Nvidia's Jensen Huang is asked to brief House committees on November 18, the day after earnings
A $1.4 trillion slide from October's peak now meets a dated Washington event, as three House chairmen summon Jensen Huang the morning after his earnings call.
Richard Tang · 3 min read
The House chairmen who run America's China and intelligence oversight have asked Nvidia+6.24% — Nvidia, up 6.24 percent today CEO Jensen Huang to explain, in a closed room, how close his company's orbit got to Beijing's spies. Nvidia reports third-quarter earnings on November 17 and the closed-door briefing is set for November 18, so investors will price a profit number and a personal counterintelligence probe on the same CEO within one week 1. That sequence did not exist before this week, and it changes what the earnings call is worth.
What the committees want
Republican leaders Brian Mast, John Moolenaar and Rick Crawford, chairing the House Foreign Affairs, China and Intelligence committees, asked Huang to appear on November 18 about his interactions with Alice Huang, a Megaspeed executive US intelligence determined was funneling information to Beijing 1. Megaspeed, a Singapore-based company, is suspected by the US government of helping China evade export prohibitions to reach Nvidia's AI chips 2. To be clear, this probe is about who inside Nvidia's orbit reached Beijing, not whether China approves chip imports.
The White House knew about the intelligence finding about a year ago and chose not to act on it 1. Nvidia's defense is that a CEO meets thousands of customer executives and shares only ordinary business information 1. Neither Nvidia nor Megaspeed said whether Huang will attend 1.
Nvidia's quarterly revenue more than doubled in two years
Revenue more than doubled in two years while net income kept climbing
- Revenue
- Net income
Data
| Revenue | Net income | |
|---|---|---|
| Q3 '24 | 35.1B | 19.3B |
| Q4 '24 | 39.3B | 22.1B |
| Q1 '25 | 44.1B | 18.8B |
| Q2 '25 | 46.7B | 26.4B |
| Q3 '25 | 57B | 31.9B |
| Q4 '25 | 68.1B | 43B |
| Q1 '26 | 81.6B | 58.3B |
| Q2 '26 | 96.2B | 59.7B |
Who pays, and who gains
Nvidia shareholders pay first. The stock fell 9% the day the letter surfaced, part of a slide from its October record that erased about $1.4 trillion in value, and the company now reports into a Washington where Democrats who won both chambers promise data-center power hearings 3. Insiders sold $399.5 million of stock in the past 90 days, including director Mark Stevens' $144 million sale in September, against an average analyst target of $318.85 3.
Hedgers gain: the November 18 briefing gives short sellers a dated catalyst immediately after earnings, the first time Nvidia has carried both in one week 3. So do rivals courting buyers spooked in Washington. A hyperscaler that wants the compute but not the congressional exposure can split orders toward AMD's+12.21% — AMD, up 12.21 percent today competing accelerators, and AMD already proved the demand case is contestable when it posted steep double-digit losses alongside Nvidia, evidence the whole sector now trades on the same political risk 3.
What converts the probe into a price
Three watch items decide this. Whether China-revenue guidance language shifts on the November 17 call; whether Huang's briefing content leaks same-day, which would hit the stock while it is still digesting earnings; and whether the Democrats' data-center power hearings harden into rules that delay the 2028 capacity build UBS says a large part of planned US data-center capacity faces 3. Any one of those converts a personal probe into a priced risk on the growth curve above. Watch November 17 and 18 together, not separately 3.
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More about NVIDIA
NVDA · Fiscal Q2 2027Revenue rose 106% to $96.2B, 92.5% of it from Data Center, “driven by the ramp of our Blackwell Ultra infrastructure”. Gains on equity stakes of $7.8B lifted net income to $59.7B.
Show as a table
| Line | Value |
|---|---|
| Revenue | $96.2B |
| Gross margin | 75.0% |
| Operating margin | 66.2% |
| Net income | $59.7B |
| Hyperscale | $48.7B |
| AI clouds & enterprise | $40.3B |
| Data Center | $89.0B |
| Edge Computing | $7.2B |
| Gross profit | $72.1B |
| Cost of revenue | $24.1B |
| Other income | $7.8B |
| Operating income | $63.7B |
| Operating expenses | $8.4B |
| Tax | $11.8B |
| R&D | $7.1B |
| SG&A | $1.4B |
