英伟达公司正在调查首席执行官黄仁勋与一名涉嫌中国间谍的婚外情，这引发了一系列曾经难以想象的问题，包括这位人工智能热潮的核心人物是否面临失去工作的风险。在黄仁勋通过一份致员工备忘录披露这段恋情后，英伟达股价在盘前交易中下跌约5%，这一跌幅意味着市值将蒸发约2250亿美元。公司董事会正在组建一个由独立董事组成的委员会，该委员会将与外部律师合作对此事进行调查。
Nvidia Corp.’s investigation into Chief Executive Officer Jensen Huang’s affair with an alleged Chinese spy raises a series of once-unthinkable questions, including whether the man at the center of the AI boom is at risk of losing his job. Nvidia shares slid about 5% in premarket trading after Huang disclosed the romantic relationship in a memo to employees, a decline that would mean a roughly $225 billion loss in market capitalization. The company’s board is assembling a committee of independent directors who will work with outside counsel to investigate the matter.
随着这一惊人披露，投资者需要考虑一系列可能性，这些可能性不仅可能影响黄仁勋和英伟达，还可能波及整个人工智能行业。作为领先的AI芯片制造商，英伟达利用其财务实力支持了数十家主要参与者，从OpenAI等前沿实验室到CoreWeave Inc.等云计算企业。黄仁勋也是AI益处的最有力倡导者之一，从华盛顿到华尔街皆是如此。
伯恩斯坦分析师Stacy Rasgon在一份报告中表示：“这让美国最重要的公司之一的管理层，以及美国AI发展轨迹的设计者，陷入了争论之中，同时也让其判断力受到审视。”
With the stunning revelation, investors need to consider a range of possibilities that could affect not just Huang and Nvidia, but the entire artificial intelligence industry. Nvidia, the leading maker of AI chips, has used its financial strength to back dozens of major players, from frontier labs like OpenAI to cloud computing players like CoreWeave Inc. Huang has also been among the most forceful advocates for the benefits of AI, from Washington to Wall Street.“It brings the stewardship of one of America’s most important companies, and the architect of the US AI trajectory, under debate, as well as calling judgment into account,” Bernstein analyst Stacy Rasgon said in a note.
黄仁勋此前曾表示，他与这名为新加坡一家客户工作的女性的关系没有任何不当之处。
Huang had previously said there was nothing inappropriate about his relationship with the woman, who worked for a Singapore-based customer.“I was unfaithful to my wife,” Huang, 63, said in the memo.
“我对妻子不忠，”现年63岁的黄仁勋在备忘录中说。“我的行为伤害了她和我们的孩子。我所做的一切无可辩解。我深感抱歉。”这是这位硅谷最大名人之一的一个令人谦卑的时刻。
“My actions hurt her and our children. There is no excuse for what I did. I am deeply sorry.”It was a humbling moment for one of Silicon Valley’s biggest celebrities.
黄仁勋周游世界推广人工智能计算，吸引了大批陷入“黄狂热”的粉丝。他频繁露面，内容涵盖科学演讲、冷笑话，并身穿标志性的皮夹克，使他成为人工智能领域的首席啦啦队长。这一事件恐将进一步搅动因担忧数据中心支出放缓而动荡的人工智能市场。英伟达生产对人工智能计算设备至关重要的芯片，是全球最有价值的企业之一。公司内部的动荡有可能波及整个行业。
Huang has crisscrossed the globe promoting artificial intelligence computing, drawing throngs of fans swept up in “Jensanity.”His relentless appearances, featuring science lectures, dad jokes and his signature leather jackets, have turned him into AI’s main cheerleader. The incident threatens to further roil an AI market shaken by concerns about a slowdown in data center spending. Nvidia makes chips that are crucial to AI computing equipment and is one of the world’s most valuable businesses. Turmoil within the company risks reverberating through the broader industry.
英伟达已成为人工智能基础设施的关键资金来源。黄仁勋与华尔街一些最大的公司合作，发起了一项5000亿美元的计划，帮助企业快速扩充设备，并向强化人工智能供应链和初创客户注资。
未来集团首席执行官丹尼尔·纽曼表示：“黄仁勋是一位非常独特的首席执行官。目前没有已知的继任计划。公司内部也没有明显能够接棒的领导人。”
Nvidia has emerged as a key source of financing for AI infrastructure. Huang has worked with some of Wall Street’s biggest firms on a $500 billion effort to help companies rapidly build out their equipment, and he’s funneled money into bolstering the AI supply chain and fledgling customers.“Jensen is a very unique CEO,” said Daniel Newman, CEO of the Futurum Group. “There is no known succession plan. There are no leaders in his company that would be the clear next to step up.”
英伟达董事会在声明中表示，对黄仁勋充满信心，“没有理由相信国家安全或英伟达机密受到泄露”，但承诺调查“将审查所有可获得的信息”。
Nvidia’s board said in its statement that it has confidence in Huang and “no reason to believe that either national security or Nvidia secrets were compromised,” but it promised the inquiry “will examine all available information.”
唐纳德·特朗普总统周日为黄仁勋辩护，称他是一位“优秀的人士”，并表示他应继续担任首席执行官。“我没有跟他谈过这事，”特朗普对记者说，“我只知道他是个优秀的人士，但你永远不知道发生了什么。”
President Donald Trump defended Huang on Sunday, calling him a “fine person” and saying he should remain CEO.“I have not spoken to him about it,” Trump told reporters. “I just know he’s a fine person, but you never know what is going on.”
上周，众议院关键共和党议员要求与黄仁勋举行简报会，讨论他与爱丽丝·黄（又名黄乐）的往来。
Last week, key House Republicans requested a briefing with Huang to discuss his dealings with Alice Huang, also known as Huang Le.
此次调查源于一系列报道，称英伟达掌门人成为前Megaspeed International高管爱丽丝·黄的攻击目标，美国政府怀疑她曾被中国间谍机构招募。
The probe follows a series of reports that Nvidia’s leader was targeted by former Megaspeed International executive Alice Huang, who the US government suspects was recruited by a Chinese spy agency.
这位首席执行官此前表示，他与这位女性保持“正常”的业务关系，该女性已不在Megaspeed任职。
The CEO previously said he had a “normal” business relationship with the woman, who is no longer at Megaspeed.
中国外交部发言人郭嘉昆当时称，将该女子描述为中国特工是毫无根据的“抹黑中国”。
Chinese Foreign Ministry spokesman Guo Jiakun at the time called the characterization of the woman as a Chinese agent an unsubstantiated “smear against China.”
英伟达表示，董事会调查将针对有关这位芯片大亨“一直是外国情报机构攻击目标”的报道。公司称：“虽然董事会没有理由相信国家安全或英伟达机密遭到泄露，但董事会的调查将审查所有可用信息。”
The board investigation will address reports that the chip magnate “has been the target of a foreign intelligence effort,” the company said. “While the board has no reason to believe that either national security or Nvidia secrets were compromised, the board’s inquiry will examine all available information.”
黄仁勋在备忘录中表示，他将支持调查。“我热爱我们的国家和公司，致力于保护英伟达并支持美国的国家安全，”他说。
In his memo, Huang said he will support the investigation. “I love our country and our company, and I am committed to protecting Nvidia and supporting America’s national security,” he said.
英伟达联合创始人——一位以亲力亲为、不知疲倦的管理风格著称的领袖——将这家显卡制造商打造成了可以说是全球最重要的科技公司。英伟达备受追捧的加速器芯片被用于开发和运行AI模型，英伟达还拓展到了计算机、网络和软件等相关领域。
Nvidia’s co-founder — a leader famous for his hands-on and tireless management style — built the maker of graphics cards into arguably the world’s most important technology company. Nvidia’s highly prized accelerator chips are used to develop and run AI models, and Nvidia has branched out into related fields, including computers, networking and software.
黄仁勋与粉丝的互动偶尔会变得喧闹。在一次签名会中间，一名年轻女子请他在她胸前签名。在询问她是否确定后，他在旁边看了一眼，一边在她胸罩上签名，一边问：“这主意好吗？”
Huang’s interactions with fans have occasionally grown raucous. In the middle of one autograph session, a young woman asked him to sign her chest. After asking her if she was sure, he signed her brassiere while looking off to one side and asking, “Is that a good idea?”
黄仁勋也是试图平息人们对AI技术脱离人类控制的担忧的主要声音之一。他驳回了AI实验室需要放慢工作以确保不威胁人类的观点——即使在达里奥·阿莫代伊和萨姆·奥特曼等行业领袖都支持这一想法的时候。他还主张不需要新的监管。彭博经济学观点国会即将复会，并就2027财年国防法案的最终形式展开谈判。
Huang also has been a leading voice trying to calm fears about AI technology slipping out of human control. He has dismissed the need for the AI labs to slow down their work to ensure it doesn’t threaten humanity — even at a time when industry leaders such as Dario Amodei and Sam Altman have endorsed such an idea. He’s also argued that new regulations are unnecessary. What Bloomberg Economics SaysCongress will soon return and enter negotiations over the final form of the fiscal 2027 defense bill.
参议院《国防授权法案》（NDAA）谈判已纳入关于芯片位置验证、远程访问和先进AI芯片出口的提案，而英伟达和AMD一直在游说白宫和商务部，施压议员删除或缩减这些条款。随着民主党在赢得两院控制权后将于1月接管委员会控制权，对英伟达对华芯片销售的审查将加强，此事可能进一步削弱英伟达的地位。
Senate NDAA negotiations already include proposals on chip-location verification, remote access and advanced AI-chip exports, while Nvidia and AMD have been lobbying the White House and Commerce to press lawmakers to remove or narrow them. The affair could further weaken Nvidia’s hand as Democrats take committee control in January after winning both chambers, bringing greater scrutiny of its China chip sales.
这家总部位于加利福尼亚州圣克拉拉的公司没有公开的继任计划，黄仁勋也没有明显的继任人选。他多次表示希望在该职位上继续任职数十年，并围绕自己建立了一种非正式的组织架构，摒弃了传统的层级制。取而代之的是，他的直接下属负责迅速执行他的决策。
The Santa Clara, California-based company has no public succession plan, and there is no obvious heir apparent for Huang. He has repeatedly said he wants to continue in his role for decades and has created an informal organizational structure around him that eschews a conventional hierarchy. Instead, his direct reports are tasked with rapidly implementing his decisions.
黄仁勋表示，这种体制赋予了公司灵活性，能够应对技术的快速变化并保持敏捷。但这也造成了一种局面：没有准备好的人选能够接手并承担黄仁勋那不知疲倦的日程安排。
Huang has said that this system gives his company the flexibility to react to rapid changes in technology and remain agile. But it’s also created a situation where there’s no replacement ready to step in and take over Huang’s relentless schedule.
拉斯根表示，最新披露的情况“凸显了英伟达面临的巨大关键人物风险”。“英伟达不是一家普通公司，黄仁勋也不是一位普通CEO；他就是英伟达，显然制定长期战略和方向，（据称有60名直接下属）基本上独自掌控着公司的大部分命脉。”
The latest revelations “highlight the considerable key man risk that Nvidia faces,” Rasgon said. “Nvidia is not an ordinary company and Jensen is not an ordinary CEO; he IS Nvidia, clearly sets the long-term strategy and direction, and (with supposedly 60 direct reports) pulls most of the company’s strings himself.”
担心敏感信息可能通过英伟达与中国的联系泄露，引发了对黄仁勋和公司进行调查和加强审查的呼声，这在本已困难的地缘政治平衡中进一步增加了压力。虽然在现任特朗普政府授予的许可计划下，英伟达获准向中国出口有限范围的产品，但北京限制了这些芯片的进口——这一僵局持续遏制着这家芯片制造商在世界第二大经济体的销售。
Concerns that sensitive information might leak via Nvidia’s contacts with China have fueled calls for investigations and greater scrutiny of Huang and the company, ratcheting up pressure in what has already been a difficult geopolitical balancing act. While Nvidia is allowed to ship a limited range of products to China under a licensing program granted by the current Trump administration, Beijing has restricted imports of the chips — an impasse that continues to curb the chipmaker’s sales in the world’s second-largest economy.
黄仁勋长期以来一直寻求向中国——最大的芯片市场——销售更多英伟达AI处理器。
Huang has long sought to sell more of Nvidia’s AI processors in China, the largest market for chips.
他认为，英伟达及其同行应被允许在该地区提供服务，以保持其产品在人工智能发展中的核心地位。他表示，封锁市场将有可能使中国在人工智能领域成为更强大、更独立的力量。
He’s argued that Nvidia and its peers should be allowed to serve the region to keep their products central to the development of AI. Closing off the market will risk turning China into a more powerful, independent force in artificial intelligence, he has said.
投资者已向英伟达倾注资金，该公司本月晚些时候将公布财报，投资者押注它将继续成为人工智能基础设施狂热支出的主要受益者。
Investors have poured money into Nvidia, which reports earnings later this month, betting it will continue to be the main beneficiary of runaway spending on AI infrastructure.
该公司在十月创下近5.8万亿美元的历史最高市值。然而，受到对人工智能基础设施建设可持续性担忧的影响，市值已跌破5万亿美元。
The company reached a record market capitalization of nearly $5.8 trillion in October. That has slipped below $5 trillion, however, weighed down by concern about the sustainability of AI infrastructure build-out.
总部位于新加坡的Megaspeed被指违反美国出口限制，向中国走私英伟达芯片。
Megaspeed, based in Singapore, has been accused of breaking US export restrictions and smuggling Nvidia chips to China.
黄仁勋曾对彭博社表示，他与Megaspeed员工的联系与他与众多中国客户和高管的业务往来一样常规。黄仁勋的完整备忘录：主题：致公司的一封信我对我的家人和所有人表示歉意。
Huang had told Bloomberg that his contacts with Megaspeed employees were typical of business relationships he has with many Chinese customers and executives. Huang’s full memo:Subject: A message to our companyI owe my family and all of you an apology.I was unfaithful to my wife.
我对妻子不忠。我的行为伤害了她和我们的孩子。我的所作所为没有任何借口。我深感抱歉。
My actions hurt her and our children. There is no excuse for what I did. I am deeply sorry.
在我的一生中，家人给予了我爱与支持。他们理应得到我的诚实与忠诚。相反，我让他们失望，破坏了我们共同构建的生活。我对自己的所为以及造成的伤害负全部责任，并接受随之而来的批评。
Throughout my life, my family has given me love and support. They deserve my honesty and loyalty. Instead, I let them down and damaged the life we built together. I take full responsibility for what I did and the hurt I caused, and I accept the criticism that comes with it.
致我的妻子和家人：我爱你们。我知道道歉无法抹去我的所为。我希望我们的家庭能够痊愈，并且随着时间的推移，我能够重新赢得你们的信任。
To my wife and family: I love you. I know an apology cannot undo what I have done. I hope our family will heal and that, over time, I can earn back your trust.
致英伟达的同事们，包括与我共事数十年的伙伴们，以及全球的董事会、合作伙伴和股东们：你们值得我做得更好。
To my colleagues at NVIDIA, including those I have worked alongside for decades, and to our board, partners, and shareholders around the world: you deserve better from me.
领导英伟达是我此生的荣幸。我的责任是为你们服务，值得你们的信任。我未能履行这一责任。
Leading NVIDIA is the privilege of my life. My responsibility is to serve you and be worthy of your trust. I have fallen short of that responsibility.
我全心全意致力于英伟达，并将努力重新赢得大家的信任。针对新闻报道中提出的国家安全担忧，英伟达董事会已启动独立调查。我支持该调查，并将全力配合。我热爱我们的国家和公司，致力于保护英伟达并支持美国的国家安全。我为自己是美国人感到自豪和感恩。我的家人对我的选择不负任何责任，责任在我本人。请给予他们隐私。
I am fully committed to NVIDIA and will work to earn back your confidence. Regarding the national security concerns raised in news reports, NVIDIA’s Board of Directors has initiated an independent investigation. I support the investigation and will cooperate fully. I love our country and our company, and I am committed to protecting NVIDIA and supporting America’s national security. I am proud and grateful to be an American. My family bears no responsibility for my choices. I do. Please give them privacy.