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.
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.
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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 raised concerns over Nvidia’s China business
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.
Lawmakers had warned about chip diversion
Concerns over advanced AI chips reaching China through Southeast Asian intermediaries had also surfaced in Washington.
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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.