor: https://www.semafor.com/article/11/12/2026/us-doj-probes-nvidia
TechCrunch: https://techcrunch.com/2026/11/12/jensen-huang-agrees-to-testify-before-congress/

Not financial advice. For informational and educational purposes only.