“Why short Nvidia?...” The 31-year-old investment firm CEO who warned of the “Jensen Huang affair” six months ago

[Financial News] Amid growing fallout from allegations surrounding Nvidia CEO Jensen Huang, a report by a short-selling investment firm that questioned Huang’s relationship with a China-related figure six months ago is drawing attention.

According to The Wall Street Journal (WSJ) and The New York Times (NYT) on the 11th (local time), a report on Nvidia released on May 13 by short-selling firm Culper Research has recently spread rapidly online. Culper Research was founded by 31-year-old short seller Christian LaMarco.
In its 40-page report, Culper Research said, “There is one reason we are short Nvidia: the company has a significant ‘China problem’ (We are short Nvidia for one reason: the Company has a significant China problem).”
Nvidia has said its China business fell to “zero” after U.S. export restrictions were imposed in April last year.
The report, however, claimed that at least 20% of Nvidia’s fiscal 2026 compute revenue still came from demand in China.

The report said CEO Huang had maintained an “uncomfortably close relationship” with Alice Huang of Megaspeed International. Megaspeed International is a Singapore-based company the report identified as Nvidia’s largest chip buyer in Southeast Asia.
The report cited the fact that the two were together at a party in Taipei in June 2024 and at a meal in Taiwan in May last year.
According to the report, a current Megaspeed International employee described the relationship between the company and CEO Huang as “very close.” A former Nvidia employee at director level said, “Megaspeed is just the tip of the iceberg.”
The report also presented a YouTube video showing CEO Huang visiting a noodle shop in Taiwan in May last year. It said that as Huang’s party left the restaurant, Alice Huang appeared to notice the reporters gathered outside and stopped; afterward, she remained behind.

The report was disregarded by the market when it was released. At the time, CEO Huang was preparing to accompany U.S. President Donald Trump on his visit to Beijing.


Nvidia shares rose on the day the report was released and hit a record high the following day. CEO LaMarco received ridicule as well as warning messages telling him to “be careful.”
The situation had reversed in six months. Reports emerged that U.S. intelligence agencies suspected Alice Huang of having ties to Chinese intelligence agencies, and CEO Huang admitted in an internal memo on the 8th that he had not been faithful to his wife. Since the report was published, Nvidia’s market capitalization has fallen by more than $1 trillion.
LaMarco told the NYT, “Everyone used to just laugh at us, but now everyone is praising us.” He told the WSJ, “This time, it seems to have taken six months for people to pay attention.”
However, LaMarco did not disclose how much he made from this short sale or whether he was still holding his short position.


[email protected] Seong Min-seo Reporter