US President Donald Trump’s close relationship with embattled Nvidia CEO Jensen Huang came under renewed scrutiny on Monday, after the company said its board was investigating whether the tech executive has been the target of a foreign intelligence effort.

Huang is one of Trump’s closest allies in Silicon Valley, and the relationship between the two dates to at least 2025. Over the past two years, he has repeatedly voiced support for the administration’s agenda and become a regular presence in Washington as Nvidia sought to sell advanced chips to the Chinese market.

Advanced chips are the backbone of the US AI boom and government officials have previously tried to restrict China’s access to them through export controls to stifle its AI capabilities.

Nvidia’s board launched its probe after a New York Times report said Huang had a close relationship with a Chinese businesswoman whom US intelligence officials believe passed information to the Chinese government. Nvidia shares hit a seven-month low on Monday.

Huang has a direct line to the president. A Reuters reporter saw Huang’s full name pop up on Trump’s phone in December 2025.

Huang flew with Trump to China on Air Force One in May, the first visit by a US president to China in nearly a decade. Huang attended a high-profile state dinner in September for Chinese President Xi Jinping at the White House. The company committed $25 million for Trump’s planned White House ballroom, according to media reports.

The New York Times reported that Trump was briefed on Huang’s relationship with the woman and that she was giving information to the Chinese government, and chose not to act on the information.

Neither the White House nor Nvidia’s communications team immediately responded to a Reuters request for comment on their relationship.

Huang’s relationship with Trump has coincided with several favorable policy developments for the company. In April 2025, the administration backed off plans to restrict exports of certain Nvidia AI chips to China after Huang attended a dinner at Trump’s Mar-a-Lago club in Florida.

In December 2025, Trump said the US would allow Nvidia to export its H200 processors, its second-best AI chips, to China and collect a 25% fee on such sales.

Trump has lavished Huang with praise, awarding him the nation’s highest honor for scientific achievement in October. The same day Trump gave Huang the award, the president disclosed buying up to $1.6 million and selling up to $1 million in Nvidia stock during the summer.

White House spokesperson Davis Ingle told Reuters at the time that third-party financial institutions independently manage the president’s portfolio.

Trump told reporters on Sunday night he had not spoken to Huang about the allegations, calling Huang an “honorable guy.”

“I hope everything’s fine,” he said about Huang. “He’s done such an incredible job.”

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(Reporting by Courtney Rozen in Washington; Additional reporting by Trevor Hunnicutt in Washington; editing by David Gaffen)