Lutnick faces bipartisan pressure over Nvidia-Megaspeed export controls

Commerce Secretary Howard Lutnick faces bipartisan scrutiny and criticism from Treasury Secretary Scott Bessent over his handling of AI chip export controls tied to the Nvidia-Megaspeed national security scandal, and has agreed to testify before Congress on Dec. 10. Bessent said Friday that Treasury, War, USTR, and State favored blacklisting Megaspeed for months, but Commerce held authority and failed to act. Reports indicate Lutnick softened policy on Nvidia’s China chip sales, while lawmakers allege a lack of due diligence in approving buyers. Nvidia founder Jensen Huang resigned as CEO Thursday amid an affair with a former Megaspeed executive suspected by U.S. intelligence of being a Chinese spy. Analysts expect new export control changes, though stricter rules risk Chinese retaliation ahead of Trump’s summit with Xi Jinping.