Nvidia shares fall 2.18% as Lutnick faces questions over Cantor's stake

Nvidia shares traded at 162.56 on Friday, November 13, down 3.62, or 2.18%, from the previous close of 166.19. The move came as Commerce Secretary Howard Lutnick faced fresh questions over his sons' firm and its ties to the chipmaker.

What happened

An analysis published on Friday looked at the Nvidia position reported by Cantor Fitzgerald. It found that the number of shares fell by nearly half between September 2025 and March 2026. The analysis describes the firm, which is linked to Lutnick's sons, as having deep ties to Nvidia.

That period overlaps with a published report that Lutnick faced pressure from administration officials to address suspected smuggling of chips to China. The Commerce Secretary is now at the center of questions about the two developments.

The material available does not establish a link between the change in the reported holding and the smuggling issue. It also contains no response from Lutnick, Cantor Fitzgerald or Nvidia.

Why it matters

The Commerce Department oversees policy that affects how advanced chips reach China. Questions about the financial interests of the official in charge therefore draw attention to how that policy is run and to the companies exposed to it.

Nvidia is directly concerned because the story involves suspected smuggling of its chips and a shareholder with close ties to the company. The stock was lower by 2.18% at 162.56 in afternoon trading in New York. Nothing in the reporting says the story caused the move.

The episode shows a documented channel between export policy and a listed company: a policy maker, a firm tied to his family and a stock that trades on both. Disclosures about ownership can shape how that channel is understood. For investors, it adds a political and governance question to the information around Nvidia, without establishing any outcome.

What to watch next

No hearing, deadline or scheduled event is tied to the story. Several points remain open. One is whether Lutnick, Cantor Fitzgerald or the administration respond publicly. Another is whether further details emerge on the change in the reported share count and on the timing of the pressure described in the report.

Market participants will also see where Nvidia shares settle relative to the 166.19 previous close, after trading at 162.56 on Friday afternoon. Any official statement on the smuggling concerns would add context to the analysis of the Cantor Fitzgerald holding.