Senate Calls for Huang and Lutnick Testimony Put China Chip Exports Under Scrutiny

Key Facts

Senate Banking Committee Chairman Tim Scott invited Jensen Huang, Nvidia’s former chief executive, and Commerce Secretary Howard Lutnick to testify voluntarily before the committee in December, putting exports of AI chips to China and their oversight under direct scrutiny. Scott’s letters set December 3 for Huang and December 10 for Lutnick, according to Bloomberg Law. Scott said the committee was prepared to use “all tools available to us, including subpoenas” if the invitees did not appear voluntarily. The invitations come amid congressional questions about the administration’s handling of the risk that advanced chips could reach China through companies in other countries. Part of the scrutiny focuses on Megaspeed, the Singaporean computing company, and the Commerce Department’s responsibility for export-control decisions.

In a parallel effort, Senators Elizabeth Warren and Chris Coons asked the Commerce and State departments and the White House to preserve documents, communications and records related to exports of advanced Nvidia chips to China or to entities that could divert them there. The letter asked Lutnick, Rubio and Stephen Miller to confirm in writing by November 17 that preservation instructions had been circulated through their offices. The senators also asked for a briefing for members of Congress on the risks the intelligence operation may have posed to national security. The letter said Megaspeed had bought more than $4.8 billion of advanced Nvidia chips since June 2024. Citing reports, it said the company was under investigation by the Justice Department over the diversion of chips to China in possible violation of U.S. export-control laws; it did not describe this as a judicial finding.

Treasury Secretary Scott Bessent brought the debate back to which agency had decision-making authority, saying the Treasury, State and Defense departments and the U.S. Trade Representative’s office had supported placing Megaspeed on the export-control list for months. He added that “the Commerce Department holds the pen, and you should ask it about its internal processes,” indicating that the listing decision rests with the department led by Lutnick. The Associated Press reported his remarks as a rare public rebuke of another Cabinet member. That gives Lutnick’s upcoming hearing a dimension beyond export rules, touching on how government agencies coordinate and review their concerns. The Commerce Department’s Bureau of Industry and Security began investigating Megaspeed in 2024, then later referred the investigation to the Justice Department, according to the agency.

Megaspeed says it takes its obligations to comply with U.S. export laws very seriously, and has previously denied there was evidence that chips were exported illegally, according to the Associated Press. CBS reported that the company was under investigation in the United States and Singapore over allegations of smuggling chips to China, which the company denied. The investigations remain separate from any finding of a violation, while the two Senate letters seek to preserve records and obtain answers from officials about how the risks were handled. In the House, the chairmen of three committees requested a closed-door, transcribed interview with Nvidia General Counsel Tim Teter on December 2 regarding allegations of smuggling, military use, interference in export policies and the investigations. The House letter indicated that a subpoena could follow if the company did not cooperate.

A Bureau of Industry and Security policy published on January 13, 2026, allows export applications for Nvidia H200, AMD MI325X and similar chips to China to be reviewed case by case if security requirements are met. The policy requires proof that the export would not reduce global production capacity available to U.S. customers. It also requires the Chinese buyer to implement export-control compliance measures, including customer screening, and requires independent testing of the product in the United States. These standards frame the review of license applications, while current scrutiny focuses on the enforcement of controls after sale and monitoring the possibility that chips could reach other parties. Senator Michael Bennet is seeking an update from four administration officials on the investigation and intelligence sharing, setting November 24 as the deadline for a response.

In the market, Nvidia shares fell from a close of $173.73 on November 11 to $166.19 on November 12, then $162.85 on November 13, according to EL7 data. The Associated Press said U.S. stocks fell on November 13 and Nvidia shares extended their decline a day after Huang’s resignation, while the Nasdaq closed down 0.9%. At a later date, Nvidia announced that it would discuss results for its fiscal 2027 third quarter on a call scheduled for November 17. In Congress, the request for confirmation that records had been preserved by November 17 precedes Bennet’s requested response on November 24, followed by the requested Teter interview on December 2. Scott’s invitations to Huang on December 3 and Lutnick on December 10 come next, with the committee retaining the option to issue subpoenas if the invitees do not appear voluntarily.