Nvidia stock crash: Short seller flagged Jensen Huang’s close ties to Alice Huang months before CEO’s resignation

Detailed summary

A May report by short seller Culper Research questioned Nvidia CEO Jensen Huang’s ties to Megaspeed executive Alice Huang and raised concerns about Nvidia’s China-linked supply chain.

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…

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