# Howard Lutnick’s ties to Nvidia draw ethics questions

> Congressional members and officials are probing whether the Commerce secretary’s former firm, now run by his sons, helped Nvidia despite export‑restriction warnings.

Oossa · 2026-11-13 · https://oossa.com/en/howard-lutnick-s-ties-to-nvidia-draw-ethics-questions

Howard Lutnick, the U.S. Commerce secretary, faces scrutiny over his former firm Cantor Fitzgerald’s close dealings with Nvidia. Cantor’s Nvidia stake fell about 49% from 3 million shares in September 2025 to 1.78 million by March 2026, while the firm kept arranging billions in financing for Nvidia’s partners. The pressure grew after a classified memo warned Lutnik of Jensen Huang’s link to a suspected Chinese spy and after President Trump authorized new export restrictions on Nov 5 2026.

## The facts

- Cantor’s Nvidia holdings dropped from 3 million shares (Sept 2025) to 1.78 million shares (Mar 2026), a 49% decline.
- Cantor maintained a $350 price target and overweight rating on Nvidia in an Oct 3 2025 research report.

## Why it matters

If the administration’s export decisions were influenced by personal ties, U.S. chip‑export policy to China could be compromised.

## Sources & references

1. [Lutnick faces questions over Nvidia spy scandal. His sons’ firm has deep ties to the chipmaker](https://www.cnbc.com/2026/11/13/howard-lutnick-nvidia-jensen-huang-china-cantor-fitzgerald.html) – CNBC, 2026-11-13

Last updated: 2026-11-13