Cabinet Friction Over Export Enforcement
Treasury Secretary Scott Bessent publicly criticized the Commerce Department on November 13, 2026, for delaying restrictions on advanced semiconductor shipments tied to Singapore-based Megaspeed International. Speaking on CNBC, Bessent stated that Treasury, State, Defense, and the U.S. Trade Representative had supported blacklisting Megaspeed for months. He added that Commerce "has the pen, and you will have to ask them about their internal processes." Commerce officials declined to comment.
Senate Banking Committee Chairman Tim Scott sent letters requesting testimony from former Nvidia CEO Jensen Huang on December 3 and Commerce Secretary Howard Lutnick on December 10. House Foreign Affairs Chairman Brian Mast, China Committee Chairman John Moolenaar, and Intelligence Chairman Rick Crawford demanded transcribed interviews and sought testimony from Huang on December 1 and Nvidia General Counsel Tim Teter on December 2. Their letter set an 8:00 p.m. November 13 deadline to agree or face subpoenas.
Jensen Huang resigned as Nvidia chief executive on November 12, 2026, after 33 years leading the company; Chief Financial Officer Colette Kress stepped in to run the chipmaker. The New York Times reported Huang had an affair with former Megaspeed executive Alice Huang, whom U.S. intelligence suspects is a Chinese intelligence asset. Beijing denied the spying allegations; Megaspeed said it takes U.S. export compliance seriously. Megaspeed was accused last year of illicitly shipping advanced Nvidia chips into China, though the company stated in December 2025 that there was no evidence of such exports. Nvidia shares slid more than 30% from their October 6 record high following Huang's departure, pushing its forward price-to-earnings ratio to roughly 12 times.
