Short seller flagged Nvidia CEO's relationship with Chinese-linked executive months before spy allegations
Culper Research warned in May that Nvidia CEO Jensen Huang had a close association with Megaspeed executive Alice Huang, who is now under investigation as a suspected Chinese intelligence operative.
Culper Research, a short-seller firm based in New York, issued a report on May 13 that highlighted a close relationship between Nvidia CEO Jensen Huang and Alice Huang, an executive at Singapore-based Megaspeed, a major buyer of Nvidia chips. The report noted that the two had been seen together at social events and suggested that some Nvidia staff questioned the nature of their association.
The firm also suggested that Nvidia's lost China business, constrained by U.S. export controls, might have been redirected through Southeast Asia, with Megaspeed potentially receiving financing from Chinese technology conglomerate Alibaba via shell companies. Financial records cited in the report show Megaspeed’s liabilities and equity rising from $33 million at the end of 2023 to about $3 billion by the end of 2024, largely as refundable deposits from an unidentified source.
Following the emergence of a spy scandal involving Alice Huang, Jensen Huang publicly acknowledged an extramarital affair and Nvidia announced a formal investigation into his interactions with the Megaspeed executive. U.S. intelligence officials have indicated that Alice Huang is suspected of being recruited by the Chinese government to gather intelligence on Jensen Huang and influence his stance on U.S. export controls for advanced AI chips.
The Financial Times reported that documents reveal Alibaba provided loans to Megaspeed through its subsidiaries, supporting the financing link identified by Culper Research.