‘Nvidia has a significant China problem’: Short seller flagged Jensen Huang's alleged spy links months before probe

Résumé détaillé

Nvidia shares have fallen about 25% since Culper Research published allegations involving Jensen Huang, Alice Huang and possible AI-chip diversion to China.

Nvidia CEO Jensen Huang's alleged links to a Chinese business executive suspected of working for Beijing's intelligence service were flagged by short seller Culper Research months before the chipmaker launched an investigation into the matter.

Christian Lamarco, founder of New York-based Culper Research, published a 40-page report on May 13. It raised questions about Huang's association with Alice Huang, also known as Huang Le, a former television reporter and financial industry executive who was a senior executive at Singapore-based Megaspeed International.

US intelligence agencies suspect Alice Huang of being an asset of China's Ministry of State Security. Nvidia has launched an independent investigation into allegations involving its CEO, with the controversy drawing investor scrutiny and contributing to a sharp decline in the company's market value.

Culper's May report alleged that Nvidia continued to generate significant revenue linked to China despite US restrictions on exports of advanced artificial intelligence chips.

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In a May 13 post on X, the firm claimed more than 20% of Nvidia's fiscal 2026 computing revenue remained connected to China through alleged illegal chip diversion and Southeast Asian intermediaries. “We are short Nvidia $NVDA. . We believe Nvidia has a significant China problem,” they wrote.

The short seller also questioned Megaspeed's rapid financial expansion and alleged that Chinese technology company Alibaba had financed the Singapore-based chip buyer through intermediary companies.

According to Culper's findings, Megaspeed and its Malaysian affiliate, Speedmatrix, purchased $4.8 billion in Nvidia equipment and processors over three years.

The firm said Megaspeed's financial position grew dramatically, with $2.9 billion in refundable deposits recorded in 2024.

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