Meet the short seller that flagged Nvidia’s ‘significant China problem’ six months ago—including ‘uncomfortably close’ ties with Alice Huang

What happened

Six months ago, Culper Research took a short position against Nvidia, arguing the company faced major risks related to its business in China. The firm alleged that Nvidia's CEO, Jensen Huang, had a close relationship with Alice Huang, a Chinese executive at Megaspeed International, who was suspected of being a Chinese spy. Culper claimed that Nvidia was still generating significant revenue from China through indirect channels, despite U.S. export restrictions. Since then, Nvidia's share price has dropped nearly 28%, and Jensen Huang has been removed from his position as CEO amid the ongoing controversy.

Key details

• Nvidia stock has fallen 27.9% from its peak of $235.74 per share over the past six months.
• U.S. export restrictions on Nvidia products to China began in April 2025.
• Culper's report focused on Megaspeed International, a Singapore-based company allegedly financed by Alibaba through shell companies.
• Jensen Huang was reportedly seen with Alice Huang, a Megaspeed executive, on multiple occasions in 2024 and 2025.

Why it matters

Investors in Nvidia have experienced a significant loss in share value, with the stock dropping nearly 28% in six months. Nvidia's management and board have had to address leadership changes and internal scrutiny following the removal of Jensen Huang as CEO. Companies that rely on Nvidia hardware, as well as partners in China and Southeast Asia, now face increased uncertainty over supply channels and regulatory compliance.