$NVDA Huang is dovish toward China and has long wanted to sell Blackwell chips to mainland China. In the SMCI and Megaspeed-related chip smuggling cases, it is suspected that he knew about them and turned a blind eye. Nvidia previously cited its “lack of responsibility for vetting customers’ backgrounds” to leave itself room for plausible deniability. Congress is currently investigating, and there is a risk he could be found to have “knowingly broken the law.” I think a conviction is unlikely—Huang is too important to the U.S. AI industry. Still, I wouldn’t recommend buying the dip on Nvidia right now: if the investigation uncovers conclusive evidence, Nvidia will be hit hard. ☕#黄仁勋因婚外情致歉，英伟达启动独立调查