Nvidia loses $500 billion as Huang scandal and inflation hit stocks

Nvidia's stock has fallen over 10% this week, erasing $500 billion in market value following reports of CEO Jensen Huang's alleged affair with a woman linked to Chinese intelligence and the smuggling of $7.5 billion in high-performance processors to China. The board has announced an independent investigation, and Huang has apologized. Shares are trading at $168, over 30% below their record high. The scandal raises concerns about access to confidential information, business security with China, and the company's reputation as a leading AI chipmaker. US stocks also fell Tuesday after October inflation exceeded expectations, with CPI rising 0.4% monthly versus the 0.3% forecast. Gold dropped nearly 3% and bitcoin hit an 11-week low. A December Fed rate hike is now nearly certain.