Six months ago, Nvidia stock peaked at $235.74 before falling 27.9%, while Jensen Huang was removed as CEO following his romantic affair with Alice Huang, a suspected Chinese spy. In its May report, Culper Research alleged that more than 20% of Nvidia’s fiscal 2026 compute revenue came from Chinese demand, including through GPU smuggling and Southeast Asian intermediaries. The report targeted Singapore-based Megaspeed International, which was suspected of being secretly financed by Alibaba and of enabling Chinese companies to access Nvidia’s advanced chips. Culper also highlighted close links between Jensen Huang and Megaspeed executive Alice Huang without establishing a romantic relationship, and noted that Beijing had since blocked Nvidia imports in favor of Chinese domestic chipmakers.
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