Culper Research shorted Nvidia on May 13, estimating that over 20% of fiscal 2026 compute revenue would still come from Chinese demand routed through intermediaries in Taiwan, Singapore, and Malaysia. The report identified companies such as Megaspeed in Singapore, Speedmatrix in Malaysia, and Giga Computing in Taiwan as channels bypassing US export restrictions on AI chips. On July 24, Taiwanese prosecutors searched the home of an Nvidia employee suspected of smuggling prohibited chips to China. On July 28, Jensen Huang met with US Commerce Secretary Howard Lutnick in Washington. Since that May 13 date, Nvidia shares have never closed higher than their level on that day.
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