Over six months ago, short seller Culper Research placed its bet against Nvidia, citing CEO Jensen Huang’s ‘close relationship’ with Megaspeed’s Alice Huang as one of its key concerns. Now, Huang has admitted to an extra-marital affair with the executive who is alleged to be a Chinese spy by US intelligence authorities.

Culper Research disclosed its short position in Nvidia in May 2026, arguing that the US chip giant faced under-appreciated risks tied to China exposure. At the time, Nvidia said that its China business had effectively dropped to zero following US-imposed chip export restrictions in April 2025.

Despite these trade restrictions, Culper Research alleged that more than 20 per cent of Nvidia’s fiscal 2026 compute revenue was tied to China through illegal diversion of GPUs (Graphics Processing Units) via intermediaries in Southeast Asia, such as Singapore-based Megaspeed.

“Nvidia CEO Huang has walked alongside Megaspeed at every step, and seems to have a close relationship with Megaspeed’s Alice…