Nvidia’s CEO Is Out. Why Is Lutnick Still In?

Jensen Huang is out at Nvidia, and Howard Lutnick is still at Commerce. On this Outside Money, Cory Klippsten lays out what Axios reports about Lutnick and Megaspeed, the Singapore cloud company under US scrutiny over Chinese access to advanced Nvidia technology: Trump authorized action in May, in August, and again on November 5th, while Lutnick resisted.

"The allegation is that repeated presidential approvals were followed by repeated resistance from the secretary responsible for carrying them out."

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Under questioning in the Senate in February, Lutnick admitted he had lied in a New York Post interview about Jeffrey Epstein. His former firm, Cantor Fitzgerald, now run by his son Brandon, led the stock sale that met the private fundraising Commerce required before finalizing up to $1.6 billion in funding and loans for USA Rare Earth. Democratic senators have asked whether his involvement complied with his recusal commitments, and Republican Senator John Kennedy has demanded a public explanation of Commerce's chip decisions.

Chapters
0:00 Jensen out, Lutnick in
0:18 The Epstein interview
1:02 The senators' letter
1:23 Axios, Cantor and USA Rare Earth
1:43 Brandon and the Tether loan
2:14 Outside Money
2:23 Megaspeed
2:52 Three approvals
3:35 The paused investigation
4:22 Cantor in the AI build-out
4:56 USA Rare Earth
5:58 The ethics agreement
6:13 The senators' questions
7:23 More to come

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