The Huang Filecase file · v0.1
claim C-0066 Unconfirmed

Culper Research: >20% of Nvidia’s FY2026 compute revenue came from China via diversion; Alibaba fronted money to a Singapore shell feeding Megaspeed; OBON is Megaspeed-affiliated

“it looks to us like Alibaba fronted $4.2 billion to a Singapore shell, which may have given a large portion of that money to Megaspeed”
Exact wording, per S-0066
Date
2026-05
Claimed by
Culper Research (short seller) (named)
Via
S-0065 · Investing.com
Topics
megaspeed, markets, money
File
claims/C-0066-culper-research-20-of-nvidias-fy2026-compute-revenue-came-fr.md

Short seller with a financial interest in a falling stock. Quoted via emptywheel; Culper's report was not read. Nvidia earlier said diversion claims about Megaspeed were "debunked" (C-0005). Basis of T-0010.

Sources

  • S-0065 · Investing.com · 2026-05 · link (snippet)
  • S-0066 · emptywheel (blog) · 2026-11-12 · link (full)
  • S-0064 · TechCrunch · 2026-11-09 · link (snippet)

Related

  • F-0056 Culper Research publishes a short report on Nvidia’s China exposure via Southeast Asian intermediaries
  • C-0005 Nvidia: Megaspeed diversion allegations "thoroughly investigated and debunked last year"

Referenced by (4)

  • fact F-0056 Culper Research publishes a short report on Nvidia’s China exposure via Southeast Asian intermediaries
  • fact F-0065 SDNY charges three people tied to Super Micro with diverting ≥$2.5B of Nvidia-based servers to China
  • theory T-0003 Commercial chip-broker, not espionage
  • theory T-0010 Nvidia’s China channel: diversion as business model, espionage as distraction