US Treasury Secretary pressures Nvidia: demands external leadership change, gives 10-day deadline to respond to compliance issues.

Regarding the recent export restriction controversy surrounding Nvidia, U.S. Treasury Secretary Bessent made a series of tough statements, demanding that Nvidia must find new leadership from outside and carry out a "substantial overhaul" of the company's existing leadership. Bessent emphasized that reviewing whether Nvidia complies with export restrictions is crucial and that the company will be closely watched to see whether it deliberately ignored warning signs. In addition, Bessent pointed out that reports show only 1% of chips sold in Singapore remain locally, which raises serious questions about the illicit diversion of chips. He demanded that Nvidia's board of directors and outside counsel must formally respond "within the next 10 days" regarding the company's export restriction compliance culture.