The more that comes out about Nvidia CEO Jensen Huang’s relationship with Alice Huang, a suspected Chinese intelligence asset, the worse the situation looks for the chipmaker.

The Information reported Tuesday, citing sources familar with the matter, that her relationship with Jensen and Nvidia helped facilitate at least $7.5 billion in Nvidia chip shipments to Chinese companies since 2023. The report also details how Alice, her husband, and her sister were linked to a network of companies across China and Singapore that obtained the chips.

The news comes just days after Nvidia CEO Jensen Huang, whose company dominates the AI chip market, admitted to having an affair. The New York Times was the first to identify that woman as Alice Huang.

Nvidia’s board of directors has since launched an independent investigation into the matter. The company said it has no reason to believe national security or company secrets were compromised.

Still, the scandal is rattling investors. Nvidia shares fell another 5% Tuesday, following a drop of more than 4% on Monday.

The Information’s latest investigation sheds more light on Alice Huang’s ties to Nvidia and the network of companies allegedly used to obtain its restricted AI chips.

According to the report, Alice Huang’s sister, Huang Yu, indirectly controlled a company that became the founding shareholder of Shanghai Century Litong, a Chinese cloud computing company established in June 2023. That shareholder later exited Century Litong in 2024.

Just four months after its founding, Century Litong secured Nvidia’s preferred cloud partner status, giving it priority access to the company’s chips.

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