The short seller who saw signs of Nvidia's China scandal months ago claims Megaspeed isn't the ony company helping China access chips

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'We were confident in the research initially, and we're still confident in it now,' says Christian Lamarco, founder of Culper Research Alice Huang, a former Megaspeed executive,…

'We were confident in the research initially, and we're still confident in it now,' says Christian Lamarco, founder of Culper Research

Alice Huang, a former Megaspeed executive, attends a dinner hosted by Nvidia's chief executive Jensen Huang (in black) at a restaurant in Taipei on May 22, 2025.

When Christian Lamarco published a short report on Nvidia in May 2026, shares of the pioneering chip designer were near a record high, and Jensen Huang, Nvidia's founder and CEO, was preparing to accompany President Donald Trump on a trip to Beijing.

Lamarco, the 31-year-old founder of Culper Research, argued that Nvidia's China business had not "gone to zero," as the company claimed, after the U.S. banned the sale of advanced Nvidia chips to China. Instead, Lamarco said, Nvidia's China business had changed shape.

Lamarco claimed that Nvidia was still generating material revenues that were ultimately coming from Chinese companies, which were finding new ways to receive Nvidia graphics processing units directly, or accessing data centers located in countries like Malaysia that used advanced Nvidia semiconductors. He also described an "uncomfortably close relationship" between Huang and Alice Huang, a former executive at Megaspeed, a big buyer of Nvidia chips in Southeast Asia.

Six months later, over this past weekend, Nvidia's Huang acknowledged that he and the former Megaspeed executive, with whom he is not related, had engaged in an affair. The admission followed reporting in late October from the New York Times, alleging that Megaspeed's Huang had been recruited to spy on behalf of China's Ministry of State Security.

Nvidia said on Sunday that its board is initiating an independent investigation into whether its CEO has been the target of a foreign-intelligence effort.

As investors rushed to commiserate about the revelations on social media, a number of prominent accounts flagged Culper's report for being an incredibly prescient example of the power of independent research by…

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