Recently, Nvidia CEO Jensen Huang has been swept up in a media storm over his personal relationships. Behind the flood of gossip, what capital markets should really be paying attention to is a central figure thrust into the spotlight by the controversy: his “girlfriend,” Alice Huang (Huang Le).
When we shift our attention from the salacious headlines to the business empire behind her, a shadowy AI computing-power funding network involving billions of dollars is gradually coming to light. This may be the real reason U.S. regulators and Congress are keeping such a close watch.
The following is an analysis of the business connections, based on public records and investigations by short-selling firms:
I. Nvidia’s “Rebranded” Cloud Partner
According to a résumé circulating online, Huang Le has an exceptionally diverse and impressive background: four years in media (Hunan TV and China Central Television), eight years in securities and finance (HSBC Private Bank and CITIC Securities), and later a move into investment. However, the résumé has not yet been independently verified by the media.
What truly put U.S. intelligence agencies on alert was the company she was deeply involved with: Megaspeed.
The company was formerly known as 7Road International and had extensive ties to the Chinese gaming company 7Road. In March 2023, it changed its name to Megaspeed, its shares were transferred to the BVI company Huang Le Limited, and Huang Le became managing director. Just eight months later, the shares were transferred again, this time to the Singapore company Swiftdata, and Huang Le resigned as a director.
After a dizzying series of offshore shareholding changes, Megaspeed quickly donned the mantle of an “Nvidia Cloud Partner.” In just a few months, an overseas entity of a gaming company had joined one of the world’s most sensitive and capital-intensive AI computing ecosystems.
II. The “Financial Magic” Behind a 90-Fold Surge in One Year
Along with its change in identity came Megaspeed’s extraordinarily unusual pace of financial expansion.
At the end of 2023, its total assets stood at just about $33 million. By the end of 2024, that figure had soared to $2.976 billion—nearly 90 times higher in a single year.
Even more concerning is the composition of its assets: around $2.945 billion of the nearly $3 billion was listed as “refundable deposits.” A huge sum sat on the books, but its source was not clearly disclosed.
Who provided this money?
III. The Hidden Chain Linking the Flow of Computing Power
In its investigation, short seller Culper Research pointed to a key lead: Alibaba.
Based on company and trade records cited by Culper, a highly complex chain of commercial transactions was pieced together:
Megaspeed established Speedmatrix in Malaysia.
Speedmatrix pledged its business assets as collateral to Apex Enterprise Solutions (Apex has a clear corporate connection to Alibaba).
From December 2024 to January 2026, Speedmatrix imported around $4.6 billion worth of equipment, approximately $4 billion of it from Aivres Systems (an Nvidia OEM partner with former ties to Inspur Group).
This brings a potential hidden thread into view: Alibaba-related funds → Apex → Megaspeed/Speedmatrix → Aivres → Nvidia GPU servers → data centers in Southeast Asia.
(Note: This chain was pieced together from public documents and a short seller’s investigation. It does not establish that every dollar flowed along this route, much less prove that any laws were broken.)
IV. The Real Danger Zone: Who Ultimately Gets the Computing Power?
Megaspeed is building and leasing substantial GPU computing capacity in Southeast Asia. Reports say its customer list includes Chinese technology companies.
A crucial compliance distinction is at stake here: Chinese companies remotely renting overseas GPU computing capacity and restricted physical GPUs being shipped back to China are two entirely different legal issues.
U.S. regulators are now focused squarely on the equipment’s ultimate destination, its actual users, and whether export controls are being circumvented. The personal relationship between Jensen Huang and Huang Le has put this computing company—which had previously operated in a gray area—directly in the crosshairs of the U.S. Congress and intelligence agencies.
V. The Ultimate Questions Behind the Capital Game
Beneath the sensational headlines, the central questions raised by this controversy concern business compliance:
How could a company with just $33 million in assets mobilize billions of dollars’ worth of funding and equipment in a single year?
Who exactly is financing and guaranteeing these high-value GPU purchases?
Who ultimately controls this vast computing capacity, and who is using it?
Has the relationship between Jensen Huang and Megaspeed influenced Nvidia’s business decisions or compliance reviews in any way?
Conclusion
The rumors may grab the headlines, but the billions of dollars flowing through the GPU supply chain and the potential export-control risks are the real depths of this controversy.
An independent investigation by Nvidia’s board, along with a closed-door briefing for the U.S. House of Representatives, may reveal the final secrets behind this hidden chain of computing power.