Stock Losses Hit Chip Executives After Democratic Election Victories

Nvidia chief executive Jensen Huang lost billions of dollars on Thursday as American semiconductor stocks tumbled following decisive Democratic victories in the congressional elections.

Huang saw his net worth fall by US$15.1 billion to US$150.9 billion, dropping him out of the global top 10 richest individuals to 13th place on the Bloomberg index.

The market drop reflects investor expectations that a newly empowered Democratic majority in Washington will seek to constrain the rapid construction of energy-intensive data centers.

Nvidia shares fell 9.3 percent in the broader sell-off, while SpaceX dropped 9 percent and Oracle declined 6.9 percent amid market anxiety over future artificial intelligence infrastructure spending.

Separate reports revealed that the Commerce Department approved advanced Nvidia chip sales to a Chinese firm whose listed office address appears to be entirely empty.

The approved buyer, New Matrix, maintained no active directory listing at its stated location, where property managers found no record of the enterprise operating from the building.

Ownership ties link New Matrix to a private equity firm that has faced United States government blacklists since 2024, raising concerns over vetting protocols for export controls.

An Nvidia spokesperson defended the manufacturer's sales practices by stating that the company sells the first, best and most of its technology domestically.

Intelligence memos also indicated that Chinese state security officials previously targeted the Nvidia chief executive through recruitment efforts involving a foreign technology executive.

An Nvidia spokesperson said that the chief executive's interactions with the individual were not unusual and that the enterprise never shares classified information with customers.

Federal officials will determine whether export enforcement procedures require immediate revision following the discovery of questionable overseas chip recipients.