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The president worried that Huang’s removal could trigger a market downturn, according to the Times, even after receiving warnings about a suspected Chinese intelligence connection.
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The New York Times reports that Trump called Jensen Huang on Tuesday to urge him to fight for his job, shortly before Nvidia announced his replacement on Thursday. The intervention came as allegations about Huang’s personal relationships put his leadership under pressure; the report says Trump’s advisers also saw Huang’s departure as a potential shock to markets and a threat to U.S. AI ambitions. The call highlights how Nvidia’s market weight and strategic role shaped Trump’s response, though neither Trump nor Huang’s representative commented to the Times.
The Times attributes to U.S. intelligence agencies the assessment that Alice Huang was recruited by China’s Ministry of State Security; it does not allege Jensen Huang engaged in espionage.
Trump had been warned about the relationship at least twice and later brought Huang on his May trip to China, according to the Times.
People close to Trump said he worried an Nvidia leadership change could trigger a sharp market downturn and viewed the company as central to U.S. AI competition.
President Donald Trump urged Jensen Huang to keep fighting for his job in a Tuesday phone call, two days before Nvidia announced his replacement as chief executive. The New York Times reported the intervention on November 12, citing two people briefed on the conversation, as allegations surrounding Huang’s relationships upended his leadership.
Nvidia’s Thursday announcement followed revelations about Huang’s relationship with a woman suspected of being a Chinese spy and a separate relationship with an employee, the Times reported. Trump’s private encouragement came while the controversy was intensifying, extending his support for an executive who had become a prominent ally and influential adviser on artificial intelligence.
A representative for Huang did not provide comment to the Times. Neither Trump nor the White House responded to its requests for comment about the call.
The Times reported that U.S. intelligence agencies had concluded Alice Huang, a Chinese citizen with whom Jensen Huang was having an affair, had been recruited by China’s Ministry of State Security. That is an attributed intelligence assessment, not a finding that Jensen Huang himself engaged in espionage.
Trump had been warned at least twice about the relationship and took no action on either occasion, according to the newspaper. He subsequently brought Huang on his May trip to China. Advisers described Trump as dismissive of the national-security implications; one aide said he viewed the episode mainly as a matter of adultery.
When reports emerged that Nvidia’s board was considering removing Huang, Trump asked confidants what would happen to the markets. He worried that an ouster could cause a sharp downturn, according to people close to him.
His attachment also reflected a wider economic ambition. People close to Trump told the Times he believed the rush to build data centers, and their heavy electricity needs, could drive a manufacturing revival. In that view, AI offered another path toward the reindustrialization he had promised voters after coal and steel failed to regain their old strength.
The relationship was relatively new. During Trump’s first term, Huang had little presence in Washington, did not lobby or contribute to campaigns, and showed scant interest in politics, the Times wrote. The Biden administration’s chip-export restrictions pushed him to pay closer attention to Washington, though he remained less politically active than rivals.
In April 2025, Huang and his wife, Lori, attended a Mar-a-Lago dinner with Trump and technology and cryptocurrency donors. People who spoke with Trump then said he left intrigued and became more impressed as he learned about Nvidia’s role in the AI boom.
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