‘Nvidia has a significant China problem’: Short seller flagged Jensen Huang's alleged spy links months before probe
Nvidia shares have fallen about 25% since Culper Research published allegations involving Jensen Huang, Alice Huang and possible AI-chip diversion to China.
- ✓Nvidia shares have fallen about 25% since Culper Research published allegations involving Jensen Huang, Alice Huang and possible AI-chip diversion to China.
- ✓(REUTERS)Christian Lamarco, founder of New York-based Culper Research, published a 40-page report on May 13.
- ✓US intelligence agencies suspect Alice Huang of being an asset of China's Ministry of State Security.
- ✓According to Culper's findings, Megaspeed and its Malaysian affiliate, Speedmatrix, purchased $4.8 billion in Nvidia equipment and processors over three years.
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.
Jensen Huang's alleged links to suspected Chinese spy were flagged in May. (REUTERS)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. 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.
It alleged that the money came from an unidentified source linked to Alibaba. Concerns over advanced AI chips reaching China through Southeast Asian intermediaries had also surfaced in Washington. In a March 23 letter to Commerce Secretary Howard Lutnick, Senators Elizabeth Warren and Jim Banks warned about what they described as large-scale diversion of American AI chips to China.
They called for the suspension of export licences involving Nvidia AI chips and servers supplied to China and companies across Southeast Asia. Culper's report also highlighted photographs and social media posts showing Jensen Huang and Alice Huang together at several events.
The firm described their association as unusually close, although its report did not directly establish a romantic relationship. Nvidia's stock was trading at $225.83 a share when Culper published its report on May 13. By Tuesday's close, the shares had fallen about 25%, according to CBS News report.
The company has faced renewed investor concerns as questions surrounding Huang's alleged association with Alice Huang and the possible diversion of advanced chips to China remain under scrutiny. Asmi is a Senior Content Producer primarily covering stories related to NRIs, immigration, visas, citizenship and global mobility.
She closely follows developments that affect Indians living, working and studying abroad, with a particular focus on translating complex policies and international developments into clear, accessible stories for readers.
As part of the US Desk, Asmi also reports on a wide range of political, economic and social developments in the United States, exploring their relevance to Indian and global audiences. Her work spans breaking news, features, trends and explanatory stories, with an emphasis on accuracy, timely reporting and audience-focused storytelling.
Asmi likes finding the human angle behind major developments and bringing context to stories that can often feel complicated or distant. She is especially interested in stories around immigration, life abroad, careers, education and the experiences of the Indian diaspora, while also exploring a wide range of topics that spark curiosity and conversation.
Outside the newsroom, Asmi is an avid reader and loves travelling, discovering new places, experiencing different cultures and collecting stories along the way.Read More
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| Issuing Authority | Hindustan Times World |
|---|---|
| Topic Category | WORLD |
| Jurisdiction | All India / National |
| Publication Date | 12 November 2026 |