Lutnick faces questions over Nvidia spy scandal. His sons’ firm has deep ties to the chipmaker

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In late September, Cantor Fitzgerald hosted Nvidia CEO Jensen Huang and other top executives from the chipmaker for investor meetings in New York, according to a Cantor research report reviewed by CNBC. The Wall Street firm liked what it heard. "We continue to view NVDA as the best risk/reward in our coverage," Cantor analyst C.J. Muse and his colleagues wrote in a research report dated Oct. 3 that maintained a $350 price target and overweight rating on the stock. Yet the firm formerly run by Commerce Secretary Howard Lutnick and now led by his sons, Brandon and Kyle, reported a nearly 50% decline in the number of Nvidia shares it held between September 2025 and March 2026, according to a CNBC analysis of securities filings that excludes options.