Months before reports of the affair between Nvidia CEO Jensen Huang and alleged Chinese spy Alice Huang surfaced, a short seller noted the “uncomfortably close relationship” between the two.

A report titled “NVIDIA (NVDA): The China Problem” was published by Culper Research in May 2026, and although it didn’t directly suggest an affair between the two, it noted the close ties between them. The report also alleged that Megaspeed, the Singapore-based chip buyer Alice Huang worked for, was financed by Alibaba through shell companies.

“Nvidia CEO Jensen Huang has not only vouched for Megaspeed, but seems to have quite literally walked alongside Megaspeed at every step, while maintaining an uncomfortably close relationship with Megaspeed’s Alice Huang, a Chinese national,” Culper Research wrote.

Culper Research, which is named after a spy ring created by George Washington during the American Revolutionary War, said that it was short on Nvidia because of the company’s close ties to China amid geopolitical tensions with the U.S., which imposed export controls to block advanced AI chips from going to China.

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The report claimed that Chinese firms are still accessing Nvidia’s advanced chips through diversion from other buyers in Southeast Asia. It also noted that Nvidia has vouched for Megaspeed, which is the largest buyer of the company’s chips in Southeast Asia and has faced investigations by U.S. regulators and authorities in Singapore.

Regarding Jensen Huang’s relationship with Alice Huang, the report noted they were seen together in June 2024 and May 2025. One Megaspeed employee said that “Jensen visits Megaspeed-linked data centers ‘every few months’ and ‘every single time’ he visits, he is accompanied by representatives from Alibaba.”

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The report said the Megaspeed employee characterized the company’s relationship with Jensen as “very close” and corroborated a former Nvidia employee’s suggestion that Nvidia employees wondered if there was a special relationship with the company.

Jensen Huang disclosed over the weekend that he was “unfaithful to my wife” and that he was “deeply sorry” for his actions. He did not elaborate on the…