The key facts

  • Nvidia has opened an investigation into its CEO's relationship with Alice Huang, suspected of spying for China
  • A Culper Research report dated May 13, 2026 already pointed to the affair and to possible financing of Megaspeed through Alibaba
  • Claims about chip smuggling have not been independently confirmed; Culper is a short seller with a financial interest

What happened

Nvidia CEO Jensen Huang admitted over the weekend to an extramarital affair with Alice Huang, a top executive at Singapore-based Megaspeed, which purchases Nvidia chips (the two are not related despite sharing a surname). The company has opened a formal investigation into his relationship with her. According to TechCrunch, US intelligence believes Alice Huang was recruited by the Chinese government to gather information about Huang and to influence his position on American export restrictions on advanced AI chips.

A warning six months in advance

As TechCrunch notes, back on May 13, 2026 the New York firm Culper Research, which had announced a short position on Nvidia, pointed out in a report on Megaspeed's ties to Nvidia the 'uncomfortably close' relationship between the two executives: Huang was seen at parties with Alice Huang, and some Nvidia employees, according to the report, wondered whether the two had a 'special relationship.' At the time, these observations went nowhere; now the report is drawing renewed attention amid the scandal.

The report's financial thread

Culper suggested that Nvidia's Chinese business, lost due to export restrictions, had been rerouted through Southeast Asia, and that Megaspeed was secretly financed by Alibaba through shell companies. The report cited financial records: Megaspeed's total liabilities and equity grew from $33 million at the end of 2023 to roughly $3 billion by the end of 2024, a significant portion of it in the form of refundable deposits from an unidentified source. The Financial Times reported on Mondaythat documents show Alibaba providing loans to Megaspeed through subsidiary structures.

Data limitations

Culper is a short seller with a financial interest in Nvidia's shares falling, and its claims about the possible illegal smuggling of chips have not been independently confirmed. The report is available online and was published on X back in May; whether the conclusions of US intelligence and Nvidia's investigation will be confirmed remains an open question.