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「黃仁勳事件」：開欄文 ---- 胡承渝
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色誘、間諜、微電路晶片 ---- Frida Ghitis
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請參考：
* Nvidia live updates: Jensen Huang ousted, CFO Colette Kress to serve as interim CEO (11/13)
Sex, Spies and Microchips
Why did Trump ignore the warnings? That’s by far the most important question now
Frida Ghitis, 11/12/26
One of the most interesting episodes in the relationship between President Donald Trump and Nvidia boss Jensen Huang unfolded in Alaska earlier this year. The president was on his way to China in May, when Air Force One stopped to refuel. Trump was traveling for a major summit with Chinese leader Xi Jinping, accompanied by a number of American business executives. Huang had not been invited.
Trump phoned his friend Huang, CEO of the world’s leading AI chip company, and the powerful billionaire rushed to Alaska to join the trip. Here’s the interesting part: before the Nvidia chief boarded the plane, Secretary of State Marco Rubio went to Trump and told him, for the second time, that Huang was in a relationship with a Chinese spy. It didn’t matter. Huang boarded Air Force One and accompanied Trump to China. Again, when Trump held a state dinner for Xi in the White House in September, Huang was seated at the head table with the two leaders.
The curious relationship between the president and the man who may just have been holding in his hands the future of AI – with a role in the very future of humanity, we are told – is particularly intriguing because Trump was already told last fall that U.S. intelligence believed Huang’s secret romantic partner was working with China’s Ministry of State Security, and already back then did nothing. In fact, he did much worse than nothing.
Here’s how I summed it up when I first learned about it:
“so, to summarize, Jensen Huang, the head of the most important AI chip company, on whose hands the future of humanity may rest, was cheating on his wife. The woman he was cheating with was a spy for the Chinese government. Worst, President Trump was told about it in the spring and did nothing because Huang supports him.”
Huang has lobbied Trump to end restrictions on sales of advanced AI chips to China, and Trump did precisely that, lifting Biden-era limits despite objections from Republicans and Democrats.
Now Congressional leaders are threatening investigations into the national security implications of Huang’s links to Alice Huang — same last name, no relationship other than romantic — and, one would expect, of Trump’s failure to take action.
It is hardly surprising that China was spying on a top AI executive. And it’s hardly a shocker that a prominent man would risk so much in a foolish decision to have an affair. (I caught hell years ago after writing an article about that very common phenomenon.)
What is genuinely scandalous about l’affaire Nvidia or, as Le Monde calls “le scandale d’espionnage,” is how the president of the United States responded to news that one of his closest confidants on one of the most consequential issues of national security and America’s economic future was sleeping with an alleged spy for America’s principal rival on such a consequential issue.
On Monday, reporters asked Trump about that colossal failure of judgment. Trump first lied and then deftly veered off.
Here’s the Q&A at the White House:
Q: “…when you went to China earlier this year in May, did you know about these alleged ties with the Chinese spy then, or —
Trump: “No, I didn’t hear about it then. But a lot of people have heard about it, and Jensen totally denies that. He had -- I asked him today, because I did speak to him today just to see if he’s feeling all right. How you doing? And I asked him about that, and he had -- he said he had absolutely no idea that the person in question was a spy.”
Notice that the question was not about what Huang knew but about what Trump did. And there are multiple reports that he was told that the U.S. government had concluded that Alice Huang was a Chinese spy at least twice in the past year.
Before the Huang-Huang romance, U.S. intelligence suspected that her company, the Singapore-based Megaspeed, was a front for China and put her under surveillance. Megaspeed was established in 2023, just after the Biden administration imposed restrictions on advanced semiconductor exports to China. Officials believed Megaspeed, a ravenous buyer of AI chips, was secretly transferring the purchases to China. When the surveillance revealed the links to the Nvidia boss, a close ally and informal AI advisor to Trump, the misginvings grew into alarm.
China denies spying, and Jensen Huang has admitted to the affair, possibly setting the stage for his accomplished wife of more than 40 years, Lori Huang, to end the marriage and become one of the world’s wealthiest people, joining other scorned tech billionaire exes in a world of eye-watering philanthropy.
Jensen Huang lobbied Trump to lift export restrictions, arguing that sales to China would preserve American dominance in AI. But critics argue, persuasively in my view, that the most advanced chips in Chinese hands only help Beijing push ahead in what has become one of the U.S. principal rival’s top strategic and economic priorities. The future, it’s becoming clear, will depend on AI.
Trump crafted some unusual deals, allowing Nvidia to export and requiring a share of the profits be paid to the U.S. government.
Coincidentally or not, Trump’s investment accounts registered potentially millions of dollars in Nvidia stock transactions. In the first three months of this year alone he made 15 Nvidia stock trades.
Already Nvidia chips are in the hands of a Chinese university blacklisted by the U.S. for its deep ties to the People’s Liberation Army.
Nvidia’s board of directors launched an investigation and the stock of the multi-trillion dollar company went into a nosedive. It’s hard to imagine Nvidia without its founder, the man who built from the ground up into what was, until a few days ago, the planet’s most valuable company, and one with a major role in geopolitics and, arguable, the future of the world.
Trump, who revealed an FBI investigation of the case, has continued to defend Huang, a man he has praised highly and who, importantly, has praised Trump in return.
But the important question is not about what Huang knew, or about his future. The critical issue is what the president knew and when he knew it. Evidence suggests he was briefed about the risks and didn’t care even before he invited him aboard Air Force One in Alaska. The next question is why, and what will happen as a result.
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黃仁勳和輝達的家庭治理結構 - Shaheena Janjuha-Jivraj
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Nvidia’s Real Risk Isn’t Jensen Huang’s Scandal. It’s The Family
Dr. Shaheena Janjuha-Jivraj, Contributor, 11/10/26
On November 8, Jensen Huang sent a memo to Nvidia employees admitting he had been unfaithful to his wife, Lori, and apologizing to his family and his staff. The same day, Nvidia's board said a committee of independent directors, working with outside counsel, would review reports that Huang had been the target of a foreign intelligence effort. The board said it had no reason to believe national security or company secrets had been compromised, and Nvidia says Huang will continue to lead the company without interruption.
Since then, the story has been told in two ways: as an espionage thriller, and as a guessing game about what Lori Huang might walk away with. Both miss what anyone who has advised a family firm will recognize immediately. This is a family business crisis, unfolding inside a company most people would never call a family business.
The family firm hiding inside a public company
Family business governance starts with a simple model. Renato Tagiuri and John Davis's three circles describe family, ownership and business as overlapping systems, and most governance failures happen where those circles meet. Map Nvidia onto it and the picture is striking.
* The business circle: Jensen Huang, co-founder and CEO since 1993.
* When the family and business intersects: Madison Huang joined Nvidia in 2020 and is now a senior director of product and technical marketing for its physical AI platform. Spencer Huang joined in 2022 and is a product line manager in robotics. Both work in areas the company sees as future growth engines, and their pay is disclosed in Nvidia's proxy statement.
* Where family meets ownership: Nvidia's 2026 proxy lists Lori Huang as co-trustee, with her husband, of three family trusts that together held about 669 million Nvidia shares as of March 2026, including 528.5 million in the couple's living trust. She also sits on the board of the Jen-Hsun & Lori Huang Foundation, whose assets reached $9.2 billion in 2024, according to its tax filings.
Nvidia's board is built to govern the business circle. Nobody governs the space where family meets ownership. I call that the Invisible Circle. In a family firm, it would have a name, a forum and a set of rules. At Nvidia, it had none, until November 8 turned it into a market event.
Jensen Huang at the centre of the business
There is a second family business pattern at work here: the founder as the key person. Huang has run Nvidia since he co-founded it in 1993, which makes him one of the longest-serving founder-CEOs in technology. He runs an unusually flat organization, with around 60 senior leaders reporting directly to him, and he has said he holds no one-on-one meetings with them. His keynotes set the market's expectations for the whole AI industry, and his leather jacket has become shorthand for the company itself.
That is enormous strength, and it is also concentration. Investors are buying Huang's judgment as much as Nvidia's chips. When a company's identity, strategy and external reputation all run through one person, that person's private life stops being private. A personal crisis becomes a corporate one, as November 8 showed.
Researchers call it the founder's shadow: a founder whose influence is so pervasive that it shapes everything around them. Peter Davis and Paula Harveston's study of more than 1,000 family businesses found that the founder's shadow increases conflict when the next generation tries to take hold, which is why the strongest founders are often the ones who most need a plan. The family businesses that manage it best do three things. They separate the founder's personal and family affairs from the company's governance. They keep an emergency succession plan, not just a long-term one. And they build a bench of leaders the market already trusts, so confidence does not rest on a single name.
At Nvidia, the key person and the family system are bound together. The founder is also a husband whose spouse co-holds a vast stake and a father whose children work in the business. Key-person risk and family risk are the same risk here, which is why governing only the business circle is not enough.
Lori Huang - is the spouse who was never "just the wife"
Lori Huang, born Lori Mills, met Jensen as his engineering lab partner at Oregon State University. They married in 1985, eight years before Nvidia was founded. He has credited her with helping build the company and with managing the family's finances.
Family business research has long recognized this kind of role. Ernesto Poza and Tracey Messer's study of spouses in family firms, published in Family Business Review in 2001, found that founders' spouses take on roles ranging from business partner and senior adviser to what the authors called the chief trust officer: the person who keeps communication and trust flowing across the family. Those roles rarely appear on an organization chart, but they shape whether a business holds together across generations. Their influence is real precisely because it is informal.
The headlines have reduced Lori Huang to a hypothetical settlement figure. In family business terms she holds three seats at once: co-trustee of a vast ownership stake, a director of the family's foundation, and mother of two next-generation employees. That is a lot of governance weight for someone the governance system does not see.
When marriages move ownership
Tech has already seen what happens when the family circle redraws itself. The lesson in both cases is not the divorce. It is what the women built afterwards, and how much the outcome depended on the agreements in place.
When MacKenzie Scott and Jeff Bezos divorced in 2019, she received about 4% of Amazon, while he kept voting control of her shares. In family business terms, that was a deliberate governance choice: the ownership circle changed, but control of the business circle stayed stable. Scott then built the most distinctive philanthropy of her generation. Through Yield Giving, she had given away $26.3 billion by the end of 2025 to more than 2,700 organizations, most of it as unrestricted funding that lets recipients decide how to use it.
Melinda French Gates co-chaired the foundation she had built with Bill Gates for more than two decades. Their 2021 divorce agreement set out what would happen if she left: she would receive $12.5 billion for her own work. When she resigned as co-chair in 2024, that agreement became the founding capital for a new institution focused on women and families, run through Pivotal. In January, Fortune reported that Bill Gates had donated $8 billion to her Pivotal Philanthropies foundation as part of that commitment.
The family foundation is often a family's most enduring institution, and the Gates case shows it can split as cleanly as a company, if the terms are agreed in advance. Both cases show something else too. Women routinely described as "the wife" turned out to be institution builders, with their own priorities and capital. Lori Huang already helps steer a foundation larger than most.
No separation has been announced, and nothing here predicts what the Huangs will decide. The point is narrower and more important for governance: whatever this family decides now matters to Nvidia's shareholders, and there is no structure designed to manage it.
The next generation is already inside the business
In a family firm, a founder crisis immediately raises three questions.
Who speaks for the family?
Is there a succession plan?
Are the next generation protected, or exposed?
Neither of Huang's children was groomed for the business from the start. Madison trained at the Culinary Institute of America and specialized in pastry and wine. Spencer ran a cocktail bar in Taipei that was once named among Asia's best. In 2019 the siblings took an executive course on artificial intelligence at MIT together, and both later joined Nvidia as interns: Madison in 2020, while completing an MBA at London Business School, and Spencer in 2022.
That route matters. Starting at the bottom, outside the core chip business, is how well-run family firms bring in the next generation: it lets heirs build credibility on their own results and blunts accusations of favoritism. Both now work in the areas Nvidia treats as its next growth engines. Madison leads product and technical marketing for its physical AI platform, and The Information has reported that she belongs to a small group of senior leaders who travel with her father to major events. Spencer manages a product line in robotics. Whether either is being prepared for something bigger is exactly the kind of question a family business would answer in a succession plan, and that Nvidia's governance leaves unasked.
At Nvidia, CEO succession is formally the board's job. But markets read family signals, and with two of the founder's children working in its most strategic growth areas, they will. Family firms handle this with a family council, a family employment policy and a clear line between ownership roles and management roles. Nvidia has disclosure: its proxy reports the children's pay and notes that neither is an executive officer or reports directly to their father. Disclosure is not governance.
Another founder has shown what the alternative looks like. As I wrote in The Buffett Succession Nobody's Talking About, Warren Buffett deliberately separated the circles at Berkshire Hathaway. The business went to Greg Abel, an outsider who earned it through two decades of results. The family kept different jobs. Howard Buffett became chair in September, with the role of guarding Berkshire's culture. And the roughly $150 billion Buffett did not hand to Abel will go to a charitable trust overseen by his daughter, Susie, together with her brothers, who must agree unanimously on how it is given away. Susie has chaired the family's main foundation for years, giving her the longest track record of the three.
Business, culture and family wealth each have a named guardian at Berkshire. That is the opposite of an Invisible Circle, and it is exactly what Nvidia lacks.
What every founder-led company should put in place
Family firms learned these lessons the hard way. Founder-led public companies can learn them in advance:
1. A family or shareholder agreement covering what happens to founder shares on divorce, death or incapacity, including who holds the votes.
2. A named channel between the family and the board, so it is clear who represents the family's ownership interest when something goes wrong.
3. A family employment policy and a succession plan that set out the family's role, not just the CEO's, including an emergency plan for the key person, not only a long-term one.
4. The family foundation treated as part of family governance, not a side project, because it often holds a large stake in the company itself.
The real lesson
Founder-led tech giants enjoy the strengths of family business: long time horizons, founder conviction, patient ownership. Few have accepted its discipline. Family enterprises from Mumbai to Nairobi to Doha learned generations ago that you either govern the family alongside the business, or the family ends up governing it by accident.
Lori Huang has said nothing in public. She does not need to. Her position already makes the case: in a founder-led company, the family is part of the governance, whether the board plans for it or not.
This article was originally published on Forbes.com
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