A short-seller report published six months before Jensen Huang’s sudden resignation as Nvidia’s chief executive and president had already raised questions about his unusually close relationship with Alice Huang, the former Megaspeed executive now at the centre of a controversy involving alleged Chinese espionage and the chipmaker’s supply chain.
The May 13 report by Culper Research, titled The China Problem, questioned Jensen Huang’s association with Alice and examined Megaspeed’s role in the movement of Nvidia-powered servers through Southeast Asia.
It highlighted photographs of the two together at public events in Taiwan in 2024 and 2025 and cited a current Megaspeed employee describing the company’s relationship with the Nvidia chief as “very close”.
The report did not allege that the two were having an affair, nor did it identify Alice Huang as a spy. Those allegations emerged in subsequent media reports, which said US intelligence officials suspected her of passing information to Beijing. Jensen Huang later admitted to being unfaithful to his wife, prompting Nvidia’s board to launch an independent investigation into the national security concerns.
The controversy culminated on Thursday, November 12, when Nvidia announced that Huang had resigned as president, CEO and a member of its board, effective immediately. Chief Financial Officer Colette Kress was named interim CEO as the company begins searching for a permanent successor.
Nvidia shares came under heavy pressure as the allegations emerged over the weekend. The stock fell sharply during the week and was down as much as 20% at Thursday’s low, wiping billions of dollars off the chipmaker’s market value and adding to concerns about the fallout from the leadership crisis.
Alice Huang, also known as Huang Le, is unrelated to Jensen Huang. A former television reporter in China, she later became a senior executive at Megaspeed, a Singapore-based data centre company and one of Nvidia’s biggest customers in Southeast Asia.
Culper report questioned Jensen Huang’s links with Megaspeed
Beyond the personal relationship, Culper’s report raised questions about Megaspeed’s financial structure and its role in Nvidia’s China-linked supply chain. It said Malaysia-based Speedmatrix, a Megaspeed subsidiary, imported $4.6 billion worth of products between December 2024 and January 2026, including $4 billion from Aivres Systems, an Nvidia Elite OEM partner that assembles servers equipped with the company’s chips.
The report also highlighted Aivres’ links to China-based Inspur Group, its former parent, and alleged that the supply chain could have helped Nvidia-powered computing capacity reach Chinese customers through intermediaries in Southeast Asia.
Culper further cited employees who claimed Jensen Huang visited Megaspeed-linked data centres every few months, often accompanied by Alibaba representatives. It questioned whether Nvidia could have been unaware of the ultimate destination of chips supplied through the network.
China exposure and oversight concerns return to the spotlight
The report also challenged Nvidia’s claims that its computing business had effectively exited China following tighter US export restrictions. Citing a former Nvidia employee, Culper estimated that 20% to 40% of the company’s data-centre business could still have been functionally linked to Chinese demand. This was the report’s estimate, not a confirmed figure.
The allegations have now taken on greater significance following the latest developments involving Huang and Alice Huang. Nvidia has said it has no reason to believe its trade secrets or national security were compromised and that it is cooperating with the investigation. Megaspeed has also denied wrongdoing.
Culper disclosed in its report that it held a short position in Nvidia, an important consideration for investors assessing its allegations. While the report did not predict Huang’s resignation, its earlier questions about his relationship with Megaspeed and the company’s China-linked supply chain have resurfaced at a moment of unprecedented leadership uncertainty for the chipmaker.
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