Donald Trump has two old friends in the business world: Elon Musk and Jensen Huang. The moment the midterm elections ended, the Democratic machine went after Huang first.
The First Target
Jensen Huang, the 63-year-old CEO of Nvidia, was recently reported to be having an affair with a woman of Chinese descent. On November 8, he admitted the affair at an Nvidia board meeting and sent employees an internal email apologizing.
Nvidia's board said it has no reason for now to believe national security or trade secrets have been leaked, and that Huang will stay on as the company's leader. The question is whether his moves can stop the bleeding.
The Spy Label
The affair traces back to an exclusive New York Times report published on October 30, just one week before the US midterm elections. The headline: "Jensen Huang Said to Be a Target of Chinese Espionage." From the very first line, the paper pinned the "Chinese spy" label on what was otherwise an extramarital affair scandal.
According to the Times, Huang Le, a female executive at Singapore data center company Megaspeed, was under investigation on suspicion of funneling large quantities of Nvidia's advanced AI chips to China. US officials concluded she was a Chinese intelligence officer passing information to Beijing. Surveillance then turned up her relationship with Jensen Huang.
Megaspeed has bought more than $4.8 billion worth of Nvidia chips over the past two years. That makes it a key customer for Nvidia in Southeast Asia.
The timing was no accident. Given the Times' left-liberal leanings, dropping the story days before the vote was a clear bid to use Jensen Huang as a weapon against Donald Trump. The report also claimed that Secretary of State Marco Rubio led the drafting this spring of a highly classified memo ahead of Trump's May visit to China, warning that Huang was close to a woman suspected of being a Chinese spy.
Beijing fired back the same day. Chinese Foreign Ministry spokesperson Guo Jiakun said on October 30 that the report rested on baseless speculation and amounted to an attempt to smear China.
Jensen Huang is the founder and CEO of a private company. An extramarital affair alone cannot take him down. But tie him to a "suspected Chinese female spy," with Nvidia's high-end chips under an export ban to China, and the scandal becomes a national security issue.
Congress Closes In
One day after the midterm elections, on November 4, three House heavyweights came for Jensen Huang in writing. House Foreign Affairs Committee Chairman Mast, Select Committee on the Strategic Competition between the United States and the Chinese Communist Party head Moolenaar, and Intelligence Committee Chairman Crawford sent him a letter demanding he appear at a closed-door briefing on November 18. "Recent reports raise significant national security concerns...It is vital that Congress determines the extent to which US national security has been placed at risk."
Democratic Senator Coons piled on November 7 with a post on X. He called the web of relationships among the Trump administration, Chinese spies and AI billionaires absurd, saying the more he learns, the more convinced he becomes that nothing this government does is free of corruption. He also previewed that Congress will open an investigation and demand answers.
Coons is expected to take over as chairman of the Senate Foreign Relations Committee next January. The hunt is likely to get hotter from there.
Trump keeps close company with Elon Musk and Jensen Huang. When Trump traveled to China this May, Huang was not originally among the wealthy executives tagging along. Beijing simply had no new deals to strike with Nvidia. In the end, Trump personally phoned him and told him to board midway and join the trip.
Nvidia's Achilles Heel
The hunt for Jensen Huang has begun. To grasp the true nature of this political takedown, one has to take apart Nvidia's control structure, the most fragile among the Magnificent Seven.
The mainland outlet Guancha points out that Silicon Valley's core defense against a power grab is the dual-class share structure found in the super-giants. Companies split their stock into Class A and Class B shares, with founders holding the controlling votes through Class B. Meta's Zuckerberg uses Class B shares to lock up more than 50% of voting rights, and Musk's companies have AB shares too.
Microsoft and Amazon run on one share, one vote. But their management long ago went professional and embedded itself in the national security system. Both have long held cloud contracts for the Pentagon and the CIA. They are part of the national security machine themselves.
Nvidia is the lone exception. When it listed in 1999, it set up no AB shares. It runs entirely on one share, one vote.
The shareholder structure disclosed in the spring of 2026 tells the story. Jensen Huang personally holds just 3.58%. Add the board of directors and senior executives, and the total comes to no more than 3.94%. Meanwhile, the investment institutions Vanguard and BlackRock hold roughly 9.32% and 7.43% of the equity.
Day to day, the two funds follow the passive index fund convention and do not actively seek proxy rights. But when an external crisis triggers a corporate governance motion, the stewardship teams of these funds will hold the final deciding vote on whether the founder stays or goes.
Over the past three years, computing power has surged and Nvidia's value has skyrocketed. Jensen Huang wields absolute authority at the company on a wafer-thin 3.58% stake. His secret is an extremely flat management structure: no chief operating officer, no public succession plan, and dozens of business executives reporting directly to him alone.
This setup welds market value to personal prestige. It may look like a shield against Wall Street meddling. But in the eyes of those with designs on it, Nvidia is prime prey with no legal mechanism to protect it.
Breaking Trump's Leg
The Democratic Party's deep state has locked onto Jensen Huang, and he now risks being brought down. If the takedown succeeds, it amounts to breaking one of Donald Trump's legs.
Look at the first half of Trump's current term. AI stocks led by Nvidia went on a tear, Elon Musk's space exploration company pulled off a successful listing, and plenty of Trump fans cashed in big.
But as the midterm elections approached, AI stocks crashed. Trump supporters pulled capital from around the world to prop up US stocks, and the two forces took on the feel of an all-out showdown. Now the Democratic Party controls both the Senate and the House. It is already sharpening its knives, ready to overturn Trump's tech-finance grand strategy in one stroke.
Lo Wing-hung
Bastille Commentary
** 博客文章文責自負,不代表本公司立場 **
The double-standard show Western countries are putting on is enough to make your skin crawl.
Outrage Over Sentencing
Last Friday (November 6), a Hong Kong court sentenced Joshua Wong to 10 years in prison. He had pleaded guilty to colluding with foreign and overseas forces.
Ten Western countries led by the United States fired back with a joint statement. They claimed Wong's case proves the Hong Kong National Security Law is being used to target people for political speech or political activity. They demanded an immediate end to all “unjust” prosecutions under the law and called for Hong Kong people to be granted every right and freedom.
US Secretary of State Marco Rubio went further. He said the United States strongly condemns the Hong Kong court's decision to once again jail Wong for exercising his freedom of speech, and he called for Wong's immediate release along with everyone else unjustly detained.
The Collusion Trail
Make no mistake: Joshua Wong stands charged with colluding with foreign forces, and the focus is collusion with the United States. Multiple strands of evidence show Washington instigating the likes of Jimmy Lai and Joshua Wong to carry out anti-government activities in Hong Kong. Of course, the United States hopes the Joshua Wong and the likes of this world enjoy every freedom to overthrow the Chinese government.
Joshua Wong plainly colluded with the United States time and again. He first emerged during the 2014 Occupy Central movement, and Washington took notice, judging this kind of young protest leader worth cultivating.
So in November 2016, arrangements were made for Wong to visit the United States and meet then House Speaker Nancy Pelosi, Senator Marco Rubio and other US political figures.
Rubio is now US Secretary of State. Given the background of direct collusion between Rubio and Wong, one can imagine just how neutral his statement on Wong's sentencing really is. This is nothing but a thief crying "stop the thief!."
By March 2018, the United States had launched a trade war against China, and relations between the two countries were extremely tense.
In June a year later, the Black Riots erupted in Hong Kong, with demonstrations filling the streets. Washington concluded the unrest could be exploited.
So in July 2019, it arranged for Jimmy Lai to visit the United States, where he was received by then Vice President Mike Pence, Secretary of State Mike Pompeo, National Security Advisor John Bolton and other senior officials, who cheered him on.
Just think: if Jimmy Lai were merely the media boss of one city, how could a visit to the United States earn a reception of this level? Apart from the US President, every heavyweight of the US government turned out.
If you believe Lai's identity is nothing more than a media boss, you are a fool.
After senior US government officials met Jimmy Lai, they widened the circle of collusion further. On August 6, 2019, Joshua Wong was photographed with Nathan Law and others at a hotel, meeting Julie Eadeh, then political counselor at the US Consulate General in Hong Kong (Eadeh has since risen to US Consul General to Hong Kong and Macau).
After the consular officials met Wong, they arranged on September 17 that year for Wong and others to travel to the United States for congressional hearings, where they were received by Speaker of the US House of Representatives Nancy Pelosi. The trip burnished Wong's image as a student leader and cheered on the Hong Kong rioters.
Wong and the others urged the US Congress to pass the Hong Kong Human Rights and Democracy Act, which amounted to calling on the United States to sanction China. At the peak of the China-US trade war, the United States played every card it had to pressure China, seeking maximum economic benefit and even hoping to use the trade war to crush the Chinese regime.
The Collapse Fantasy
A religious leader close to Jimmy Lai at the time went around telling people he had received a tipwords from senior US officials: "the Chinese Communist regime cannot withstand the trade war and is about to collapse."
These people swallowed the casual fabrications of US officials. They rushed in as a crowd and threw themselves heavily into street violence, saying they were fighting for democracy and freedom while in substance seeking to overthrow the central government.
Which country could tolerate such behavior, willingly serving foreign powers and seeking to subvert one's own country's regime?
Now the United States supports Joshua Wong, Jimmy Lai and others. Could what these two typical figures who collude with foreign forces have done happen in the United States?
Besieging Police Headquarters
First: Launch Protests to Topple the Government
On June 21, 2019, Joshua Wong mobilized a crowd to besiege Hong Kong's Police Headquarters. He later pleaded guilty to charges including incitement, and organizing and participating in an unauthorized assembly.
America has seen its share of street rage, from Occupy Wall Street in 2011 to the Capitol riot in 2021. But never has an American crowd dared lay siege to the country's police headquarters.
Now flip the script. Imagine some Americans flying regularly to Russia, getting repeated audiences with senior Russian officials, then mobilizing a mob in Washington to besiege the capital's police headquarters, their aim to overthrow the government plain for all to see. Would the United States tolerate it?
Lobbying for Sanctions
Second, lobbying for foreign sanctions.
Joshua Wong pushed the United States to pass the Hong Kong Human Rights and Democracy Act. Even after the Hong Kong National Security Law took effect in 2020, he kept working with Nathan Law and others on an the international front, urging sanctions on Chinese Mainland and Hong Kong officials.
Now flip the script. Imagine an American politician standing before Russia's State Duma and calling on Moscow to sanction the United States. Would Washington tolerate that for a second?
Troops at the Border
Third, Lobbying Foreign Troops to Mass at the Border
Joshua Wong never had Jimmy Lai's nerve. Lai's trial laid bare just how far he was willing to go. He lobbied the United States to shift its troops stationed in Japan over to Taiwan, bringing a massive military presence to bear against China.
Now flip the script. Suppose an American lobbied Russian President Putin to move Russian troops into Cuba, right on America's doorstep, to threaten the United States. Would Washington tolerate that for a second?
The Guantanamo Standard
If Joshua Wong and Jimmy Lai had pulled in the United States what they pulled in Hong Kong, colluding with foreign forces, there would be no treason charge. No need to wait for a court ruling, either. They would be shipped straight to Guantanamo Bay for waterboarding. That is America.
So the Hong Kong court's 10-year prison sentence for Joshua Wong, who pleaded guilty, is a punishment that truly fits the crime. You collude with foreign forces to topple the central government, your rebellion fails, and 10 years is already merciful.
The US government waged a trade war and failed to bring China down. Now it has flipped around, all smiles, patching up relations with China and starting a fresh round. And with that, it has sent the Joshua Wongs of the world on their way.
In 10 or 20 years, when the United States goes hunting for anti-China pawns again, there will be new 'Jimmy Lais' and new 'Joshua Wongs.'
Lo Wing-hung
