Jensen Huang

Investors sued Nvidia and Jensen Huang, alleging that statements made in 2017–2018 understated the importance of GPU sales to cryptocurrency miners and the risk of a decline in that demand. Following several procedural stages and proceedings before the Supreme Court, the federal court certified the class in March 2026.

State of the evidence

Allegations

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Accused

The French Competition Authority searched a company in the graphics card sector in 2023, identified by Reuters as Nvidia, and confirmed in 2024 that an investigation was ongoing. Concerns included Nvidia's dominance in AI GPUs, CUDA and its investments in specialist cloud providers.

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Direct responsibility

The Department of Justice questioned technology companies about Nvidia's practices, including hardware/software bundling and whether certain acquisitions might further strengthen its position in AI. In September 2024, Nvidia denied a report that it had received a subpoena, while saying it was prepared to answer regulators' questions.

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Direct responsibility

In April 2025, the United States imposed an export licence requirement on H20 chips destined for China, leading Nvidia to record a final $4.5 billion charge relating to inventories and purchase commitments. In 2026, Washington granted limited licences for certain H200 chips, but Nvidia said Chinese restrictions and a US inspection process accompanied by a 25% tariff had greatly reduced shipments, which represented less than 1% of Data Center revenue in the most recent quarter.

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Direct responsibility

Nvidia invested heavily in CoreWeave, a cloud provider heavily dependent on Nvidia GPUs, and agreed to purchase unsold cloud capacity. In January 2026, Nvidia invested another $2 billion. This interdependence fuelled investor criticism of potentially circular financing sustaining demand from Nvidia's own customers.

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Direct responsibility

The foundation run by Jensen Huang and his wife Lori bought $108.3 million of computing capacity from CoreWeave to donate to universities and research institutes, while Nvidia also offered free engineering services to some recipients.

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Personally implicated

Nvidia signed an approximately $17 billion non-exclusive licensing agreement with chip start-up Groq and recruited several of its executives, including its founder. In September 2026, it emerged that the DOJ was investigating whether the structure had been designed to avoid the antitrust scrutiny applicable to an acquisition.

Attribution

Direct responsibility

Nvidia announced memoranda of understanding with major asset managers and banks aimed at mobilising over $500 billion to finance AI infrastructure, with loans largely secured by Nvidia hardware and, in some cases, residual value guarantees from Nvidia. The strategy raised questions about the sustainability of demand and financing's dependence on future values of Nvidia products.

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Direct responsibility

Authors filed a class action against Nvidia in 2024, alleging that models in the NeMo/Megatron family had been trained on unauthorised copies of their books from pirate libraries or datasets incorporating them. In May 2026, a federal judge rejected some of Nvidia's attempts to dismiss the case, while also dismissing part of the authors' claims with permission to amend.

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Documented

In the debate sparked by calls from several executives and researchers to slow development of frontier models, Jensen Huang defended rapid innovation and argued that safety should primarily be addressed through engineering, corporate accountability and commercial incentives rather than broad new laws mandating a slowdown.

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Personally implicated

China opened an investigation into Nvidia concerning the conditions attached to its acquisition of Mellanox. In September 2025, the Chinese regulator stated that a preliminary investigation had found a breach of antimonopoly law, without publicly specifying the violation at that stage.

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Direct responsibility

Ahead of Huang's visit to China, Senators Jim Banks and Elizabeth Warren asked him to avoid meeting companies suspected of circumventing US export controls or supporting China's military and intelligence apparatus.

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Attribution

Personally implicated

According to a US official, Nvidia and AMD agreed to pay the US government 15% of revenue from certain AI chips sold in China in exchange for export licences. The arrangement drew criticism for mixing national security with revenue collection.

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Documented

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Direct responsibility

China's cyberspace regulator summoned Nvidia to explain whether H20 chips contained tracking, positioning or back-door mechanisms capable of threatening Chinese users' data and privacy.

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Direct responsibility

The launch of Blackwell architecture, central to Nvidia's AI growth, experienced production delays and reports of overheating problems in certain server configurations, fuelling concern among customers and investors.

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Direct responsibility

During a widely publicised visit to Taiwan, Huang said that Taiwan was one of the most important countries in the world and the centre of the electronics industry. His wording prompted a reaction from nationalist media and internet users in mainland China, including calls for a boycott.

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Personally implicated

Following the launch of the GeForce RTX 4090, users posted photographs of melted or burnt 12VHPWR connectors. A class action alleging a dangerous defect was filed in California in November 2022.

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Documented

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Direct responsibility

The SEC alleged that Nvidia's 2018 reports had not adequately disclosed that growth in its Gaming business was substantially driven by cryptocurrency mining, potentially concealing the volatility of this source of demand. In 2022, Nvidia accepted a cease-and-desist order and a $5.5 million civil penalty.

Nvidia attempted to acquire Arm from SoftBank for approximately $40 billion. The FTC brought an action to block the acquisition, arguing that it would give Nvidia control of and sensitive information about an architecture used by numerous competitors. Nvidia and SoftBank eventually abandoned the transaction.

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Direct responsibility

The GeForce Partner Program prompted criticism that it might pressure graphics card manufacturers to reserve their main gaming brands for Nvidia GPUs, disadvantaging AMD. Nvidia quickly abandoned the programme.

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Documented

Attribution

Associate

In 2008, Nvidia acknowledged that certain generations of GPUs and MCPs used in laptops had above-normal failure rates and recorded a $196 million charge for warranties, repairs and replacements. Several class actions followed and were consolidated in NVIDIA GPU Litigation, which was subsequently settled without admission of wrongdoing.

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Documented

A review of Nvidia's stock option grants revealed incorrect accounting measurement dates and led to restatement of financial statements for 2000–2006, reflecting $127.4 million in compensation expenses and associated taxes.

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Attribution

Direct responsibility

In 2003, the SEC found that Nvidia had published false or misleading financial statements for a quarter in 2000, notably by recording a supplier-related cost reduction without recognising the corresponding obligation. Nvidia restated several periods and accepted a cease-and-desist order.

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Documented