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'Tis the nature of man, to sеlf-destruct again and again
I've news, the messenger's dead
Drowned in a sea of notes unread

Queens of the Stone Age - Run Away From The Mob

As you’ve probably read by now, Jensen Huang, CEO of NVIDIA, has admitted to having an affair with what appears to be a Chinese spy called Alice Huang (no relation), CEO of a company called Megaspeed, and who also goes by the name of Huang Le.

Though far from a household name (though mentioned in an earlier newsletter), Megaspeed is NVIDIA’s largest Southeast Asian customer, per Culper Research, which announced it had taken out a short position on the company in May of this year, citing its belief that NVIDIA’s indirect sales to Mainland China account for significant proportion of its revenue.

Culper Research’s excellent short report focuses heavily on Megaspeed, a firm with an unusual history and near-empty office in Singapore that, somehow, bought billions of dollars of GPUs in a short amount of time. Said company also has, as I’ll get into, an identical website to a Chinese neocloud that claims to have multiple data centers with advanced NVIDIA chips.

This was all revealed mere days after NVIDIA’s spokespeople dismissed allegations and called the relationship “completely normal and not unusual” after a New York Times article reported that (Jensen) Huang had been targeted by (Alice) Huang. President Trump had been briefed on the matter around a year ago, but had taken no action as he had, and I quote, “...been wary of disrupting Nvidia’s chip sales, which are helping to drive the economy and the stock market.”

The commerce department, per the Wall Street Journal, had been investigating Megaspeed as a potential chip smuggler since late 2024, with the investigation stalling once it was handed to the Justice Department (which I’ll get to later).

It appears, per the Journal, that the goal was to persuade Huang to use his influence with the highest echelons of American political power to get them to loosen chip export restrictions — though I’ll argue today that the other part of the plan was to use him to funnel sanctioned GPUs directly to China, irrespective of any policy changes in Washington.

Per The Journal:

Jensen Huang has long argued that the U.S. should loosen the rules that restrict sales of its chips to China. He has said this would continue Beijing’s dependence on U.S. chips and help Nvidia bring in revenue that benefits Americans, rather than spurring China to become self-sufficient.

Huang has now admitted to the affair, though he left out that he’d hired a PR firm known for handling sex scandals around October 2025 (per WIRED):

In Sunday’s memo, Huang wrote: “To my wife and family: I love you. I know an apology cannot undo what I have done. I hope our family will heal and that, over time, I can earn back your trust.”

Additionally, NVIDIA has launched an “independent investigation with a committee of independent directors, assisted by outside independent counsel,” but has “no reason to believe that either national security or NVIDIA secrets were compromised.”

As I’m about to explain, NVIDIA’s “investigations” don’t carry very much weight.

As I alluded to earlier, regular Where’s Your Ed At readers heard a little about the strange tale of Megaspeed back in March — a Singapore-based outfit that, according to Bloomberg in December 2025, was a “once-obscure spinoff of a Chinese gaming enterprise [that] evolved into the single largest Southeast Asian buyer of NVIDIA chips,” and exhibited odd signs that suggest it might be operating as a front for China.

Per Bloomberg, Megaspeed imported goods “worth more than a thousand times its cash balance in 2023,” with two-thirds of its imports being NVIDIA products.

From what I can piece together — and I’ll get into some detail later in the piece — Megaspeed was originally a Singaporean-registered mobile app developer called 7Road International that rebranded to Megaspeed in March 2023, after it was acquired by Huang Le Limited, making Alice Huang its managing director. At some point it launched a subsidiary called SpeedMatrix which was somehow able to buy about $4.8 billion worth of NVIDIA GPUs.

Sidenote: This is somewhat of a simplification. The actual structure of Megaspeed, Speedmatrix and the web of subsidiaries is complex by design. On Friday, we’ll get deep into the weird (and spectacularly dodgy) history of Megaspeed.

Per the Strait Times, Megaspeed pays for an expensive office space in Singapore where effectively nobody works.

Anyway, the investigation got weirder when Bloomberg tried to track down specific circuit boards that NVIDIA had told the US government were in specific sites, only to find that most of the circuit boards attached to the various GPUs were gone.

While the US government couldn’t account for the boards themselves, an NVIDIA investigation confirmed that they were at a different warehouse that NVIDIA had seen.

Data centers aren’t the only Megaspeed facilities Nvidia visited. The vast majority of Megaspeed’s $2.4 billion worth of Bianca boards, the circuit boards that house Nvidia’s top-end GB200 and GB300 semiconductors, were unaccounted for at the sites Nvidia described to Washington. After Bloomberg asked about those products, the chipmaker went to separate Megaspeed warehouses, an Nvidia official said, and confirmed the Bianca boards are there.

This person declined to specify the number observed in storage, nor where and when the chips — imported more than half a year ago — would be put to use. “Building data centers is a complex process that takes many months and involves many suppliers, contractors and approvals,” an Nvidia spokesperson said.

…

Asked about the rest of the Blackwell chips, an Nvidia official said the company visited separate Megaspeed warehouses, where it saw the hardware imported earlier and confirmed it hadn’t been diverted to China. But this person declined to specify whether the number of components Nvidia cataloged in storage matches the outstanding volume from Bloomberg’s analysis of Malaysian customs records. Megaspeed didn’t answer multiple queries on the location of and plans for those processors, nor on its facilities writ large.

Oh okay, if you say so! Thanks also for specifying that you confirmed the circuit boards — which were removed from the full chip for some reason! — had not been sent to China. No need to give us any further information!

Bloomberg would also identify a Chinese company called “Shanghai Shuoyao” having a near-identical website and investor deck (as mentioned) to Megaspeed. In Megaspeed’s version, the company discussed several “specific area computing clusters” in unnamed locations in “East South Asia”.

In Shanghai Shuoyao’s version of the website, these clusters were in China — specifically, the cities of Beijing, Shanghai, Shenzhen, and Wuhu.

Per Bloomberg:

One of those projects, upon closer inspection, has a substantially different physical layout from the image in Megaspeed’s presentation. The other, a Shanghai data center that state media has said will be China’s largest, is a match. It’s called the Yangtze River Delta Project, and it counts Tencent Holdings Ltd., China’s most valuable company, as a tenant. (“Our data center operations fully comply with all applicable laws and regulations,” a Tencent spokesperson said.)

Shanghai Shuoyao’s website, meanwhile, was almost a carbon copy of Megaspeed’s page for its sub-brand Lumina, down to Megaspeed’s name appearing in Shanghai Shuoyao’s source code. The primary distinction between the two, other than language, was which Nvidia products they displayed. (As of the time of publication, Lumina’s website appears to be down, while Shanghai Shuoyao’s no longer references Nvidia. Shanghai Shuoyao didn’t respond to multiple requests for comment.)

And that’s how we get to the mysterious Ms. Huang — who appears to go by Huang Le, Alice Huang and Huang Xiaole, depending on the company, as I wrote in March:

Things get a lot weirder as Bloomberg digs in, including a woman called “Huang” that may or may not be both the CEO of Megaspeed and an associated company called “Shanghai Hexi,” which is also owned by the Yangtze River Delta project… who was also photographed sitting next to Jensen Huang at an event in Taipei in 2024.

Various Twitter posters have unearthed both photos and videos of Jensen and Alice Huang (again, unrelated), but none of them feel more devastating than this:

The full arm across the back and around the neck. The confident smile. Oh yeah, they fuckin’!

Seriously, I wish I had seen this photo back in March. Ladies, if you see a photo of another woman with their arm around a guy’s back like this, you are in the danger zone.

While we can’t say for sure, it appears that Ms. Huang was diverting chips to China, possibly to multiple Chinese data centers with at least one paid for by Tencent, and Jensen may have known about it in the literal and biblical sense. Per Trip Mickle of the New York Times on CNN last night, Alice could summon Jensen in the space of a few minutes.

And it appears that NVIDIA was both aware of the Huang tryst and worked diligently to block the US government from investigating Megaspeed further, all to sustain a relationship that was clearly in violation of US Commerce Department export restrictions.

So, from what I can piece together, it appears that Megaspeed ran its operation through a Malaysian subsidiary called Speedmatrix, and there’s very little else out there about the company.

Anyway, in case you needed more proof that something was wrong, Alice Huang was also detained by the Singaporean police in the middle of 2025, seemingly as part of a probe into Megaspeed, Per Bloomberg:

Singapore’s police force several months ago detained the woman who set up Megaspeed, Huang Le, people familiar with the matter said, meaning that she was brought in for questioning — and, one person added, restricted from leaving Singapore. Huang Le is not currently in custody and is assisting the police with their Megaspeed investigation, according to one of the people.

The police declined to comment on their questioning of Huang Le or elaborate on their overall probe into Megaspeed. The company declined to comment on Huang Le’s detention, and Bloomberg was unable to reach Huang Le directly, including after several visits to her registered Hong Kong address in an attempt to secure her contact information from people present there.

And if you’re wondering whether NVIDIA knew about any of this, you’ll be shocked to hear both that it did and hounded the US commerce department about it, eventually killing an investigation into Megaspeed in the process. According to the New York Times, the US commerce department was “deep into a monthslong investigation” of Megaspeed late last year, only to see it “abruptly transferred to the Justice Department” after getting an email from NVIDIA’s general counsel:

It is not necessarily unusual for Commerce Department agents working on a case to speak with a company’s representatives about issues involving their firm. But what was unusual was the content of the message. Tim Teter, Nvidia’s general counsel, said that Jeff Kessler, a top official at the department, had given Nvidia permission to reach out about the case.

The agents were alarmed that Nvidia had invoked the name of Mr. Kessler, their superior, who was nominated to his role by President Trump. Some viewed Mr. Kessler’s interaction with Nvidia as violating government procedure and potentially tainting the case, according to current and former government officials and others familiar with the incident.

Per Bloomberg, NVIDIA used its influence with the Trump administration to “muzzle” Kessler’s team investigating Megaspeed, and specifically wanted to know about Alice Huang’s detainment by the Singaporean authorities.

In late summer 2025, Nvidia’s Tim Teter called Commerce Under Secretary Jeffrey Kessler, who oversees US chip export curbs, to ask about the Megaspeed investigation, according to people familiar with the matter.

Specifically, Teter wanted to know whether Kessler’s Bureau of Industry and Security was involved in the Singapore government’s recent detention of Alice Huang, a Megaspeed executive, according to the people. Singapore police had brought Alice in for questioning and restricted her from leaving the country. BIS was not involved in that action, said the people, who spoke on condition of anonymity owing to the sensitivity of the matter.

Wow! How completely and utterly corrupt. I sure hope that the general counsel of the largest company on the stock market didn’t somehow interfere with an investigation…

It’s unclear whether Teter made any specific requests of Kessler related to his agency’s investigation into Megaspeed, which was separate from Singapore’s. But in the weeks that followed, BIS staff were muzzled in their ability to look into the company, including a mandate that they route all requests of Nvidia through Kessler or seek his approval for outreach — a highly unusual step that remains unique to the chipmaker, the people said. They were also told not to mention Megaspeed or Speedmatrix, the company’s Malaysian subsidiary, in external communications.

Teter, meanwhile, reached out directly to the agency’s staff, including requesting a meeting with one of them, according to some of the people. That BIS employee declined the meeting, and Teter responded that he didn’t understand why his request was spurned, since Kessler had granted him permission to communicate with BIS employees. It’s unclear exactly what Teter wanted to discuss with these individuals.

So, yeah, no problem everyone, nothing weird going on here. All that happened was that NVIDIA used its influence with the US government to suppress an investigation into a company very likely funnelling sanctioned NVIDIA GPUs to China. Very normal.

It should go without saying that the California State Bar should sit down with Tim Teter and have a chat about this whole affair, especially given the following from The Financial Times’ reporting that the FBI was now investigating the Huang Affair.

As recently as last week, Tim Teter, Nvidia’s general counsel, insisted inside the company that claims of an affair were inaccurate, according to people familiar with the situation.

Teter said the sources of information about the US government memo were people who had “an axe to grind with Jensen”.

“They are laundering salacious gossip,” Teter said, according to the people.

The only reason I’m not outright bringing up the California State Bar’s Rule 4.1 around Truthful Statements To Others is that it’s unclear where Teter made these comments. Nevertheless, this is deeply ugly.

In any case, let’s be clear about how blatant this scam was. Per The Financial Times, Alice Huang raised hundreds of millions of dollars in funding for a data center, promising that she had “no problem securing GPUs” in early 2025, and no, she wasn't referring to Huawei’s ascend chips:

The woman at the centre of the Nvidia spying scandal pitched an AI chips deal to China-based investors, touting her ability to secure the US company’s coveted GPUs and her commercial relationship with Chinese tech giant Alibaba.

In early 2025, Alice Huang and her business partner Kang Wei sought investment for a south-east Asia data centre project worth several hundred million dollars, according to two investors pitched on the deal.

The pair said they had “no problem securing GPUs” as a key pillar of the deal and cited Alibaba as a client of the project, according to one investor present.

According to documents viewed by the FT, Megaspeed borrowed money from Alibaba via a subsidiary in Singapore called Apex Enterprise Solutions.

Megaspeed offered its entire business as collateral, and Alibaba became its largest client… which is how NVIDIA got introduced to Megaspeed in the first place:

As part of the agreement, Speedmatrix pledged its entire business as collateral for the loan. Throughout 2024, Megaspeed’s balance sheet grew from $33mn to $3bn, much of which was based on its subsidiaries’ dealings.

Alibaba was Megaspeed’s anchor customer for its south-east Asia cloud service since the beginning and has remained its largest client, according to two people with knowledge of the matter. One added that Nvidia first met Megaspeed to discuss potential procurement because the company had shown their leasing contract with Alibaba.

How strange! The company that appears to have smuggled NVIDIA GPUs also features China’s largest tech conglomerate as its largest client.

This relationship is also discussed in Culper’s short report. Emphasis mine (from page 3):

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. He was first spotted partying with Alice Huang in June 2024 – the same month the Apex/Alibaba pledge was filed. He then dined with Alice Huang in Taiwan in May 2025 – just weeks after the news of U.S. trade restrictions. Finally, per one current Megaspeed employee, Jensen visits Megaspeed-linked data centers “every few months” and “every single time” he visits, he is accompanied by representatives from Alibaba. The Megaspeed employee characterized their relationship with Jensen as “very close”, corroborating another former Nvidia employee’s suggestion to us that many Nvidia employees wondered if there was a special relationship. The same employee added that, in contrast to public reporting suggesting otherwise, Alice Huang is “actually still our boss.”

Culper Alleges That Around $43.2 Billion of NVIDIA’s FY2026 Revenues Were From China Despite Claims Revenue Was “Zero” — And NVIDIA shipped 50,000 More GPUs To Megaspeed Than It Told The Government

While I intend to go into much more detail on this in this week’s premium, I need to directly call out one big allegation of Culper Research’s short report on NVIDIA — that 20% of its FY 2026 revenues came from China, or around $43.18 billion. Per Bloomberg, Megaspeed also imported 50,000 more GPUs than NVIDIA originally reported to the US government.

I trust Culper’s reporting, and think everybody needs to truly digest what this means.

It means that 20% of the largest company on the stock market’s revenue comes from illicit sales to China.
If that’s even half true — and I believe it, given everything else you’ve read today — that revenue is either going away or is long gone depending on how stupid NVIDIA has been.
It’s reasonable to assume that somebody is going to jail based on the sheer scale of the operation.
It’s also reasonable to assume that Megaspeed is, as Culper’s source said, the tip of the iceberg, as its orders only added up to around $4.8 billion.

This is an extremely bad situation, and I honestly wish I had hammered on it earlier and more emphatically. NVIDIA should be in front of a congressional panel. They should put it on the television. Somebody should be arrested and humiliatingly perp-walked into a courthouse in full display to a waiting throng of reporters and cameramen.

In any case, Culper directly alleges that this revenue is going away:

In March 2026, the DoJ indicted three individuals tied to Supermicro Computer (SMCI), including cofounder Wally Liaw, for allegedly smuggling $2.5 billion of Nvidia-powered servers into China via a Southeast Asian pass-through entity identified only as “Company-1.” Days ago, Bloomberg reported that “Company-1” is OBON Corp. (“OBON” i.e., “One Belt One Network”), a conclusion we agree with. We think there’s far more to the story, however. - We believe OBON is affiliated with Megaspeed, and that, in the words of one former high-level Nvidia employee we spoke with, “Megaspeed is just the tip of the iceberg.” The March 2026 indictment alleged $2.5 billion in smuggling via a single corridor (Supermicro to OBON) – our research suggests this corridor is just one of many in what is a complex and far-flung operation involving multiple additional Nvidia OEMs, partners, and intermediaries.

NVIDIA Is An Untrustworthy Company Inflating Its Revenues With Deals That Range From Dodgy To Outright Illegal

So, it’s very easy to smush together two parts of this story — the Chinese honeypot and her obvious association with Megaspeed — and miss the most obvious part of the story: that NVIDIA has inflated its earnings by more than $4.8 billion using sales to what appears to be a passthrough entity for customers in Mainland China.

And that’s just for one company. The true scale may be far, far greater — and Culper Research believes, as mentioned, the total volume of kit going to Chinese customers amounts to 20 percent of the company’s revenues for FY 2026.

In addition to getting his shit rocked crazy style, Jensen Huang — along with collaborators at NVIDIA including its general counsel — has deliberately and repeatedly violated US commerce law.

As much fun as it is to laugh at Jensen’s Bizarre Adventure, it’s very clear that both Huangs have collaborated to profit off of breaking the law, all in service of NVIDIA’s perpetual growth.

And it’s also blatantly obvious that this isn’t the only Chinese (or otherwise sanctioned nation) firm acquiring or buying NVIDIA’s Blackwell chips.

Back in November 2023, JustDario collated a list of NVIDIA’s “Elite Partners” — companies that NVIDIA claims “represent the deepest level of partnership with the company” — featuring multiple different “phantom distributors” like FongCon Co Ltd, which appears to be run out of an apartment above a wine shop in Taiwan, and a “preferred partner” in Russia with an address that leads to a creepy shed of some sort.

Sidenote: For some context about how much a "preferred partner" can buy, The Information reports that Century Litong - Chinese company that at some point was run by Alice Huang's sister Huang Yu with direct connections to Megaspeed - was part of a "labyrinth" of companies that helped bring $7.5 billion in chips to China, including the gear sold to Megaspeed.

This story cuts strangely with the New York Times’ recent reporting that the US Commerce Department cleared GPU sales to several firms that may or may not exist:

New Matrix passed that review. Yet recent checks by The New York Times found that, within China, there is little evidence the firm actually exists, raising questions about who in China is behind the company.

Only scant information can be found online about New Matrix, which was created 17 months ago. At the building that New Matrix lists as its address, a company directory does not include the firm. At the nearby property management agency for the industrial park, a receptionist and a manager both said they had no record of the company.

Back in August 2024, The Information reported that an electric appliance company in China managed to buy $120 million of NVIDIA’s H100 GPUs that were explicitly barred from sale using a shell company in Malaysia — much like Megaspeed did with its chips.

In August 2025, Steve Burke of GamersNexus ran an incredible video about the black market for smuggled NVIDIA GPUs, explaining in detail how A) easy it is to get these chips and B) how little NVIDIA appears to be doing to stop it. I love Steve, and think he’s one of the greatest journalists of our generation, but also think it’s impossible to argue based on this video that the US government or NVIDIA is unaware or incapable of solving this problem.

On November 20, 2025 — a day after NVIDIA’s Q3 Fiscal Year 2026 earnings — Reuters reported that the US Justice Department was charging four people “...in a scheme to illegally export NVIDIA AI chips to China.”

Said earnings had an exciting new addition — per Kakashii, Jensen Huang and NVIDIA changed how it reported its earnings, changing from reporting revenue from the location of the sale to the billing location of the company:

This meant that NVIDIA could now, say, sell GPUs to a company with a billing address in America or Taiwan, only for the chips to actually go to Singapore, or China, or the fucking moon, and basically every business and finance journalist missed it.

The Supermicro Founder Arrested For GPU Smuggling In March Was Selling GPUs To A Megaspeed-Connected Entity — And “Megaspeed Is The Tip Of The Iceberg”

Then there’s the obvious, blatant, shameless case of Supermicro (a major vendor for AI servers) founder Wally Liaw, who (as I also discussed in March) was arrested along with several co-conspirators for selling hundreds of millions of dollars’ worth of GPUs to China, using hair dryers (per Tom's Hardware) to transfer serial numbers from real servers to dummy servers to thwart government inspectors.

Liaw was both very, very dodgy and very much connected to NVIDIA, Jensen Huang, and the greater AI industry.

As I wrote back in March:

Liaw, one of Supermicro’s co-founders, previously resigned in a 2018 accounting scandal where Supermicro couldn’t file its annual reports, only to be (per Hindenburg Research’s excellent report) rehired in 2021 as a consultant, and restored to the board in 2023, per a filed 8K.

Mere days before his arrest, Liaw was parading around NVIDIA’s GTC conference, pouring unnamed liquids in ice luges and standing two people away from NVIDIA CEO Jensen Huang. Liaw was also seen congratulating the CEO of Lambda on its new CFO appointment on LinkedIn, as well as shaking hands (along with Supermicro CEO Charles Liang, who has not been arrested or indicted) with Crusoe (the company building OpenAI’s Abilene data center) CEO Chase Lochmiller.

Mere days before the arrest, Wally posed for a photo at NVIDIA’s GTC 2026 conference with the Supermicro team as Jensen and CEO Charles Liang shook hands barely two feet away.

It is completely insane that nothing else happened here. Supermicro continued to go about its business despite a cofounder and member of its board of directors being arrested by the Department of Justice for selling chips to the Chinese. Imagine if this happened at Dell! Imagine if former CEO of Accenture Bill Green, a member of Dell’s board, had been secretly using a hair dryer to move serial numbers off of Dell servers to sell to China! We’d have a fucking media blitz about it! It would be a huge scandal!

There’s also a direct connection between the Supermicro scandal and the Megaspeed scandal, per Culper’s short report, emphasis mine:

In March 2026, the DoJ indicted three individuals tied to Supermicro Computer (SMCI), including cofounder Wally Liaw, for allegedly smuggling $2.5 billion of Nvidia-powered servers into China via a Southeast Asian pass-through entity identified only as “Company-1.” Days ago, Bloomberg reported that “Company-1” is OBON Corp. (“OBON” i.e., “One Belt One Network”), a conclusion we agree with.

We think there’s far more to the story, however. - We believe OBON is affiliated with Megaspeed, and that, in the words of one former high-level Nvidia employee we spoke with, “Megaspeed is just the tip of the iceberg.” The March 2026 indictment alleged

$2.5 billion in smuggling via a single corridor (Supermicro to OBON) – our research suggests this corridor is just one of many in what is a complex and far-flung operation involving multiple additional Nvidia OEMs, partners, and intermediaries.

Late last night, Bloomberg also reported that Chinese AI lab Moonshot had rented 32 Supermicro servers equipped with B300 GPUs according to online documents they reviewed, all of which were based in China.

From Bloomberg, emphasis mine:

The online filings valued the servers at 432 million yuan ($64.8 million) and said they were located in China, indicating a possible breach of US rules that forbid sales to the country without an explicit license. Bloomberg News was unable to determine whether a license was obtained. Moonshot disputed the accuracy of the documents. After Bloomberg News contacted the company for comment, there were no longer references to Moonshot in the documents.

How do Supermicro servers keep making it to China? I thought we already arrested Wally Liaw!

These GPU smuggling stories have been around for years, and are left totally-unmentioned in any coverage of NVIDIA’s parabolic growth, despite the fact that it’s very clear that a not-insignificant part of that growth is flowing through illegal sales to China. The New York Times reported on both Megaspeed and Alice Huang in October 2025, including definitive proof of Megaspeed receiving restricted H800 chips.

Yet across the Times’ coverage of NVIDIA’s Q4 (Calendar Year) 2025, Q1 2026 and Q2 2026 earnings, the Grey Lady neglects to mention anything about the smuggling story. If anything, it actively counters its own reporting.

And I quote from its coverage of the Q4 2025 earnings, written by Tripp Mickle, who was one of the four reporters on the Megaspeed story:

The company’s sales are growing even as it remains blocked from selling to China. Beijing has discouraged Chinese companies from buying Nvidia’s chips, hindering its access to the world’s largest semiconductor market. Mr. Huang had been appealing to President Trump to approve the sale of Nvidia’s latest line of chips to China and encouraging Beijing to allow companies to buy them.

Apparently a story that convincingly argued that NVIDIA was in fact selling chips to China was irrelevant to a larger discussion of NVIDIA not making any money from selling chips to China.

Sidenote: I am not alleging anything untoward. Tripp is a great reporter, broke the original Megaspeed story, and has been covering NVIDIA for years, including the story this piece leads with. The Times as an organization should have mentioned this story every single earnings cycle as a giant question mark and stormcloud over NVIDIA’s revenues, and its failure to do so is part of a larger glazing of Jensen Huang and NVIDIA, and a continual failure to hold the powerful accountable.

This can only be fixed on an institutional level, and journalists should be both empowered and emboldened by their editors to include these details every single time. Every single business and tech outlet covering NVIDIA should have been mentioning the Chinese smuggling operation, none more so than the Times, which has done such important and historic work reporting on it.

Half-hearted attempts to criticize NVIDIA’s massive circular financing operation have mostly failed to do anything other than provide marketing for what is ultimately a legal con, framing it as a “potential vulnerability” that is otherwise “unusual” without ever really saying “this is bad, and it’s a sign that NVIDIA is desperate to generate more revenue so that it can show investors perpetual growth.”

It is not a problem that NVIDIA funds its customers, its customers’ third party compute partners, its customers’ data center leases, its customers’ customers (and competitors), its customers’ customers’ leases, its customers’ chips, its customers’ landlords, its customers that are on the brink of death, its customers’ customers on the brink of death, and its customers’ customers that can quite literally not afford to pay for compute without its money. As long as it’s “legal,” it’s all “above board,” even when it’s blatantly obvious that NVIDIA has deployed over $100 billion (per The Information) as a means of keeping the industry afloat by making sure that everybody has the justification and means to buy and/or rent out its GPUs.

NVIDIA is an aggressively and unashamedly dodgy company that has done everything and anything necessary to sustain its growth, deploying about half of its Fiscal Year 2026 revenue to plugging holes in an ecosystem to make everybody ignore one horrible detail: that buying NVIDIA GPUs is a shitty deal for anybody other than Jensen Huang. If it wasn’t, hyperscalers would be screaming about the incredible, actual revenues from their $1.4 trillion or so in capital expenditures. If it wasn’t, CoreWeave wouldn’t be an ever-expanding timebomb that requires a few billion dollars every two months or so, nor would it have to hand billions to IREN, Firmus, Nscale, Lambda, and every other neocloud to buy its chips, or have to agree to rent said chips back from Firmus, Lambda, CoreWeave, or have to backstop Nscale’s lease with Anthropic.

These are the actions of a company actively manipulating the marketplace by operating on the fringes of finance law, knowing that the media and the markets will back whatever Jensen Huang says as long as the numbers keep going up and he, well, doesn’t actually break the law.

And remember: NVIDIA also loves lying. Last year the company claimed it had shipped six million Blackwell chips, even though any comparison with its actual revenues would show that wasn’t possible. In the end, it turns out that NVIDIA had changed the definition of what “GPU” meant, per Benzinga:

Notably, the bar chart shown at Nvidia's GTC DC in October reflected 6 million GPU dies shipped in calendar year 2025.

A footnote on the slide noted that the Blackwell and Rubin architectures use two GPU dies per chip. As a result, while 6 million GPU dies were shipped, the total came to 3 million complete GPU packages.

Anybody saying that this “isn’t lying” because “NVIDIA had a footnote somewhere” as if the media wouldn’t report the six million number as gospel, and the company made no effort to correct them, knowing that braindead analysts and gormless retail investors would read the big, huge, beautiful number and say “wow, Jensen Huang is the best!”

And then there’s the outright lies, per Thomas Thornton, about how NVIDIA was making effectively no revenue from China.

As noted by Shakeel Hashim of Transformer, NVIDIA’s spokespeople have lied repeatedly about the Megaspeed situation, which is par for the course — after all, very few have had the interest or courage to actually push back against their narratives, and the Megaspeed story sat inert for over a year outside of Bloomberg and the New York Times’ reporting, as did Culver’s short sell report that I’ll dig into more in this week’s premium.

This is what happens when you fail to push back on the powerful. Mainstream journalism has failed to hold NVIDIA to account, failed to warn investors of the risks, failed to push the powerful for clarity, failed to speak directly about the manipulative, suspicious and outright crooked way that this company runs, and done so all under the banner of perpetual growth and the larger Rot Economy.

Any defense using the word “objectivity” is utterly cowardly — you can use words like “allegedly” or “or “suspicious” or “obfuscative” for any and all of the things I’ve described — they are objective statements, because NVIDIA has acted suspiciously, and taken great pains to mislead the public about its growth, both in its dealings with Chinese shell corporations and how much of its revenue comes from neoclouds effectively handing it back its own money.

China Already Has NVIDIA Chips — The Only Question Is How Many Billions’ Worth

It’s also fucking laughable how much everybody talks about the “dangers of China getting access to powerful AI.” It already happened! China has NVIDIA GPUs! They’ve had them for years!

The Information reported in December 2025 that DeepSeek trained its latest models using Blackwell GPUs! It’s been happening for years, it’s been reported multiple times, in gratuitous detail, and somehow none of it was relevant to NVIDIA’s earnings or the world at large until it turned out that Jensen had had an affair.

When you remove the “Chinese government” and “Whatever Sounds Jensen Makes In The Bedroom,” nearly the entire Megaspeed story has been thoroughly reported! It’s all been out there! And to make matters worse, there were members of the media who said it wasn’t a big deal! Culver’s short report came out in May 2026 and explained in arduous detail — including the Alibaba/Apex deal! — exactly what was going on.

Everybody wants this to be a localized story about a horny CEO and a dastardly Chinese spy, but what it actually is is a coordinated, multi-layered conspiracy to dodgy US export controls that may very well have been totally ignored if it wasn’t for the espionage angle. In writing out everything that happened, it’s become alarmingly clear how badly the entire media missed on this, because most of the information is old.

I also see little to no discussion of how much of NVIDIA’s revenue was generated through these illicit sales. As I mentioned previously:

NVIDIA already has its own revenue concentration problem — 44% of its first half FY2027 revenues came from three customers, and in Q2 FY2027, 70% of its accounts receivables were from three customers, with 16% of its revenues coming from one. One. How is this not more worrying to people?

Could those all be above-board American businesses? Sure! But NVIDIA’s deliberate obfuscation of the final destination of its GPU sales now makes its obfuscative revenue disclosures an issue of national security (depending on how you feel about LLMs). It’s impossible to argue that NVIDIA is not selling GPUs to China through a web of proxies and shell corporations — and now the only real questions are how much, to whom, and when.

What Actually Happened With Jensen And Alice?

I do not expect the Trump administration to do very much about this, though perhaps I’ll be proven wrong given the “China” of it all, and how brazenly NVIDIA has acted.

In any case, one has to ask — why did Jensen Huang blow up his life?

The Wall Street Journal reports that he met Alice Huang sometime in “early 2024” at an NVIDIA event — likely referring to GTC 2024 in March — and then met again in June 2024 at Computex Taipei:

The two later met at Computex Taipei in June 2024. According to a photo posted on LinkedIn by NetThunder, an Nvidia business partner, they appeared at a party together along with senior executives from Gigabyte Technology, which develops and sells servers with Nvidia chips.

In May 2025, during a visit to Taiwan, Alice was seen among a group of tech executives dining with Jensen at a local restaurant. Video footage and photos captured the two pecking each other on the cheek and getting into the same car when leaving.

The fact that Alice Huang — the CEO of a barely-existent “Singaporean” neocloud — was at a party seated next to the CEO of NVIDIA and senior executives from Gigabyte (a huge NVIDIA partner) is in and of itself indicative of their closeness and (I’d guess) an attempt by Jensen to impress her.

Every guy has, at some point, desperately fallen for a girl and overcompensated when trying to impress her, and while everybody will try and frame this as simply business and sex, I suggest something very, very different: Jensen Huang actually liked this woman, and dare I say it, I think she made him happy.

The average Jensen photo has a cold sternness — and, I hate to say it, he doesn’t look particularly happy when photographed with his wife Lori, who is a victim of a horny, greedy man who got taken in by the world’s most obvious honeypot. Even when becoming visibly frustrated with Dwarkesh Patel and saying that he (Jensen) wasn’t “somebody that woke up a loser” — all while emphatically arguing that NVIDIA should ship GPUs to China — Jensen remains relatively stone-faced.

Now, let’s take a look at his face when he’s next to Alice Huang:

This big, strong, powerful man, dare I say it, being himself after goofily falling for someone that turned out to be a Chinese spy, a fact that Jensen may or may not have been aware of. I have looked at an alarming amount of photos of Jensen Huang for this piece, and I can find no other examples of him looking this happy.

And, like many powerful men, Jensen Huang is too much of a fucking coward to do the work to either cut off the relationship before the cheating, or file for divorce before doing so. I’m not condoning anything he’s done, but time after time guys refuse to make the tough decisions, opting instead for a continually-compounding chain of easy yet dangerous choices that ultimately blew up in their faces.

Most will describe this relationship in terms of sex and a greater con, and they may indeed be right. Perhaps there’s a world where Jensen found a kind of thrill from giving it to a foreign agent “Feynman style,” all while helping her acquire billions of dollars’ worth of GPUs. Perhaps he had no idea, but that would make him one of the stupidest men alive.

I think the reality is a little sadder — Jensen has (or had) genuine feelings for Alice, she made him feel alive, and he, like so many other men, chose to make boneheaded choice after boneheaded choice to impress her, engaging in some of the single-worst examples of OpSec ( by which I mean being repeatedly photographed and videoed with her, and also selling her billions of dollars’ worth of GPUs) in the history of modern society.

This man is worth $150 billion and would have likely been swindled by Bugs Bunny in drag.

Jensen Huang Is A Loser, and NVIDIA Should Fire Him

Despite claiming he didn’t wake up a loser, all that money and power couldn’t protect the man from his heart or his hog, and apparently Jensen’s parallel processing was insufficient to stop the dastardly Chinese from running the most obvious honeypot in history.

No amount of money or power can stop an insecure man from refusing to take responsibility for his feelings or frustrations. Huang believed that he could have whatever he wanted under whatever terms he wanted, and in walking that line got burned, thinking he was smart enough to outrun consequence. He didn’t care about his wife, his company, national security, or really anything other than what he was doing to or with Ms. (Alice) Huang.

And like every big, stupid dickhead, he assumed that nothing bad would ever happen, that nobody would find out, and that the way that NVIDIA obfuscates its customers’ locations would keep his tryst and Megaspeed’s sales hidden. When Megaspeed came to light, I would bet he assumed the media and the Trump administration would simply leave it alone, which was true right up until Alice Huang was revealed to be a Chinese agent.

In some ways he was correct. As I’ve repeatedly said, the Megaspeed story has been publicly-known for more than a year, explained in exhaustive detail in both Bloomberg and the New York Times in late 2025, my own coverage in March 2026 and Culper’s short report in May — shit, I even mentioned Megaspeed seven minutes into my interview with Jon Stewart on October 28 2026 — and sweet fuck all happened until the news broke of Ms. Huang’s job with the Chinese intelligence services.

The media happily continued reporting on every billion dollar stimulus that NVIDIA issued to random AI companies and neoclouds without a single mention of the obvious, blatant GPU smuggling operation going on in broad daylight, reported at length with pictures and proof, mostly because NVIDIA refused to admit it.

Even now, as Huang’s dirty business is on display for all and sundry, NVIDIA has yet to discuss — or be asked — about Megaspeed itself in any interview I can find. Jim Cramer, Emily Chiang, and anyone else who sat in front of Jensen without asking about this directly should be ashamed of themselves.

Sidenote: I will add that both the Times and Bloomberg have stayed on this story, and Ian King of Bloomberg in particular has a storied history of pushing back against the company.

Nevertheless, I think the vast majority of the mainstream press has actively worked to gussy up NVIDIA’s image, and the only reason that anyone is willing to start asking ugly questions about this company is that it’s now safe to do so.

Anyone attempting to claim that this has “nothing to do” with NVIDIA’s overall business is a fucking mark. We have compelling evidence that NVIDIA has been inflating its revenues using Chinese smuggling operations — and have done so for years — that were likely known at the highest levels of the company.

In a sane society, outside of an AI bubble, this would have led to the immediate resignation of both Jensen Huang and general counsel Tim Teter.

And let’s be clear about something. Jensen Huang is not an “incredible human.” He’s a liar, likely a crook, a manipulator, and based on all the reports I’ve read should already be in handcuffs. Jensen has acted like a coward and a loser, and what he's done outright sucks — for national security reasons, for how brazen it is, and how much embarrassment and humiliation he’s brought his family, especially his wife of 40 years.

It is a tremendously shitty thing to do before you get to how Jensen Huang likely violated US sanctions around selling NVIDIA GPUs to China. He is not a “great guy” or “a good human,” he’s a horrible, avaricious toad that got too horny and greedy. He wanted to have sex, he wanted to sell more GPUs, and he ran them in parallel, “Grace Blackwell style.”

It is not a “mistake” to fuck another woman decades into your marriage, nor is it a “mistake” to sell that woman’s company billions of dollars of GPUs, nor is it a mistake to repeatedly have your comms people lie, nor is it a mistake to use your general counsel to intimidate the commerce department into looking away from your obvious misdeeds.

Jensen Huang is, aside from everything else, a genuinely embarrassing example of what it means to be a man. As the CEO of the largest company on the American stock market and the bedrock of the entire AI bubble, all he had to do was keep selling GPUs and simply sell Alice Huang some GPUs without any of that messy romance — but his worthless, cowardly, weak-willed ass couldn’t help himself.

If you are a guy who feels compelled to defend Jensen Huang because of any allegiance to the AI industry or men in general, you are a colossal loser and have the mindset of a peasant.

The tech industry should outright reject weak-willed and morally-corrupt losers like Jensen Huang. As one of the richest and most-powerful people in the world, we should hold NVIDIA’s CEO to the highest standards imaginable both legally and socially, and that includes crucifying him for embarrassing his wife, his family, his company and his country.

From the circular finance to the infidelity to the lies to the intimidation to the fucking brazen nature of all of the above, everything Huang has done is utterly repulsive, and should be treated as such.

And let’s not forget that he has forced billions of dollars’ worth of GPUs on hyperscalers months before they need them, massively inflating the price of RAM and all consumer electronics as a result, all as a means of creating perpetual growth for NVIDIA — a truly horrifying and immoral act that made billions of people’s lives worse so that a company could hit its quarterly revenue estimates. Those defending this practice too have the minds of peasants, and crave the abusive control of a feudal lord with their entire being.

NVIDIA should fire Jensen Huang immediately, along with its general counsel. The US government should immediately start a criminal investigation into Megaspeed and all connected counterparties, as well as anyone at NVIDIA who oversaw any smuggling operations. The SEC should thoroughly investigate NVIDIA’s revenue recognition standards, and the US government should create regulatory standards that make its tactics illegal.

If you disagree, you are advocating for the corrupt and deceitful to profit at any cost. Men like Jensen Huang are the reason that the tech industry sucks, and until it purges these morally-repugnant oafs, our entire society will suffer.