Chip major NVIDIA’s independent directors have appointed Joon H. Kim, former acting US Attorney for the Southern District of New York, to probe if its founder and CEO Jensen Huang was targeted by a Chinese intelligence effort
NEW DELHI — Chip major NVIDIA’s independent directors have appointed Joon H. Kim, former acting US Attorney for the Southern District of New York, to probe if its founder and CEO Jensen Huang was targeted by a Chinese intelligence effort.
Kim's law firm, called Wachtell, Lipton, Rosen & Katz, will assist with the inquiry, according to a statement issued by the independent directors.
The company's board earlier described US national and economic security as paramount to the company's interests and those of its shareholders. It also said it would provide further updates as appropriate.
NVIDIA also said it had no reason to believe that US national security or company secrets had been compromised but would examine all available information.
Huang has backed the investigation in an email to employees, saying he would cooperate fully and was committed to protecting NVIDIA and US national security.
"I love our country and our company. I am committed to protecting NVIDIA and supporting America's national security," he wrote. "I take full responsibility for what I did and the hurt I caused, and I accept the criticism that comes with it," Huang said.
Huang also asked for privacy for his family, saying they bore no responsibility for his actions.
Meanwhile, Nvidia shares closed at $168.8 on Tuesday (US time), down $9.8744, or 5.53 per cent, from the previous close of $178.67. Its latest market capitalisation stood at approximately $4.07 trillion.
The stock has also witnessed sustained selling pressure, falling 14 per cent over the past week and 22 per cent over the last 30 days.
It has declined 18 per cent over three months and 17 per cent over six months.
The latest sell-off has also pushed Nvidia below Microsoft in the global market-capitalisation rankings, with the software giant reclaiming the position of the world's second-most valuable company.