Six months before allegations surfaced that a person suspected of being an agent of the Chinese state cultivated ties with and sought to influence Nvidia CEO Jensen Huang, New York short seller Culper Research had already highlighted the CEO's close relationship with Alice Huang, an executive at Megaspeed, a Singapore-based chip buyer.
What Culper Research reported
Culper Research published a report on May 13, 2026 that drew attention to what it described as an "uncomfortably close" relationship between Jensen Huang and Alice Huang. The report said the two executives were seen socializing and attending parties together on multiple occasions, and that some Nvidia employees had speculated about a "special relationship." Culper also announced a short position in Nvidia (ticker: NVDA), stating the company had a significant China problem.
The report further alleged that business lost to export controls in China had been rerouted through Southeast Asia and suggested Megaspeed was secretly financed by Alibaba using shell entities. Citing financial records, Culper said Megaspeed's total liabilities and equity rose from about $33 million at the end of 2023 to roughly $3 billion by the end of 2024, much of it recorded as refundable deposits from an unidentified source.
Intelligence suspicions and Nvidia inquiry
U.S. intelligence officials reportedly believe Alice Huang was recruited by the Chinese government to collect information on Jensen Huang and to influence his stance on U.S. export controls for advanced AI chips. Jensen Huang acknowledged an extramarital affair over the weekend, and Nvidia has opened a formal internal investigation into his relationship with Alice Huang. The company noted that although they share the same surname, the two are not related.
External reporting and caution
The Financial Times reported on Monday that documents indicate Alibaba provided loans to Megaspeed through subsidiaries. However, the allegations about possible illegal chip diversion and the details of Megaspeed's financing raised by Culper have not been independently verified.
Culper Research is a short seller and therefore could benefit financially if Nvidia's stock falls; its May 13 report and related posts were made public on its website and on X (formerly Twitter). The claims have prompted further scrutiny from media and authorities, but require independent confirmation given the serious national-security and corporate-governance implications.
