After posting back-to-back heavy losses, Nvidia shares saw renewed buying interest in Wednesday's trade, rebounding nearly 4.5% to hit an intraday high of $176.23, as investors appeared encouraged by the solid results reported by artificial intelligence (AI) company CoreWeave.
The rebound, if sustained through the close, could help the stock recover some of its recent losses, which wiped out nearly $500 billion in market capitalisation over the previous two trading sessions and pushed CEO Jensen Huang down to 12th position on the Forbes list of the world's richest people.
Nvidia's board has reportedly launched an investigation into allegations involving Jensen Huang and a woman whom US intelligence officials believe was working for Chinese intelligence. The board has reportedly hired former US Attorney Joon H. Kim and law firm Wachtell Lipton to investigate alleged shipments of export-restricted chips to China.
Megaspeed, currently owned by a shell company registered in the names of two Singapore citizens, is suspected of having served as a front to procure export-restricted chips for China.
According to The Information, Jensen Huang's years-long ties to Alice Huang may have helped facilitate the sale of at least 240,000 Nvidia chips to China since 2023, with an estimated value of $7.5 billion.