While the broader market and the VanEck Semiconductor ETF (NASDAQ: SMH) are trying to rebound to start the week, Nvidia (NASDAQ: NVDA) is taking a ding this morning.

Shares of the AI bellwether are under pressure after the company launched an independent investigation into CEO Jensen Huang’s relationship with an alleged Chinese spy. The White House administration will also hold a congressional hearing on the matter today.

The story centers on Alice Huang, a co-founder and executive at Singapore-based Megaspeed, which provides businesses across Asia with access to Nvidia AI chips and data-center capacity. U.S. officials have raised concerns about Huang’s alleged ties to Chinese intelligence, putting Nvidia’s relationships in the region under renewed scrutiny. The story has also become personal for Jensen Huang after he acknowledged an affair, while several figures in tech have come to his defense. What’s more, Bloomberg reports Google (NASDAQ: GOOGL) is stepping up its challenge to Nvidia with new versions of its in-house TPU chips.

At the same time, some of the geopolitical risk premium is coming out of oil. The USO ETF is down nearly 4% early Monday as reports emerge that the U.S. and Iran are discussing an $8 billion deal to reopen the Strait of Hormuz. Iranian state media also reports that Qatar will host Vice President JD Vance and Iranian official General Rezaei next week.

Here is what else is moving under the radar this morning:

• Space & Defense Contract Spree: Intuitive Machines (NASDAQ: LUNR) was selected for NASA’s next-generation lunar delivery contract to support a moon base. Elsewhere in orbit, AST SpaceMobile (NASDAQ: ASTS) partnered with Rakuten to build a direct-to-device satellite network in Japan, Kratos (NASDAQ: KTOS) locked in a satellite gateway contract with Gulf Space Technology, and Planet Labs (NYSE: PL) signed a multi-launch agreement with Stoke Space.
• Tesla Refunds Cybertruck Deposits: Following last week’s announcement that Tesla (NASDAQ: TSLA) will wind down Cybertruck production next year, Elon Musk said the company will be returning deposits to a “lot of people.”

STN Desk Takeaway: As our STN Market Conditions put it this morning, it’s a “Partly Cloudy” start to the week. Stocks are pushing higher and oil is sliding, and while SMH is bouncing off its lows, the escalating circus around the Huang’s is keeping a lid on Nvidia.