Cantor Fitzgerald Cuts Nvidia (NVDA) Shares by Nearly 50% Amid Spy Scandal

Cantor Fitzgerald, a firm formerly run by Commerce Secretary Howard Lutnick and now led by his sons Brandon and Kyle, reduced its Nvidia (NVDA) stock holdings by nearly 50% between September 2025 and March 2026. This reduction occurred despite the firm maintaining a $350 price target and overweight rating on Nvidia according to a research report dated October 3, 2026. Nvidia had been one of the largest stock positions reported in Cantor's filings.

The timing of the share reduction coincided with mounting pressure from White House and U.S. intelligence officials on Lutnick to act against Megaspeed, a Singapore-based company allegedly funneling Nvidia's advanced AI chips to China. Lutnick reportedly resisted these enforcement efforts. Additionally, Lutnick was reportedly warned with classified intelligence about Nvidia CEO Jensen Huang's connections to a suspected Chinese spy, even though Lutnick appeared publicly alongside Huang at a G20 summit.

Despite scaling back its Nvidia holdings, Cantor Fitzgerald continued to assist Nvidia's business partners by arranging billions in financing and maintained close ties to the chipmaker's leadership. Nvidia CEO Jensen Huang resigned on November 16, 2026, following these disclosures. Ethics experts have expressed concerns about Lutnick's relationship with the company and the potential appearance of conflicts of interest. However, there is no proof that Lutnick shared nonpublic information with Cantor Fitzgerald or that the stake reduction was linked to the intelligence warnings.

This matters to investors because changes in Cantor Fitzgerald's Nvidia holdings reflect potential risks surrounding company leadership and regulatory pressures, which may affect Nvidia's stock performance and financing environment going forward.