Short seller Culper Research disclosed a short position in Nvidia, alleging more
than 20% of the company’s FY2026 compute revenue remains tied to China despite
US export restrictions. The report claims Nvidia-linked products were diverted
through Southeast Asian intermediaries including Megaspeed and Malaysia-based
Speedmatrix, with alleged connections to Alibaba-backed procurement channels.
Culper also alleged Nvidia had the ability to detect diversion activity and
questioned CEO Jensen Huang’s relationship with Megaspeed-linked executives. The
firm argued Nvidia’s China business is now facing structural decline as Beijing
increasingly favors domestic AI hardware alternatives.
