Concerns about a potential crackdown on Nvidia’s business operations are percolating on Wall Street following revelations about CEO Jensen Huang’s involvement with a suspected Chinese spy. As much as 10% of Nvidia’s revenues may come directly or indirectly from China, according to a Monday analysis from New Street Research. That amounts to between $37 and $47 billion out of Nvidia’s total expected fiscal year 2027 revenue of $411 billion, according to consensus estimates cited by New Street. Of Nvidia’s China-exposed revenues, New Street classifies 6% as “legal sales” into China and Hong Kong, and 4% as booked officially outside of China. Of the latter 4%, the firm estimates that half of it gets physically diverted into China while the other half is used by Chinese-controlled firms outside of China. Nvidia stock is down about 5% in regular trading on Monday. The U.S. maintains export controls on some of Nvidia’s most high-tech chips, though Chinese firms have reportedly been able to access Nvidia-powered computing capacity through other countries. “We are committed to compliance with all U.S. laws and work in collaboration with the entire AI ecosystem and US government,” the company told investors at its 2026 annual shareholders meeting. The New York Times reported on Monday that the Commerce Department had already been investigating the company where the suspected Chinese spy was a boss before the investigation was transferred to the Justice Department. The transfer happened after the Commerce Department was contacted by Nvidia’s general counsel, the Times reported. Nvidia is one of the most important companies in the wide-ranging artificial intelligence buildout that is in the early stages of remaking the U.S., and perhaps the global, economy. The company is mutually invested with numerous other tech companies in various parts of the AI supply chain and has also built financing platforms for its products with top private credit firms .
