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Nvidia’s board is investigating Jensen Huang over his relationship with a suspected Chinese spy, and Yale’s Jeffrey Sonnenfeld thinks it’s roughly a coin flip whether Huang stays on as CEO.

Mr. Huang, the company’s chief executive, acknowledged on Sunday that he was intimate with a business executive who U.S. officials had determined was working for Chinese intelligence.

The secretary of state’s role in drafting a secret memo highlights how top officials were concerned by this past spring about Jensen Huang’s relationship with a woman tied to Chinese intelligence.

Jensen Huang, the chief executive of the A.I. chip company, admitted to a romantic relationship with a woman who U.S. intelligence says was recruited by China’s top spy agency.

Jensen Huang will remain in his role and cooperate with the investigation, though analysts say the matter could cloud over Nvidia’s stock for some time.