Score: 66/100 — Mixed. The toll is still real. NVIDIA (Nasdaq: NVDA) collected $96.2 billion in one quarter, $89.0 billion of it from data centers, at a 75.0% gross margin — and holders still get a genuine cut: $55.3 billion of buybacks in twelve months, a dividend raised 25-fold in May 2026, and a share count that is actually shrinking. What changed since our November 7 check is not the money machine. It is the man running it. On November 8, 2026, NVIDIA's own board opened an independent investigation into reports that founder and CEO Jensen Huang was the target of a foreign-intelligence effort; the same day, Huang told employees he had been unfaithful to his wife. The reporting names the other person: Alice Huang, a former executive and controlling shareholder of Megaspeed, a Singapore cloud company US authorities have been investigating over suspected diversion of restricted NVIDIA chips to China — and whom US intelligence reportedly assessed as an asset passing information to Beijing. President Trump said on November 9 that the FBI is also looking into the matter, and a securities class action naming the company and Huang personally was filed within a day. None of that makes the toll fake: the espionage allegation is unproven, China calls it baseless, no one has been charged with anything, and the board says it has no reason to believe NVIDIA's secrets were compromised. But the founder this review graded +5 a week ago is now a founder under a board investigation, an FBI probe and a securities suit — and the stock has shed roughly $428 billion of market value in two sessions while the market reprices him. The business still passes both of our questions. The score now carries the investigation: 66/100, Mixed.
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Official website and investor relations: investor.nvidia.com
What NVIDIA is
NVIDIA is a 1993-vintage Silicon Valley chip designer that spent two decades selling graphics cards to gamers and then turned out to own the one asset the AI buildout cannot route around: the accelerated-computing stack — GPUs, NVLink interconnects, networking, and the CUDA software layer that a generation of engineers learned on. The second quarter of fiscal 2027, ended July 26, 2026, shows what that position is worth. Revenue was $96.2 billion, up 106% from a year earlier and 18% from the prior quarter. The Compute & Networking segment — data-center chips, systems and networking — produced $88.3 billion of it. Graphics, the old GeForce business, produced $7.9 billion. One clarification that matters before any math: NVDA is common stock, not a coin, not a token and not an index fund. It is the residual claim on this company after $33.5 billion of senior notes and the rest of the balance sheet — and the claim being graded here is the one the market actually buys: that every AI budget on earth pays NVIDIA a toll, and that the toll keeps compounding.
The claim
The pitch writes itself, and for once most of it is in the SEC filings. Demand is "accelerating," in the CEO's words on the August 26, 2026 earnings release; the Vera Rubin platform is in full production; hyperscalers, AI clouds, sovereign governments and startups are all building at once. The stock's version of the claim adds a second half: that because NVIDIA sits on the only toll bridge, its cash machine is effectively a utility — 75-cent gross profit on every revenue dollar, converted to free cash flow at a rate no hardware company has ever sustained, and increasingly shared with holders through buybacks and a real dividend. We ran the two questions we ask of everything on this board. Where does the money come from — whose budgets, how concentrated, how circular? And how is it distributed to the holders — buybacks versus the dividend versus dilution from stock compensation? The first answer is as good as it gets. The second is good and getting better. The footnotes are where 2026 gets interesting — and, as of this week, so is the founder. His section comes before the footnotes this time.
The investigation: what is confirmed, what is alleged, what is not known
Start with the primary source, because almost everything since has been commentary on five short paragraphs. On Sunday, November 8, 2026, NVIDIA's board of directors published a statement on its investor site: "The NVIDIA Board is initiating an independent investigation in light of recent reporting that founder and CEO Jensen Huang has been the target of a foreign intelligence effort." A committee of independent directors, assisted by outside independent counsel, will oversee the investigation. "The Board prioritizes U.S. national and economic security, which is paramount to the interests of NVIDIA and its shareholders." And the two sentences everything now hangs on: "While the Board has no reason to believe that either national security or NVIDIA secrets were compromised, the Board's inquiry will examine all available information." "The Board has confidence in Jensen and his leadership team and will provide further updates as appropriate." Note what the statement does not do: it does not name China, any intelligence service, Megaspeed or Alice Huang; it names no committee members and no outside counsel; and it gives no timetable.
The same day, Huang wrote to employees — the message was released by the company — and admitted the affair in plain words: "I owe my family and all of you an apology. I was unfaithful to my wife. My actions hurt her and our children. There is no excuse for what I did. I am deeply sorry." He did not name Alice Huang. On the security question he wrote that he supports the board's investigation "regarding the national security concerns raised in news reports," will cooperate fully, and is "committed to protecting NVIDIA and supporting America's national security." A company spokesman added that Huang is committed to leading NVIDIA as CEO "without interruption." Those are the confirmed facts at the center: an affair, admitted by the CEO himself; an independent board investigation, announced by the board itself; a CEO still in his job, with his board's stated confidence.
What is alleged is the espionage layer, and it needs to be labeled precisely. The reporting that forced all of this came from the New York Times, starting October 29, 2026: US intelligence agencies concluded that Alice Huang — a Chinese businesswoman who became controlling shareholder of Singapore-based Megaspeed International in March 2023, and served as a director and managing director of its Indonesian subsidiary — was an asset of China's Ministry of State Security who passed information to Beijing while in a close relationship with Jensen Huang. The two Huangs are not related. Reuters, which reviewed more than thirty public records on her finance career in Shanghai, states the limit of the record in one sentence: it "could not independently verify the intelligence allegation, which China has denied." Beijing did deny it, on November 9, in terms: China's foreign ministry called the spying claim "a groundless accusation, slander, and a smear." Singapore's home-affairs ministry had already said, on October 31, that Singapore officials had not expressed the reported concerns about Alice Huang or investigated her personally. No charge has been filed against Alice Huang. No charge has been filed against Jensen Huang. No authority has said that any NVIDIA information actually reached Beijing. The state of the evidence, as the board put it, is: no reason to believe secrets were compromised, inquiry ongoing. Anyone who tells you more than that — in either direction — is ahead of the record.
The Megaspeed thread is separate, older, and about chips rather than romance — but it is the thread that connects this story to NVIDIA's actual business. Megaspeed is an NVIDIA cloud partner, still listed on NVIDIA's partner directory, that has been in US authorities' sights since 2024 over suspicion that it helped Chinese customers obtain advanced NVIDIA chips subject to export controls. Reuters reviewed trade-data shipping records showing Megaspeed's Indonesian subsidiary imported NVIDIA hardware — including H100 processors, which are restricted for export to China — between 2024 and 2026, in shipments from suppliers including a Gigabyte subsidiary. Shipments to Indonesia do not themselves establish any violation, and there has been no public finding that Megaspeed broke the rules. Megaspeed denies smuggling. Trade reporting based on records puts at least $4.8 billion of AI hardware containing NVIDIA chips through a Megaspeed-linked Malaysian company between June 2024 and February 2026 — that is the scale of the channel, not proof of where any chip ended up. The escalation this week is procedural, and it matters: NBC News reported on November 9, citing a person familiar with the matter, that the Justice Department's National Security Division is running a criminal investigation into Megaspeed over suspected chip smuggling, with the FBI and Commerce's Bureau of Industry and Security — after the Justice Department asked Commerce to pause its own investigation and hand the case over. The Justice Department declined to comment. No one has been charged. Bloomberg added a detail that will get its own scrutiny: NVIDIA's general counsel phoned the Commerce under secretary who oversees export controls in late summer 2025 to ask whether Commerce's enforcement arm was involved in Singapore's detention of Alice Huang — Commerce's arm was not involved, and NVIDIA says the call was routine and that its general counsel did not know of the affair at the time.
Washington is moving on its own track too. On November 4, three House committee chairs — Brian Mast of Foreign Affairs, John Moolenaar of the Select Committee on China, and Rick Crawford of Intelligence — wrote to Huang requesting a joint closed-door briefing on November 18 about his contacts with Alice Huang and NVIDIA's safeguards against foreign espionage; their letter describes her as a publicly reported PRC intelligence asset, and asked Huang to respond by November 11. President Trump said on November 9 that the FBI is looking into the matter, that he had spoken with Huang, and that Huang told him "he had no idea that the person in question was a spy." What happens next has dates on it: NVIDIA reports third-quarter results on November 17, the requested House briefing is November 18, and the board investigation has no announced deadline at all.
Then there is the lawsuit, and it deserves the same allegation-versus-finding discipline. On November 9 — five minutes after the market closed, per Reuters — the Rosen Law Firm filed Kistenmacher v. NVIDIA Corporation and Jen-Hsun Huang in the US District Court for the Northern District of California (Case No. 5:26-cv-13448). It is a proposed class action under Sections 10(b) and 20(a) of the Securities Exchange Act, on behalf of investors who bought NVIDIA securities between October 9, 2025 and November 8, 2026. In the firm's own summary, the complaint alleges the defendants made false and misleading statements and failed to disclose: that Huang had an affair with a suspected Chinese spy who also has a role at Megaspeed, a company suspected of helping China evade export controls; that NVIDIA's statements about its Megaspeed relationship were therefore materially false and misleading; that the undisclosed situation raised national-security concerns and presented a material risk to the company's reputation and business prospects; and that investors were damaged when the truth reached the market. Every load-bearing word in that paragraph is an allegation. The complaint centers on real statements — a company spokesman's late-October description of Huang's interactions with Alice Huang as "not unusual or unexpected," the company's statement that it found no evidence of diversion of its chips, Huang's October 30 comment that dealings with Megaspeed were "normal and not unusual" — but whether those statements were false or misleading is exactly what no court has ruled on. The class has not been certified, damages are unspecified, the named plaintiff is a retail investor whose complaint says he made seven purchases totaling roughly $20,500, and the lead-plaintiff deadline is January 8, 2027. Stock-drop suits follow almost every sharp decline at a company this size. This one's unusual feature is that its background facts — the affair, the investigation — are admitted rather than contested; the contested parts are the ones that matter most, and they are unanswered.
Question one: where does the money come from?
From AI capital expenditure — other companies' budgets, paid in cash, at extraordinary scale. Trailing twelve months through July 26, 2026, revenue was $303.0 billion. Data Center was $89.0 billion of the second quarter's $96.2 billion — 92.5 cents of every revenue dollar. Inside that, the company's own market split shows Hyperscale customers at $48.7 billion for the quarter and "AI Clouds, Industrial, & Enterprise" at $40.3 billion. Gross margin was 75.0%, GAAP and non-GAAP alike. Operating income for the quarter was $63.7 billion — a 66% operating margin, a figure more typical of a software monopoly than a company that ships physical racks. Trailing-twelve-month operating cash flow was $134.4 billion against just $7.4 billion of capital expenditure, leaving roughly $127.0 billion of free cash flow. The payer, in short, is real: the largest, richest technology companies on earth, wiring money for delivered hardware. Nothing about the source half of the motto is printed, tokenized or reflexive. The reservations live in the concentration — and in what NVIDIA has started doing to keep the buyers buying.
The concentration ledger
| Measure (Q2 FY2027 unless noted) | Figure | Source |
|---|---|---|
| Data Center share of revenue | 92.5% | Q2 FY27 earnings release |
| Largest single direct customer | 16% of revenue | Q2 FY27 Form 10-Q |
| Top three direct customers, first half FY27 | 16% + 15% + 13% = 44% | Q2 FY27 Form 10-Q |
| Top five customers' share of accounts receivable | 22+14+13+11+10 = 70% | Q2 FY27 Form 10-Q |
| Days sales outstanding | 60 days (from 45) | Q2 FY27 CFO commentary |
| China (incl. Hong Kong) revenue, by customer HQ | $7.9B = 8.2% | Q2 FY27 Form 10-Q |
The 10-Q's concentration note is blunt: one direct customer was 16% of the quarter's revenue — roughly $15.4 billion from a single buyer in thirteen weeks — and three direct customers were 44% of first-half revenue. Five customers owed 70% of the $63.1 billion accounts-receivable balance at quarter end. The CFO commentary adds the tell: receivables days jumped from 45 to 60 "due to extended payment terms on large, multi-quarter agreements with certain investment-grade customers." NVIDIA is still being paid. It is being paid more slowly, on terms it chose to extend, by a buyer list short enough to fit in one sentence of a filing. Memory supply runs through the same handful of names — the HBM stacks come from SK hynix, Samsung and Micron — so both sides of the ledger concentrate in the same small room. None of this makes the revenue fake. It makes the revenue a derivative of perhaps a dozen capital budgets, most of them set by boards NVIDIA does not control.
Question two: what reaches the holders?
This is where NVIDIA's 2026 story genuinely improved. Start with the dividend, because the board's May 18, 2026 decision was not cosmetic: the quarterly dividend went from $0.01 per share to $0.25 — a 25-fold raise. The second quarter's payment was $6.0 billion in actual cash out the door, and at 24.1 billion shares the new rate is a $24 billion-a-year run rate. The yield is still small — $1.00 a year on a $168.89 stock is 0.59%, and nobody should buy NVDA for the check — but the dividend is no longer a rounding error; it is a commitment device, the kind management teams do not adopt unless they expect the cash to keep coming. The next payment lands October 1, 2026 for holders of record on September 10 — the sort of date our ex-dividend calendar exists to track.
The buyback is the main distribution channel and it is outrunning the stock-comp printer by a wide margin. In the first half of fiscal 2027 NVIDIA spent $39.0 billion repurchasing 203 million shares, against $3.95 billion of stock-based compensation expense and roughly 86 million new shares issued for compensation — plus 23 million shares withheld for employee taxes. Net result: 24.15 billion shares outstanding at July 26, 2026, down from 24.40 billion on the February 2025 10-K cover — about 1% fewer shares over eighteen months, with the pace quickening to roughly −0.6% in the last six months alone. Trailing twelve months: $55.3 billion of buybacks plus $6.8 billion of dividends is $62.1 billion returned, against $127.0 billion of free cash flow — a 49% payout, with a fresh $80 billion repurchase authorization approved in May 2026 and $99.3 billion still unused at quarter end. Compare the shape to the dividend aristocrats further down this board: the per-share growth here does not come from a bigger check on a flat business; it comes from a shrinking denominator under a doubling numerator. The distribution half of the motto passes, clearly.
The toll booth starts financing the traffic
Now the part of the filings that did not exist at this scale a year ago. In August 2026 NVIDIA signed residual-value guarantees with SB Energy covering data-center leases at a campus in Pike County, Ohio — approximately 4.25 gigawatts of IT load, with an affiliate of OpenAI as the tenant. NVIDIA's maximum payment obligation is capped at $105 billion. The guarantees phase in as nine construction phases complete, starting around fiscal 2029, run alongside 20-year leases, and expire early only if, among other triggers, OpenAI achieves a satisfactory credit rating. NVIDIA also holds an option to back roughly 3.8 more gigawatts. Add the older guarantees for AI-cloud partners and the total maximum gross guarantee exposure printed in the 10-Q is $108.5 billion. In exchange, the site hosts NVIDIA infrastructure exclusively. Read that trade plainly: to make sure its biggest customer's landlord could finance the building, NVIDIA put its own balance sheet behind the rent — for two decades.
The guarantees sit on top of a commitments table that totals $366 billion as of July 26, 2026: $279 billion of supply and capacity commitments (up from $119 billion a single quarter earlier), $29 billion of cloud service agreements — including "AI cloud" deals under which NVIDIA commits to buy cloud capacity from partners who buy NVIDIA gear — $25 billion of data-center leases not yet commenced, earmarked to be handed to third parties, $25 billion of future equity investments, and $8 billion of its own capex. The equity-investment line is already moving: NVIDIA added $31.0 billion of non-marketable equity securities in the first half of fiscal 2027, taking that book to $47.9 billion, alongside $42.8 billion of marketable equity stakes — about $94 billion of equity investments in total, much of it in the ecosystem that buys its chips. Those stakes also flatter the income statement: first-half "other income" was $24.1 billion, almost entirely $23.7 billion of net gains on equity securities, which is why GAAP net income of $59.7 billion for the quarter runs ahead of the $54.0 billion non-GAAP figure. And in June 2026 the company issued $25.0 billion of senior notes — coupons from 4.25% to 5.625%, maturities out to 2056 — "for general corporate purposes," while holding $56.6 billion of cash and marketable debt securities. A company that borrows $25 billion at 5% while sitting on $56.6 billion is not short of money. It is choosing leverage to keep the investment engine at full throttle. In September 2026 it agreed to pay about $11.9 billion more for Hugging Face, plus up to $1.0 billion of retention equity, in a deal expected to close in the first half of 2027.
None of this is hidden, and none of it is necessarily imprudent — the guarantees are capped, phased, and disclosed in the company's own notes, which is more candor than most circular arrangements get. But it changes what a share of NVDA is. A year ago it was a claim on a toll booth. Today it is also a claim on a $94 billion investment book, a $108.5 billion guarantee book, and a $366 billion commitment stack — supplier, shareholder, guarantor and lender to the same buildout, all at once. If AI capex compounds for a decade, every one of those positions pays. If the buildout pauses, they do not diversify the pause away; they concentrate it.
Who's behind it
Jensen Huang co-founded NVIDIA in 1993 and has been CEO for all thirty-three years — the longest unbroken founder run at any company near this size, and the record is the product itself: the GPU, CUDA, the data-center pivot, and a supply chain rebuilt around AI a decade before the market arrived. His skin in the game is not a talking point; the May 2026 proxy shows 870,604,104 shares beneficially owned — 3.58% of the company, worth roughly $147 billion at the November 10 check price — held through the family living trust, irrevocable trusts, annuity-trust LLCs and the Huang Foundation. The Form 4 record for the last twelve months is the quietest part of this review: no open-market sales by Huang at all. The only priced dispositions in his 2026 filings are shares withheld by the company for taxes on vesting RSUs (437,908 shares in March, about 46,000 each in June and September), alongside routine moves into trusts and roughly 560,000 shares gifted to his foundation. Directors and officers as a group hold 3.94%; the register's giants are BlackRock at 7.43% and Vanguard at 7.31% — index money, not control. The one closed enforcement entry in the company's history is old and small: in 2022 the SEC settled charges that NVIDIA's fiscal-2018 disclosures understated how much of its gaming growth came from cryptomining; the company paid $5.5 million without admitting or denying. It belongs on the record. Against a $96 billion quarter, on its own it does not move the grade.
What moves the grade in November 2026 is the open file in the investigation section above — and two structural facts that were true before it and matter more now. First, there is no obvious successor. Reuters' November 10 assessment is blunt: Huang, 63, "has no obvious successor," holds about 3.6% of the stock, and runs the company through dozens of direct reports — a grip no second executive shares. A key-man risk that was theoretical a week ago now sits behind an open investigation with no timetable. Second, the body that must judge him is unusually long-tenured: NVIDIA has no separate board chair among its eleven directors, three of its independent directors have served since the 1990s and a fourth for most of that time, and only two directors have joined since 2021 (Reuters, November 10, 2026). None of that proves the inquiry will be soft. It is why outside investors will not simply take the board's word for the outcome — and why this review grades the admitted facts and the open proceedings, not the board's confidence.
Valuation: the market is now pricing the man, not the toll
Here is the year's strangest number: revenue rose 106% and the stock fell anyway — $190.17 on November 14, 2025 to $168.89 on November 10, 2026, with a round trip to a $233.95 weekly close in October 2026 and $167.52 in March in between. The last leg down is not about the business at all. From the November 6 close of $186.64, the stock fell 4.3% on November 9 — about $190 billion of market value in a day, per Reuters — and another 5.5% on November 10: roughly $428 billion gone in two sessions, on investigation headlines, while third-quarter results are still a week away. At $168.89 and 24.15 billion shares, the market cap is about $4.08 trillion. Against trailing figures that is 13.5 times sales, 21.1 times GAAP earnings — earnings that include $23.7 billion of first-half investment gains — and a 3.1% free-cash-flow yield. Against the company's own third-quarter guide ($108 billion of revenue at a 74% gross margin, implying roughly $59 billion of quarterly net income at the guided 16–18% tax rate), the run-rate price is about 17 times earnings. That is not a bubble multiple for the fastest-growing large company in the world, and it is not cheap insurance either: 17 times a guided quarter is a price that assumes the guidance keeps getting raised — that AI capex, already the largest capital-spending wave in corporate history, compounds for years without a digestion pause. The Scoreboard grades the claim, not the entry price. But it is worth naming what the last two sessions actually repriced: not the toll, which the filings say is intact, and not the distribution, which is unchanged — the founder. Governance risk is now a line item in this stock's price, and it will stay one until the investigations close.
The factors
| Factor | Score | Basis |
|---|---|---|
| Founder / leadership | −5 | Huang: founder-CEO for 33 years, category inventor twice, 3.58% owner (~$147B), no open-market sales in his 2026 Form 4s — but he has admitted an affair with an executive of a customer under US investigation for suspected chip diversion, is the reported target of a foreign-intelligence effort, and now sits under an open board investigation and an FBI probe. No espionage is established, no charge filed, no departure — and a clean-record +5 is no longer available |
| Supply (share count) | +3 | Net count shrinking ~1%/yr and accelerating; $39.0B of H1 buybacks retired 203M shares against ~86M issued for comp; dilution is an offset, not a leak |
| Innovation | +5 | First-of-its-kind in real use: GPU computing, CUDA, NVLink systems, annual architecture cadence now on Vera Rubin |
| Incident record | −5 | The closed file was one minor settlement (SEC 2022, $5.5M). The open file is not minor: a board investigation into the CEO, an FBI probe per the President, a reported DOJ criminal inquiry into a partner's alleged chip diversion, a congressional briefing demand, and a securities class action naming the company and Huang personally. All open, none adjudicated — and an open file of this size cannot grade 0 |
| Shutdown resistance | −5 | One jurisdiction's export rules already zeroed China data-center compute in guidance; H200 licenses granted by Washington were blocked by Beijing; supply chains run through Taiwan; and the founder himself is now a single point of failure — an investigation outcome, not a new rule, is the fastest way this company loses its growth engine |
| Transparency | +3 | The filings disclose guarantees, commitments, customer percentages and investment gains in detail; and when the worst story in the company's history broke, the board disclosed its investigation publicly the same weekend, with the CEO's own admission released alongside it. Held off +5 for the same reason as before: top customers and private stakes are anonymized, so the loop cannot be checked end-to-end |
Base read 70 — the strongest payer this board has graded, discounted up front for a price that capitalizes years of compounding and for demand concentrated in a dozen budgets — plus the six factors nets −4, for a Reality Score of 66/100, Mixed. The fifteen-point drop from our November 7 check (81, Real) is not a business judgment: the toll, the margins and the distribution grade exactly as they did last week. It is what honest grading looks like when the founder factor swings ten points — the cleanest +5 on this board to a −5 — and the incident factor follows it down five more, from one closed, minor settlement to four open proceedings in a single weekend. In the stocks lane that shelves NVDA below Realty Income (74) and above Micron (57): still the most real money machine we have graded, no longer graded as if its founder were a settled fact.
What would change the score
Up: the board investigation closing with a specific, checkable finding — what was examined, what was found — rather than confidence alone; the FBI and Justice Department inquiries closing with no charges touching NVIDIA, Huang or the Megaspeed channel; the class action dismissed or settled without an admission that the Megaspeed statements were false; a named, credible succession bench; the OpenAI guarantees expiring unused as phases complete; a quarter in which the commitments table shrinks instead of doubling. Down: any finding that NVIDIA information reached Beijing, or that NVIDIA chips were diverted to China through a partner NVIDIA kept shipping to; Huang departing under pressure, which would test the no-successor problem immediately; charges against anyone at NVIDIA; export rules widening from China compute to the broader product line; any draw on the guarantees; receivables days stretching past 60 again. The score was first set on the filings of November 7, 2026 and re-set on the public record of November 10, 2026. It moves when the facts do.
The score, revisited
Where does the money come from? AI capex budgets — real cash from the richest buyers on earth, $303 billion of it in twelve months at a 75% gross margin. How is it distributed to the holders? Increasingly, really: $62.1 billion returned in a year, a dividend raised from a penny to a quarter, and a share count shrinking about 1% a year because the buyback outruns the stock-comp printer ten dollars to one. That is still the cleanest pass of the motto's two questions we have graded at this scale. There are two asterisks now. The first is the old one: NVIDIA has started spending the toll on the traffic — $105 billion of guarantees behind a customer's landlord, $366 billion of commitments, $94 billion of equity stakes in its own ecosystem, and $25 billion of fresh bonds to help fund it. The toll booth is becoming the road's banker. The second asterisk is new, and it is not in the filings: the founder who built the toll booth is under investigation by his own board, by the FBI according to the President, and by a shareholder suit, over a relationship with an executive of a partner the Justice Department is reportedly investigating for smuggling the toll booth's own product into the one country the toll booth is forbidden to sell to. Nothing has been proven against him except the affair he admitted himself. But a Reality Score grades what is known — and what is known changed in a weekend. The toll is real. The traffic is real. The man collecting the toll is now an open question, and until the investigations answer it, 66 is the honest number.
Check it yourself: links and sources
- Statement from NVIDIA Board of Directors, November 8, 2026 (the investigation's scope, in the board's own words): investor.nvidia.com
- Jensen Huang's message to employees, November 8, 2026 (the affair admission, in his own words) — released by NVIDIA with the board statement, November 8, 2026
- Reuters, November 9–10, 2026: "Nvidia, CEO Huang sued over disclosures related to suspected Chinese spy"; "Alice Huang, Chinese businesswoman tied to Nvidia CEO, went from finance to chips"; "Nvidia's clubby board faces a sticky 'honey pot' test" — reuters.com
- Rosen Law Firm announcement, Business Wire, November 9, 2026 — Kistenmacher v. NVIDIA Corporation and Jen-Hsun Huang, US District Court for the Northern District of California, Case No. 5:26-cv-13448; proposed class period October 9, 2025 – November 8, 2026; lead-plaintiff deadline January 8, 2027: businesswire.com
- NBC News, November 9, 2026 — Justice Department criminal investigation into Megaspeed, per a person familiar with the matter (reported, not announced; the Justice Department declined to comment)
- House Foreign Affairs Committee release, November 5, 2026 — November 4 letter from Chairs Mast, Moolenaar and Crawford requesting a closed-door briefing on November 18, 2026
- NVIDIA investor relations (results, presentations, SEC filings): investor.nvidia.com
- Q2 FY2027 earnings release and CFO commentary (Ex-99.1/99.2 to Form 8-K, August 26, 2026) and Form 10-Q for the quarter ended July 26, 2026 (Notes 10 and 12: commitments, guarantees, capital returns; customer concentration; geographic revenue) — SEC EDGAR, CIK 1045810: sec.gov/edgar
- Form 8-K, August 17, 2026 (SB Energy residual-value guarantees, OpenAI affiliate as tenant, $105 billion cap) and Form 8-K, September 2, 2026 (Hugging Face acquisition, ~$11.9 billion) — SEC EDGAR, CIK 1045810
- Form 8-K, June 18, 2026 ($25.0 billion senior notes offering, seven tranches due 2028–2056) — SEC EDGAR, CIK 1045810
- 2026 proxy statement (DEF 14A, May 12, 2026): beneficial ownership — Huang 870,604,104 shares (3.58%), BlackRock 7.43%, Vanguard 7.31%; shares outstanding 24,312,141,810 as of March 23, 2026 — SEC EDGAR, CIK 1045810
- Jensen Huang Form 4 filings, December 2025 – September 2026 (tax-withholding dispositions only; gifts to the Huang Foundation; no open-market sales) — SEC EDGAR, CIK 1197649
- SEC press release, May 6, 2022 — settled disclosure charges over cryptomining's impact on gaming revenue (fiscal 2018); $5.5 million penalty: sec.gov
- Price history: Yahoo Finance daily and weekly closes for NVDA through November 10, 2026 (checked November 10, 2026)
Key sources: the business figures are from NVIDIA's Q2 FY2027 Form 10-Q and earnings release (filed August 26, 2026), the August and September 2026 Forms 8-K, the June 2026 notes-offering 8-K, the 2026 proxy statement, and Jensen Huang's Form 4 filings — all via SEC EDGAR — checked November 7, 2026. The investigation, litigation and market figures are from NVIDIA's board statement of November 8, 2026, the Rosen Law Firm's filing announcement of November 9, 2026, Reuters and NBC News reporting of November 9–10, 2026, and Yahoo Finance price data — checked November 10, 2026. The class-action complaint's contents and the intelligence reporting are allegations, not findings, and are labeled as such throughout. Fiscal 2027 is NVIDIA's fiscal year ending January 31, 2027. Figures are as of the dates named; prices move.
Not financial advice.
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