Nvidia’s Huang’s warning about relationship risks already in the spring – Claim: Chips to China

US investment research company and short seller Culper Research already raised in May 2026 in his report out Nvidia’s CEO by Jensen Huang connections By Alice Huang. The company also suspected that Nvidia’s chips ended up in China through middlemen.

Alice Huang has since been suspected of spying for China.

Culper said at the same time that he was shorting Nvidia. It tells about it, among other things Wall Street Journalwho has also interviewed Culper’s founder, the 31-year-old Christian Lamarcoa. According to the WSJ, the relatively unknown Culper’s previous reports on little-known companies have not attracted much attention. The Nvidia report did not attract significant attention when it was published half a year ago either.

In his report, Culper described the relationship between Jensen Huang and Alice Huang as “uncomfortably” close. According to the report, they had met on several occasions: they were said to have partied together in June 2024 and had dinner together in May 2025.

Alice Huang held management positions in the Singaporean Megaspeedin the company

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According to Culper’s report, Jensen Huang’s connections to Megaspeed were close. The report quoted a company employee who said that when Nvidia’s CEO visited Megaspeed-related data centers, Alibaba representatives were also present. One former Nvidia employee, on the other hand, told Culper that the nature of the relationship between Jensen Huang and Alice Huang had been wondered within the company.

Culper’s Christian Lamarco tells the Wall Street Journal that the Nvidia report was prepared for months, and the company, among other things, hired outside experts to interview Nvidia employees.

Claim: The chips ended up in China

The main allegation in Culper’s report was about Nvidia’s business in China. The company claimed that while Nvidia had said its China business had dropped to virtually zero following the April 2025 US export restrictions, Chinese demand was still significantly reflected in Nvidia’s revenue.

Culper estimated that more than a fifth of Nvidia’s computing power business revenue for fiscal year 2026 still came from the Chinese market. According to it, Nvidia’s advanced artificial intelligence chips ended up in China despite export restrictions through illegal resale and middlemen in Southeast Asia.

The focus of the report was on a Singaporean Megaspeedwhich Culper described as Nvidia’s largest chip customer operating in Southeast Asia. According to Culper, Megaspeed’s operations were secretly financed by a Chinese technology company Alibaba through with the help of intermediary companies.

The report highlighted the rapid growth in Megaspeed’s financial numbers. The items on the liability side of the company’s balance sheet increased from 33 million dollars at the end of 2023 to approximately 3 billion dollars by the end of 2024. According to Culper, the increase was largely explained by the refundable advance payments of about 2.9 billion dollars, the origin of which is not identified in the company’s financial statements.

According to Culper, Megaspeed’s Malaysian partner Speedmatrix imported products worth 4.6 billion dollars between December 2024 and January 2026. About four billion dollars came from this from Aivres Systemswhich assembles servers based on Nvidia technology.

Culp on according to their website previously published reports and shorted, among other things, the cryptocurrency ethereum, a pharmaceutical company Adma Biologicsia and a biopharmaceutical company Tarsus Pharmaceuticalsia. In the case of Adma, the basis for the short position was, according to Culper, the inflated turnover in the reports, and in the case of Tarsus, the artificial increase in sales. According to Culper, the problem in the cryptocurrency ethereum was the Fusaka update, which weakened the currency’s value formation.

The previous report on Tarsus Pharmaceuticals was published in July 2026. Lamarco tells the WSJ that the company is currently exploring a new target.