Nvidia's stock fell 4.3% after the announcement, while the company has lost $500 billion in market value in a week and nearly $1.5 trillion over the past month, according to The Wall Street Journal.Notably, Lutnick is facing scrutiny after unnamed officials in US President Donald Trump's administration told the media that the commerce secretary had delayed efforts to tighten restrictions on AI chip exports to China.Huang, Lutnick to testify before CongressDeep DiveSenator Tim Scott, who is also the chairman of the Senate Committee on banking, housing, and urban affairs, wrote to Huang and Lutnick on Thursday, asking them to testify before the panel."Recent reports raise serious concerns about our national security and the protection of sensitive US technology," the South Carolina Republican said in a post on Instagram. "The American people deserve answers," he added.Scott asked Huang to appear voluntarily on December 3, while warning that the committee could issue a subpoena if he declined to testify.House Republicans said on Thursday that they were also in talks with Huang about appearing before other congressional committees. Huang has hired lawyers who have previously represented executives in government investigations, The New York Times reported citing people familiar with the matter.Huang has agreed to testify before Congress, House foreign affairs committee chairman Brian Mast told reporters at the US Capitol.Kristen Eichamer, a spokeswoman for Lutnick, told NBC News that the commerce secretary had also agreed to appear before the Senate Committee. “Secretary Lutnick has proactively agreed to appear voluntarily before the Banking Committee to address their questions,” Eichamer said.What is the row?The controversy emerged last month after reports of Huang's close relationship with a woman identified as Alice Huang, a former Megaspeed executive.The New York Times reported that Huang had an affair with a businesswoman whom US intelligence suspects of being a Chinese spy.

Beijing has denied the allegation.Separately, the newspaper and other outlets later reported that Nvidia employees had alleged that Huang was also involved with an executive who reported directly to him.Nvidia announced Huang's resignation on Thursday, with immediate effect. The California-based company said Colette Kress, its chief financial officer and executive vice president since 2013, would take over as interim CEO.The controversy comes at a turbulent time for Nvidia, whose high-end chips have become key components in the development of artificial intelligence.Huang has also emerged as one of the most prominent figures in the global AI race, both within the technology industry and in Washington, where he has frequently aligned himself with Trump.With inputs from agenciesFollow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times.

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