Lutnick Under Fire: Trump’s Commerce Chief Faces Nvidia Questions

Treasury Secretary Scott Bessent said on television that the Treasury and State departments, the Pentagon and the US Trade Representative all favored putting Megaspeed on an export blacklist. The Commerce Department, he said, failed to follow through. “Commerce…has the pen…and you will have to ask them about their internal process,” Bessent said.

Reporting on Nov. 11 said Lutnick repeatedly resisted White House and intelligence officials who pressed him to crack down on the company. Trump had authorized new export restrictions on such companies for a third time on Nov. 5.

Huang resigned after revelations that he had extramarital affairs with two women, one of whom may be connected to China. A report on Nov. 10 said Lutnick had received a classified intelligence warning about Huang’s ties to a suspected Chinese spy. He still appeared alongside the CEO at a G20 technology summit in North Carolina.

Questions about the family firm

Cantor Fitzgerald, which Lutnick formerly chaired and his sons Brandon and Kyle now run, has deep commercial ties to Nvidia. It helped arrange billions of dollars in financing for companies in the chipmaker’s business orbit.

An analysis of securities filings found the firm’s reported Nvidia share count fell by nearly half between September 2025 and March 2026. That is the period when Lutnick was reportedly under pressure over suspected chip smuggling. Filings exclude options.

There is no evidence that Cantor’s business interests influenced Lutnick’s decisions, or that his sons knew of the intelligence concerns. The firm said it has held only immaterial stand-alone positions in Nvidia from time to time.

Richard Painter, the former chief White House ethics lawyer for President George W. Bush, said there is no proof Lutnick shared nonpublic information with the firm. “The appearance doesn’t look great,” he said.

Xi meeting ahead

Both Republicans and Democrats in Congress have demanded answers. The pressure lands as Trump prepares to meet Chinese leader Xi Jinping in Shenzhen next week.

US officials said they did not expect Trump to raise the alleged spying with Xi. They also said China would have no say in whether Washington tightens chip restrictions.