The U.S. Senate Banking Committee has summoned Jensen Huang and Howard Lutnick to hearings. Huang is expected on December 3, the Commerce Secretary on December 10. They will examine advanced AI chip shipments to China and national security threats.
What this is about. The Banking Committee is a group of senators that publicly questions agencies and companies. Advanced AI chips are processors used to train neural networks. The state separately controls their sale abroad.
Why this matters to a trader. Nvidia is the heaviest stock in the S&P 500 and Nasdaq 100. Its reaction to statements from the podium drags both indices along with it.
What has already been scheduled
Letters went out on November 12. On the same day, Huang stepped down as Nvidia CEO after 33 years at the company.
- November 13, 8:00 p.m. Eastern Time. The deadline for responding to the House of Representatives' request expires, which is 04:00 Moscow time on November 14.
- December 1. Huang's closed-door interview with a transcript.
- December 2. Closed-door interview with Nvidia's chief legal officer Tim Teter.
- December 3. Hearing with Huang. Deputy Commerce Secretary Jeffrey Kessler has also been invited for the same day: they will discuss chip smuggling and Singapore's Megaspeed, which the U.S. suspects of helping circumvent restrictions.
- December 10. Hearing with Howard Lutnick.
What Congress wants
Committee Chairman Tim Scott warned that if they refuse to come voluntarily, the committee can issue a compulsory subpoena. A subpoena is a written demand to appear; it cannot be ignored.
Tim Scott: "Americans deserve answers."
Attendance is so far mixed. Lutnick's representative told NBC News that the secretary will testify voluntarily. Huang has not confirmed his attendance.
The House of Representatives is working in parallel. Brian Mast, John Moolenaar and Rick Crawford are demanding closed-door interviews with transcripts — with Huang and Teter.
What about Lutnick
There is a separate storyline hanging over the secretary himself.
- Reuters: the White House discussed Lutnick's resignation.
- Lawmakers' complaint: the secretary refused to add dozens of Chinese companies to the trade blacklist.
- The Trump administration's position: the president retains full confidence in the secretary.
A blacklist is a list of companies to which American suppliers cannot sell goods without permission. There is no decision on Lutnick.
What this means for a trader
December is turning into a risk calendar. Lawmakers want to write four bills tightening export controls into the annual defense spending law.
- Dates — December 1, 2, 3 and 10, keep them next to the economic calendar.
- Indices — Nvidia's movement drags the S&P 500 and Nasdaq 100 along with it.
- Account rules — if you trade news on indices, it's easier to pick a challenge to suit your style in advance.
Do you hold indices through dates like these?
The December calendar is already mapped out. On the 1st, 2nd, 3rd and 10th, a single phrase from the podium can move the entire Nasdaq. Not every prop firm allows trading such headlines: some disable the account for entering at the moment of publication, others restrict holding a position overnight as a separate clause. These lines take ten minutes to read and are read before paying for an evaluation. A filter by trading style will immediately remove programs where you'd have to sit out the December dates outside the market.