The key facts

  • A memorandum based on US intelligence data claims Alice Huang was recruited by China's Ministry of State Security to spy on Nvidia's chief
  • The FT reports an alleged romantic nature of the relationship; Nvidia says the contacts were 'unusual' only in a formal sense and denies any transfer of confidential data
  • Separately, the NYT found no real presence at the address of New Matrix, a company cleared to purchase chips

Memorandum on recruitment

A memorandum circulated in early 2026 claimed that top executive Alice Huang had been recruited by China's Ministry of State Security to spy on Nvidia CEO Jensen Huang. The New York Times was the first to describe the document, which is said to be based on US intelligence information; then the Financial Times reported that the memorandum also spoke of a romantic relationship between Huang and Alice Huang, the head of the Singapore-based company Megaspeed.

Nvidia's response and the New Matrix question

An Nvidia representative told the NYTthat Jensen Huang's interactions with Alice Huang were 'unusual' only in the sense that they did not go beyond the ordinary, and that the company does not share confidential information with clients. According to the spokesperson, Nvidia sells 'the first, the best, and the majority of our technologies in America.'

A separate investigation: New Matrix

In a separate report, the NYT examined the Chinese company New Matrix, which the US Department of Commerce officially cleared to purchase advanced Nvidia chips. At the office address listed by New Matrix, reporters found only a 'hollow gray shell' — this raised concerns that the company could be a front for a blacklisted private investment firm. These concerns were not confirmed by the NYT, but were voiced only as an assumption.