Jensen Huang boarded Air Force One during a refueling stop in Anchorage on Tuesday, joining President Donald Trump’s Beijing summit at the last minute, just as short seller Culper Research published a 40-page report alleging that Nvidia Corp. (NASDAQ:NVDA) never really left China.
NVDA topped a $5.5 trillion market cap on Wednesday, the first company in history to hit the level. Earnings land May 20.
The Culper Allegations
Culper, which disclosed it is short the stock, alleges that more than 20% of Nvidia’s FY 2026 compute revenue was still driven by China through illegal GPU diversion and Southeast Asian intermediaries, despite Huang’s repeated claim that the company is “100% out of China.”
The report’s central claim involves Megaspeed International, reportedly Nvidia’s largest chip buyer in Southeast Asia.
Culper says corporate filings show Megaspeed’s Malaysian …
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