[Edaily Reporter Bang Sung Hoon ] In addition to Megaspeed, a Singapore-based data center company that drew attention due to the “Chinese spy” scandal involving NVIDIA CEO Jensen Huang, claims have emerged that there may be other back channels through which NVIDIA chips have been funneled into China. It is reported that there are at least six other Southeast Asian companies showing suspicious circumstances similar to those of Megaspeed.

Christian Lamarco, founder of the U.S. short-selling research firm Culper Research, stated in an interview with MarketWatch on the 9th (local time) that he had found circumstantial evidence linking NVIDIA to at least six Southeast Asian companies exhibiting “red flags” similar to those of Megaspeed.

Founded in 2019, Culper Research is a short-selling investment firm that generates profits by betting on falling stock prices; it consists of founder Lamarco and two analysts. The firm released a short report on NVIDIA last May, and a former senior NVIDIA executive cited in that report stated, “Megaspeed is just the tip of the iceberg.”

Founder Lamarco did not disclose the identities of the six companies. However, in its May report, Culper Research cited SpeedMatrix in Malaysia, Novagate Cloud, and OBON in Thailand as companies linked to Megaspeed. Bloomberg reported that same month that OBON was suspected of being involved in the smuggling of billions of dollars’ worth of servers equipped with NVIDIA chips into China, and that one of the end customers was Alibaba.

The report’s key argument is that NVIDIA’s China business has not disappeared but has merely taken on a different form. While NVIDIA stated that its China business had “dropped to zero” following the U.S. ban on advanced chip exports, Culper Research estimated that more than 20% of NVIDIA’s computing revenue for fiscal year 2026 would still come from Chinese demand.

The report explains that Chinese companies are either importing NVIDIA graphics processing units (GPUs) directly through new channels or leasing NVIDIA-chip-based data centers located in Southeast Asia, such as Malaysia. The report also presented evidence suggesting that Megaspeed is linked to an Alibaba subsidiary and its funds through various subsidiaries and shell companies.

Founder Lamarco explained that while NVIDIA claimed its China business had collapsed, he noted that revenue from Southeast Asian companies appeared to have surged. “The two facts didn’t seem to add up,” he said. He added that reports by The New York Times (NYT) and Bloomberg on the relationship between NVIDIA and Megaspeed—which had been ongoing for over a year—also prompted the investigation.

The report also pointed out the “uncomfortably close relationship” at the time between CEO Huang and Alice Huang, a former Megaspede executive. CEO Huang admitted to an extramarital affair with Alice Huang the day before, six months after the report was released. Earlier, the NYT reported at the end of last month that Alice Huang had been recruited by China’s Ministry of State Security to engage in espionage. NVIDIA’s board of directors has launched an independent investigation into whether CEO Huang was the target of foreign intelligence operations.

According to FactSet, NVIDIA’s stock price has fallen by more than 20% since the report was released, dropping more than 4% on the 9th alone. Founder Lamarco did not disclose whether he still holds a short position. However, he emphasized, “I was confident in the findings from the start, and I remain confident now.”

There are also counterarguments. NVIDIA, Megaspede, and Alibaba did not immediately respond to MarketWatch’s request for comment. CEO Huang recently told Bloomberg that he had found no evidence that Megaspede sold NVIDIA chips to Chinese customers. Megaspede has also denied the allegations, stating that the U.S. Department of Commerce, Malaysian authorities, and NVIDIA found no evidence of illegal transfers.