A report by The New York Times noted that Megaspeed purchased more than US$4.8 billion worth of NVIDIA chips over the past two years. Alice Huang, a Chinese national and former senior executive at Megaspeed, has also drawn attention because of her close ties with NVIDIA CEO Jensen Huang and a U.S. intelligence investigation into whether she allegedly gathered intelligence for Beijing. The massive chip transactions have also prompted speculation: Could Alice Huang have made extraordinary business profits by capitalizing on the supply-demand price gap for NVIDIA chips?
The X account @Anitahityou put forward a hypothetical estimate: based on a spot-market quote of 18.5 million yuan per NVIDIA B300 in China, suppose Megaspeed purchased 1,000 units at an average cost of 3 million yuan each. If all were sold at the spot price, the price gap would amount to 15.5 million yuan per unit, for a total paper gain of 15.5 billion yuan across all 1,000 units.
$2.9 Billion in Mysterious Deposits: Could Alibaba Be the Backer Behind the Scenes?
According to an investigation by Culper Research, Megaspeed was established after Chinese gaming and cloud computing company 7Road spun off its overseas business. Its assets totaled only about $33 million at the end of 2023, but by the end of 2024, its balance sheet had expanded to approximately $3 billion.
Megaspeed’s financial statements show approximately $2.9 billion in “Refundable Deposits Received,” alongside roughly $2.9 billion in receivables, listed mainly as amounts due from subsidiaries. In other words, Megaspeed obtained a large amount of funding in a short time and then transferred it to its operating subsidiaries, but its financial statements do not disclose which counterparty provided the deposits.
Culper’s further investigation found that in June 2024, Megaspeed’s Malaysian subsidiary, Speedmatrix, pledged its assets as collateral to a creditor, Singapore-based Apex Enterprise Solutions. Singapore company registry records show that Apex’s parent company is connected to Alibaba Group and that its stated business purpose is to provide procurement services.
In addition, Apex’s financial statements as of March 2025 show that it held more than $4.1 billion in prepayments and other receivables, while also having about $4.2 billion in loans from related companies. Culper therefore speculates that Alibaba may have first provided funds to Apex, which were then transferred through affiliated companies to Megaspeed and its Malaysian subsidiary to purchase servers equipped with Nvidia GPUs.
$4.8 Billion in Purchases Over Two Years: Just How Huge Could the Chip Price Gap Be?
According to ImportGenius trade records obtained by (The New York Times), Megaspeed’s Malaysian affiliate purchased more than $4.8 billion worth of AI equipment, including Nvidia chips and related technology, between June 2024 and February 2026.
Culper Research also analyzed trade records and found that Speedmatrix imported about $4.6 billion worth of goods between December 2024 and January 2026, around $4 billion of which came from Aivres Systems, an Nvidia OEM partner. The equipment included high-end AI servers and products subject to U.S. export controls, such as the H200.
The speculation that Huang Le may have made tens of billions of RMB comes from a separate hypothetical price-gap calculation: assuming B300 servers are quoted at 18.5 million RMB each on the Chinese market, and that Megaspeed acquired 1,000 units at a cost of 3 million RMB each, the price difference would amount to 15.5 billion RMB.
This article is reproduced with permission from: (ChainNews)
Original title: (Could Huang Le Make Tens of Billions Thanks to Jensen Huang? Megaspeed Goes on a $4.8 Billion Nvidia Chip Buying Spree in Two Years)
Original author: Neo
“Could Huang Le Make Billions Thanks to Jensen Huang? Megaspeed’s $4.8 Billion Nvidia Chip Buying Spree—Is Alibaba the Backer Behind It?” was first published by “Crypto City”