Nvidia short-seller warned of Jensen Huang's ties to suspected spy
Summary
A May report by short seller Culper Research alleged that Nvidia chips were diverted to China through Southeast Asian intermediaries, including Singapore-based Megaspeed International. The report also highlighted links between Nvidia CEO Jensen Huang and Megaspeed executive Alice Huang, whom U.S. intelligence suspects of ties to China’s Ministry of State Security; Nvidia is investigating the relationship, according to the article.Key Facts
- Culper Research said it had bet against Nvidia shares when it published its report on May 13.
- The report alleged that more than 20% of Nvidia’s fiscal 2026 computing revenue remained linked to China through illegal chip diversions and Southeast Asian intermediaries.
- Culper cited interviews, corporate filings from Singapore and Malaysia, and social media posts in its research.
- The report said Megaspeed had few assets at the end of 2023 but spent $2.9 billion on Nvidia-powered servers within a year.
- Culper said Megaspeed and its Malaysian affiliate, Speedmatrix, bought $4.8 billion in Nvidia equipment and processors over three years.
- Culper alleged that Alibaba provided billions of dollars to Megaspeed; the article does not independently verify that claim.
- Sens. Elizabeth Warren and Jim Banks warned the Commerce secretary in a March 23 letter about possible diversion of advanced U.S. AI chips to China through Southeast Asian intermediaries.
- The article said Nvidia’s valuation fell by $450 billion over two days after recent revelations about Jensen Huang’s links to Alice Huang.
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