NVIDIA Corporation
NVDA
Information Technology
6
exclusion reasons
6 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
According to a October 2025 Greenpeace East Asia report, NVIDIA ranks at the bottom of the AI sector for supply chain decarbonization. NVIDIA’s Scope 3 emissions skyrocketed 96% between 2022 and 2024 (reaching nearly 7 million metric tons of CO2e). The company was cited for having zero renewable energy targets for its upstream manufacturing partners and no direct engagement programs to decarbonize its highly energy-intensive semiconductor fabrication supply chain.
In September 2025, China’s State Administration for Market Regulation (SAMR) issued a formal finding that NVIDIA violated the Anti-Monopoly Law (AML) by breaching the behavioral conditions tied to its 2020 acquisition of Mellanox. Specifically, SAMR alleges NVIDIA engaged in illegal "tying" and discriminatory licensing to forestall competition in the Chinese high-performance networking market. Simultaneously, the U.S. Department of Justice (DOJ) issued subpoenas in late 2024 as part of an ongoing investigation into whether NVIDIA punishes customers who switch to rival AI chips or use competing software management tools.
Restofworld documented severe labor abuses (debt bondage, recruitment fees, 16-hour quotas) among migrant workers at Taiwan semiconductor foundries supplying Nvidia; The company has a knowthechain benchmark score of 11/100 indicating a lack of progress on internal controls aimed at controlling forced labor.
Nvidia and Intel partnered with China’s three biggest surveillance companies to add AI capabilities to camera systems used for video surveillance across China, including Xinjiang and Tibet, until sanctions were imposed. Similar systems were also used by ICE in the United States.
Beyond that, Nvidia has had a large and influential presence in Israel since 2016. Its 2019 acquisition of Israeli company Mellanox for $6.9 billion represents Nvidia’s largest acquisition ever and the third largest acquisition of an Israeli tech firm. Nvidia's second largest research and development center outside of the U.S. is in Israel, and 13% of its global workforce is in Israel as of 2024.
The Israeli military uses multiple Nvidia products. Several purchases of Nvidia products were disclosed by the Israeli Ministry of Defense during Israel’s 2023-2025 Gaza genocide.
Related Issues
Surveillance Capitalism
Surveillance capitalism is extraction without consent — behavioral data harvested from people whose agreement was buried in terms they couldn't negotiate and can't revoke. We exclude companies whose revenue depends on this, and hold a high bar for any tech company where surveillance is a meaningful input. Until users can control, audit, and delete their data, this stays a core exclusion.
Palestine & Occupied Territories
We exclude companies that profit from Israel's occupation of Palestinian territories — settlement construction, military technology, surveillance infrastructure, discriminatory resource arrangements. The ICJ ruled this occupation unlawful in 2024. We don't wait for political resolution to stop funding what international law has condemned.
Research Sources
5 organizations
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The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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