Megaspeed Was Just 'The Tip of The Iceberg': Short Seller Who Forecast Nvidia Scandal Uncovers 6 More Potential China Links

US national security concerns related to Nvidia's alleged China exposure could extend well beyond Singapore-based Megaspeed, the company at the centre of a growing espionage controversy involving CEO Jensen Huang.

A short seller who raised questions about Nvidia's China exposure months before the latest revelations said his investigation has uncovered potential links to at least six other companies in Southeast Asia, renewing concerns about whether overseas intermediaries could be helping Chinese customers access the chipmaker's advanced processors despite US export restrictions.

Christian Lamarco, founder of independent research firm Culper Research, published a critical report on Nvidia in May 2026, arguing that the company's China business had not disappeared entirely despite restrictions on advanced chip exports. Instead, he suggested that Chinese clients were finding alternative routes to Nvidia's technology through overseas companies and data centres.

His findings are now attracting attention following revelations involving Megaspeed, a major Nvidia customer in Southeast Asia.

In his original report, Lamarco highlighted what he described as an unusually close relationship between Huang and Alice Huang, a former Megaspeed executive who is not related to the Nvidia chief. The controversy intensified after reports alleged that the former executive had been recruited to spy for China's Ministry of State Security to gather information from Jensen, but China has rejected such claims.

'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,' Lamarco had noted.

Jensen Huang subsequently acknowledged an affair with Alice Huang, while the company's board announced an independent investigation into whether he had been targeted by a foreign intelligence operation.

Six More Companies Under Scrutiny for Potential Access to Nvidia Chips

Lamarco now believes Megaspeed may represent only one part of a much wider network.

Speaking to MarketWatch, the 31-year-old investor said Culper had identified potential circumstantial evidence linking Nvidia to at least six other companies operating in Southeast Asia. According to Lamarco, these businesses displayed warning signs similar to those found in his investigation of Megaspeed.

A former senior Nvidia employee had previously told Culper that the Megaspeed relationship was just 'the tip of the iceberg,' according to the media outlet.

Lamarco's May report examined the apparent contradiction between Nvidia's claims that its China business had collapsed under US export controls and the rapid growth of its sales to certain Southeast Asian entities. 'Those two details seemed to conflict,' he reportedly said.

Culper's report alleged that Alibaba had financed Megaspeed's Malaysian subsidiary, Speedmatrix, via corporate intermediaries. The short seller cited financial records showing that Megaspeed's liabilities and equity increased from approximately $33 million at the end of 2023 to $3 billion a year later, largely because of $2.9 billion in refundable deposits from an unidentified source.

These findings raised questions about Megaspeed's financing, but did not independently establish that restricted Nvidia processors had been diverted to China.

Nvidia Short Seller Stands by His Findings

Lamarco said the initial reaction to his report had been largely negative. However, the latest developments have brought considerably more attention to his research. 'Now, everybody and their mother is reaching out,' he said.

Lamarco declined to disclose whether his firm was still shorting the stock or how much it had made from the trade. 'We were confident in the research initially, and we're still confident in it now,' he noted.

The latest allegations remain subject to investigation, and Culper's potential links involving the six additional companies have not been independently established as evidence of wrongdoing. Nevertheless, the findings could widen scrutiny of Nvidia's Southeast Asian business and the effectiveness of US restrictions on advanced semiconductor exports to China.