Lutnick faces questions over Nvidia spy scandal. His sons' firm has ties to the chipmaker
What happened
Cantor Fitzgerald, previously led by Commerce Secretary Howard Lutnick and now managed by his sons, reduced its Nvidia stock holdings by nearly half between September 2025 and March 2026. This reduction took place as U.S. officials increased pressure on Lutnick to address concerns about Nvidia chips being sent to China through third parties. Despite selling a significant portion of Nvidia shares, Cantor continued to facilitate financing for Nvidia's business partners and maintained close relationships with the chipmaker's leadership. The situation drew more attention after Nvidia CEO Jensen Huang resigned and new export restrictions were enforced in November 2026.
Key details
- Cantor Fitzgerald's Nvidia share count dropped from 3.5 million at the end of 2024 to 1.78 million by March 2026.
- The value of Cantor's Nvidia holdings decreased from $652 million in September 2025 to $310 million in March 2026.
- Commerce Secretary Howard Lutnick received classified warnings about Nvidia's ties to a suspected Chinese spy.
- President Trump authorized new export restrictions on companies suspected of smuggling Nvidia chips to China in November 2026.
Why it matters
Investors and regulators are now scrutinizing Cantor Fitzgerald's ongoing business connections with Nvidia and its partners, despite the firm's reduction in direct stock holdings. The Lutnick family's management of Cantor, combined with Howard Lutnick's government role and knowledge of intelligence concerns, raises ethical questions about potential conflicts of interest. Companies involved in the AI chip supply chain and U.S. policymakers face increased pressure to ensure compliance with export controls and to address possible risks of sensitive technology reaching China.