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.…