Short-Seller Culper Research Published Information on Jensen Huang’s Affair Back in May
Culper Research is a short-seller that published a report ( PDF and in a thread on X ) in May alleging that Nvidia “had a China problem”. From the start of its report: Nvidia claims that its business in China went to “zero” after April 2025 U.S. trade restrictions. We believe that in reality, over 20% of Nvidia’s FY 2026 compute revenues remained driven by China — supported both by illegal GPU…
In May of this year, short-seller Culper Research released a report alleging that Nvidia had a "China problem." The report suggested that while Nvidia claimed its business in China had gone to zero following U.S. trade restrictions, over 20% of the company's compute revenues in FY 2026 were still driven by China, supported by illegal GPU diversion and Southeast Asian intermediaries.
Culper Research also alleged that Nvidia's largest Southeast Asian chip buyer, Megaspeed, was secretly financed by Alibaba through a series of shell companies. The report included photos of Nvidia CEO Jensen Huang with Alice Huang, the alleged head of Megaspeed, and even detailed a June 2024 party and a May 2025 dinner together, just after the Apex/Alibaba pledge.
Sources within Megaspeed claimed that Nvidia CEOs always brought Alibaba representatives to the company's facilities. It was clear that Huang and Alice Huang had a close relationship, and insiders speculated about the nature of their partnership. The short-seller report suggested that Huang should have taken more decisive action to address the situation, similar to how Jeff Bezos handled his 2019 affair with Lauren Sanchez. Instead, Nvidia spokespeople continued to defend Huang, allowing the situation to unfold publicly.
Written by urgent.news from Daring Fireball's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
