Six months before the Nvidia spying scandal broke, New York-based short-selling firm Culper Research had already raised questions about the unusually close relationship between Nvidia CEO Jensen Huang and Alice Huang, an executive at Megaspeed, a Singapore-based company that buys Nvidia chips. She is now suspected of being a Chinese spy.
Nvidia’s CEO admitted to having an extramarital affair over the weekend, and the company opened a formal investigation into his relationship with Alice Huang (who shares his last name but is not related). U.S. intelligence officials believe she was recruited by the Chinese government to gather intelligence on Jensen Huang and influence its position regarding U.S. export controls on advanced AI chips.
Culper’s May 13 report resurfaces because he brought up the connection between Jensen Huang and Alice Huang while investigating Megaspeed’s ties to Nvidia.
In particular, the report calls the relationship between the two executives “uncomfortably close,” noting that the Nvidia CEO has been spotted partying and socializing with Alice Huang on several occasions. The report even claimed that some Nvidia employees questioned whether they had a “special relationship.”
Culper Research also speculated that Chinese business lost by Nvidia to export controls had been redirected to Southeast Asia and that Megaspeed, a major buyer of chips in the region, was secretly financed by Chinese tech giant Alibaba through shell companies. He pointed to financial documents showing that Megaspeed’s total liabilities and equity had fallen from $33 million at the end of 2023 to around $3 billion at the end of 2024, largely in the form of refundable deposits from an unidentified source.
The Financial Times reported Monday that documents show Alibaba lent money to Megaspeed through subsidiaries.
Culper is a short seller, so he stood to benefit financially from these allegations, and those regarding possible illegal misappropriation of tokens have not been independently verified. His report is available on the web and was published on X in May.
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