Culper flagged Jensen Huang’s ties to Alice Huang months before probe

Culper Research described the executives’ relationship as “uncomfortably close,” saying Jensen Huang had been seen partying and socializing with Alice Huang on multiple occasions. The report said some Nvidia employees had wondered whether the pair had a “special relationship.” Despite their shared surname, the two are not related.

The report also alleged that Megaspeed, a Singapore-based buyer of Nvidia chips, was secretly financed by Chinese technology company Alibaba through shell companies. Culper theorized that sales Nvidia lost to U.S. export controls had been rerouted through Southeast Asia. It cited financial records showing Megaspeed’s total liabilities and equity rose from $33 million at the end of 2023 to around $3 billion at the end of 2024, much of it refundable deposits from an unidentified source.

The Financial Times reported Monday that documents show Alibaba lent money to Megaspeed through subsidiaries. Culper’s allegations about possible illegal chip diversion have not been independently verified. As a short seller, the firm stood to benefit financially from its claims.

Nvidia has opened a formal investigation into Jensen Huang’s relationship with Alice Huang after the CEO admitted to an extramarital affair over the weekend. U.S. intelligence officials believe Alice Huang was recruited by the Chinese government to gather intelligence on Huang and influence his position on U.S. export controls for advanced AI chips. Culper’s report was published on its website and posted to X in May 2026.