Nvidia stock falls for six straight weeks as Bessent and Lutnick clash over chip exports

Nvidia has lost $657 billion in market value this week, its sixth consecutive week of stock declines, a losing streak not seen in 14 years. The slide followed the resignation of CEO Jensen Huang. Treasury Secretary Scott Bessent said on CNBC that Treasury, along with the State, War, and Trade Representative offices, had favored placing Megaspeed on the entity list for months. He said the Commerce Department "has the pen." Bessent said he was frustrated that China should not receive Nvidia chips above the H100 model. Megaspeed, a Singapore-based customer, is under investigation by U.S. and Singaporean authorities and reportedly paid more than $4.8 billion for Nvidia chips over two years. Congress is looking into the matter. Huang has agreed to a closed-door briefing by Thanksgiving and was asked to appear at a Senate Banking Committee hearing on Dec. 3. Commerce Secretary Howard Lutnick has agreed to testify on Dec. 10.