A sell-off that began earlier this month and gathered pace after disappointing earnings cut nearly $1 trillion from the tech-heavy Nasdaq in one week and about $2 trillion in a month.
The review lands on a company whose chips sit at the center of the artificial-intelligence boom and whose chief executive has become one of the industry’s most influential figures.
The report also sits beside a separate set of suspicions involving Megaspeed’s Alice Huang. She was suspected of helping the government get around the export restrictions.
The Trump administration has restricted exports of advanced AI chips to China, citing national security.
Nvidia did not immediately respond to a request for comment on the Axios report.
The company said it had no reason to believe that US national security or Nvidia secrets had been compromised. The inquiry, it said, would examine all available information. “The Board has confidence in Jensen and his leadership team and will provide further updates as appropriate,” the board said. “The Board prioritizes US national and economic security, which is paramount to the interests of NVIDIA and its shareholders,” the company said.
“I haven’t heard he’s done anything wrong,” Trump said.