Cantor Fitzgerald, the Wall Street firm Commerce Secretary Howard Lutnick formerly chaired and his sons Brandon and Kyle now run, cut its reported Nvidia share count by 49% between September 2025 and March 2026, according to a CNBC analysis of securities filings that excludes options. Holdings fell from more than 3.5 million shares worth $652 million to 1.78 million worth $310 million. CNBC says the filings do not establish why, and that there is no evidence the changes were tied to intelligence warnings or that Cantor's interests influenced Lutnick's decisions. A Cantor spokesperson said its 13F positions were entered into in connection with client swap transactions.
The decline coincided with White House and intelligence officials pressing Lutnick to crack down on Megaspeed, a Singapore-based company suspected of funneling Nvidia AI chips to China, which Lutnick repeatedly resisted, Axios reported. CNBC also found Cantor helped arrange financing for Nvidia partners, including as one of seven bookrunners on IREN's $3 billion convertible bond, and advised Lancium on a $600 million financing for the Abilene, Texas Stargate campus.
Treasury Secretary Scott Bessent told CNBC that Treasury, Defense, State and the U.S. Trade Representative had favored putting Megaspeed on the entity list for months, adding that Commerce is responsible for it. A White House official told Reuters that President Trump has complete confidence in Lutnick. Sens. Elizabeth Warren and Chris Coons have demanded that officials preserve records on Nvidia chip exports to China and on intelligence warnings about Jensen Huang, who CNBC reports resigned as Nvidia CEO on Thursday.
