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

Culper Research is a short-seller that published a report (PDF and in a thread on X) in May alleging that Nvidia “had a China problem”. From the start of its report: Nvidia claims that its business in China went to “zero” after April 2025 U.S. trade restrictions. We believe that in reality, over 20% of Nvidia’s FY 2026 compute revenues remained driven by China — supported both by illegal GPU diversion and Southeast Asian intermediaries. Nvidia has repeatedly vouched for Megaspeed — its single largest Southeast Asian chip buyer currently under investigation by both U.S. Commerce and Singapore authorities — as “wholly owned and operated by a company based and headquartered outside China, with no China shareholders.” Nvidia has also claimed that it has “repeatedly tested and sampled data centers around the world and found no diversion.” Documents we uncovered, however, suggest that Megaspeed has been secretly financed by Alibaba via a series of apparent shell companies. Tellingly, Nvidia’s lawyered phrasing — that Megaspeed holds no Chinese equity — doesn’t seem to preclude Chinese financing. From Culper’s report on X (replete with another photo of Huang and Huang alongside each other at a festive occasion): $NVDA CEO Huang has walked alongside Megaspeed at every step, and seems to have a close relationship with Megaspeed’s Alice Huang. They partied together in June 2024 — same month as the Apex/Alibaba pledge, then dined together in May 2025 — just after U.S. trade restrictions. Per a current Megaspeed employee, “every single time” $NVDA’s CEO visits their facility, Alibaba reps come too. One former $NVDA employee told us that internally, Nvidia employees speculated as to the seemingly special nature of the relationship with Jensen. The jig was clearly up back in May. Short-sellers were hinting at the affair, and the CIA obviously knew about it. That was the time for Jensen Huang to get on top of the story. At that point it was certain that the details were going to come out. The only question was if the details would come out on Huang’s terms or someone else’s. Remember back in 2019 when the National Enquirer tried to blackmail Jeff Bezos, who at the time was having an affair with Lauren Sanchez (now his second wife), unbeknownst to MacKenzie Scott (now his ex-wife)? Huang should have done something more like that. Instead, he allowed Nvidia spokespeople to make fools of themselves lying on his behalf.  ★