600,000 H200s are stuck in Hong Kong while Congress books Huang for Nov. 18

The market is already pricing the scandal: Nvidia traded near $187 on Friday, roughly 23 percent below the $243 high it set on October 6, as the selloff in tech stocks collided with scrutiny of the company's China business. The squeeze runs from the other side too — about 600,000 H200 chips are sitting in Hong Kong because Beijing won't approve large-scale imports, so Washington is clearing buyers Beijing won't let take delivery.

Congress has booked the room: three Republican House chairmen asked Huang to accept a closed-door briefing on November 18, the day after Nvidia reports earnings, or propose an alternative by November 11, and Bloomberg reports the incoming Democratic majority plans public testimony on whether Nvidia is keeping its chips out of adversaries' hands.