Tech

Short-Seller Culper Research Published Information on Jensen Huang’s Affair Back in May

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Based on a feed excerpt; full article content has not been acquired. Source evidence retrieved 09/11/2026, 21:07:24 UTC.

Briefings

Culper Research published a May 2025 report alleging Nvidia had a China problem, claiming over 20% of FY 2026 compute revenues remained driven by China despite Nvidia's claims of zero impact. Evidence suggests Megaspeed, Nvidia's largest Southeast Asian chip buyer, was secretly financed by Alibaba via shell companies, contradicting Nvidia's assertion of no Chinese equity. Additionally, documents indicate a close personal relationship between Nvidia CEO Jensen Huang and Megaspeed's Alice Huang, with both visiting the facility together. The report notes that short-sellers had hinted at the affair in May, suggesting the CIA was aware, though the specific details and their public impact remain uncertain.

Key points

• Culper Research reported in May 2025 that over 20% of Nvidia's FY 2026 compute revenues were driven by China, contradicting Nvidia's claim that business in China went to zero after April 2025 trade restrictions.
• Documents suggest Megaspeed, Nvidia's largest Southeast Asian chip buyer, was secretly financed by Alibaba via shell companies, while Nvidia's legal phrasing does not preclude Chinese financing of the subsidiary.

Context

This finding matters because it challenges Nvidia's official narrative regarding its China business, revealing potential revenue leakage through intermediaries and highlighting a potential personal connection between the company's leadership and a major chip buyer under investigation.

Limitations

Evidence is limited to a single short-seller report and internal documents; specific details about the CIA's knowledge and the extent of the personal relationship remain unverified. Some claims are speculative, such as the exact nature of the 'affair' and its public consequences, which are not fully supported by the provided text.

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