Nvidia CEO Jensen Huang has come under scrutiny following allegations about his association with a Chinese investor identified as Alice Huang, who has reportedly been linked to espionage concerns. The claims have drawn attention to Nvidia’s business connections in China and the activities of companies allegedly involved in the supply chain for its artificial intelligence chips.
The controversy gained renewed attention after an international media report cited a US intelligence memo that reportedly detailed the relationship between Jensen Huang and Alice Huang. However, the allegations of espionage and the nature of their association have not been independently established.
Photographs Highlighted in Short-Seller Report
In May 2025, US short-selling firm Culper Research published a report titled “Nvidia: The China Problem”. The report included photographs of Jensen Huang and Alice Huang together at public events and questioned the nature of their association.
According to the report, the two were first seen together at the Computex technology exhibition in Taipei, Taiwan, in June 2024. Additional photographs reportedly showed them attending a dinner in Taiwan in May 2025 alongside a Hong Kong-based executive.
The report also suggested that Alice Huang appeared reluctant to be photographed publicly with Jensen Huang during one of their encounters. It raised questions about the timing of the meeting, which came weeks after the United States tightened certain trade restrictions involving China.
However, the report did not establish that the two were involved in an intimate relationship or that Alice Huang was engaged in espionage. It described their connection as close but undefined.
Months later, an international media report cited a memo based on US intelligence that reportedly discussed their association. The contents and claims of the memo require careful distinction from independently verified facts.
Questions Over Megaspeed’s Financial Transactions
The Culper Research report also raised questions about the financial activities of Megaspeed, a Singapore-based data centre company in which Alice Huang reportedly held a key position.
According to the report, Megaspeed’s balance sheet increased sharply from approximately $33 million at the end of 2023 to around $3 billion a year later. The report said nearly $2.9 billion of the amount was recorded as refundable deposits from unidentified entities.
It also highlighted transactions involving SpeedMatrix, a Malaysian company affiliated with Megaspeed. SpeedMatrix reportedly pledged its assets to Apex Enterprise Solutions, a Singapore-based company that the report linked to Alibaba Group.
The allegations surrounding these transactions and the companies involved should not be treated as established wrongdoing. Further investigation and independent verification are needed.
What Is Short Selling?
Short selling is a strategy used by traders in the stock market who anticipate that the price of a particular stock will fall in the future, allowing them to profit from the decline. In this process, a trader borrows shares which they do not own from a broker and immediately sells them in the market.
Once the price drops as expected, the trader buys the shares back from the market at the lower price and returns them to the broker. The difference between the initial selling price and the subsequent purchase price constitutes the trader’s profit. However, if the trader’s prediction proves wrong and the stock price rises instead, they will incur a loss.
