In late September, Cantor Fitzgerald hosted Nvidia CEO Jensen Huang and other top executives from the chipmaker for investor meetings in New York, according to a Cantor research report reviewed by CNBC.
"We continue to view NVDA as the best risk/reward in our coverage," Cantor analyst C.J. Muse and his colleagues wrote in a research report dated Oct. 3 that maintained a $350 price target and overweight rating on the stock.
Yet the firm formerly run by Commerce Secretary Howard Lutnick and now led by his sons, Brandon and Kyle, reported a nearly 50% decline in the number of Nvidia shares it held between September 2025 and March 2026, according to a CNBC analysis of securities filings that excludes options. Nvidia had been one of the largest stock positions reported in Cantor's filings.
The decline coincided with White House and U.S. intelligence officials pressing Lutnick to crack down on Megaspeed, a Singapore-based company suspected of funneling Nvidia's advanced artificial intelligence chips to China. Lutnick repeatedly resisted those efforts, according to Axios.
By the time Cantor hosted Huang in New York, Lutnick had also received a classified intelligence warning, according to Axios, about Huang's ties to a suspected Chinese spy and had appeared alongside the CEO at a G20 technology summit in North Carolina.