The rapid rise of Alice Huang’s Megaspeed maps the money trail of how Nvidia chips continued to benefit Chinese companies despite strict US export controls.
Within three years, she mysteriously grew the Singaporean company into Nvidia’s largest AI chip buyer in Southeast Asia.
After Nvidia CEO Jensen Huang admitted to a romantic affair with her, and US officials concluded that she worked for Chinese state intelligence, that mysterious rise to prominence makes a lot more sense.
Alice Huang masterfully capitalized on her relationship with the married billionaire and crafted a remarkable import/export scheme that routed one of the world’s most valuable commodities from the US to Singapore, Malaysia, and Indonesia.
In short, Alice Huang used Megaspeed’s Singapore offices to bring Nvidia’s AI chips hardware into data centers in Malaysia and Indonesia, and Chinese companies like Alibaba would then rent substantial portions of that computing power.
By November 2025, customs records show Megaspeed had brought at least $4.6 billion of Nvidia hardware into southeast Asia. That included at least 136,000 GPUs — including Blackwell chips that the US had barred at times for export to China.
Jensen Huang admitted this weekend to the affair and publicly apologized to his wife, shareholders, and board of directors. Shares of Nvidia, the world’s second-largest publicly traded company, fell over 6% by the open of trading yesterday.
Alice Huang’s Megaspeed won Nvidia’s trust
In October 2022, President Joe Biden imposed sweeping curbs on advanced AI chip shipments to China.
Five months later, 7Road, a gaming company that counts Beijing’s central government among its shareholders, spun off its Singapore unit. After a British Virgin Islands entity called Huang Le Ltd. bought it, Alice Huang took control.
In November 2023, Huang Le Ltd. sold Megaspeed to a Singapore shell corporation owned by its current CEO, Tan Yong Pong.
Four days later, Nvidia made Megaspeed an official Nvidia Cloud Partner — an extremely prestigious, limited invite membership that allowed Megaspeed to procure chips at Nvidia’s frontier of AI capabilities.
Read more: Short-seller called Nvidia top by not trusting Jensen Huang
Megaspeed’s masterful routing of imports and exports
Megaspeed was clever. Its Malaysian unit, Speedmatrix, pledged its equipment and intellectual property to an Alibaba procurement arm in June 2024, short seller Culper Research found.
In fact, a US bill was introduced to close that export loophole. That bill passed the US House in January with a press release titled Legislation to Limit Adversaries’ Remote Access to Critical Technology.
Megaspeed also used the calendar to its advantage. Megaspeed completed a bulk Nvidia equipment purchase during six critical weeks before May 15, 2025.
That was the deadline when a Joe Biden-era rule would have required permits for AI chip exports to southeast Asia.
As an interesting aside, Donald Trump surprisingly scrapped that rule after he took office in January 2025 and before it took effect. Trump has been a staunch supporter of Jensen Huang, including a reiterated endorsement after his romantic affair with his Chinese spy lover became public yesterday.
For its part, Nvidia says its own inquiry has found no evidence of diversion. The company claims it has abided by all US export restrictions, at all times.
It also insists it resolves diversion claims promptly “to help government and our partners halt any would-be smugglers” of its hardware.
Megaspeed also rejects any wrongdoing, citing inspections by US and Malaysian officials, as well as by Nvidia itself. Chinese state media has called the Alice Huang spying claims baseless.
Nvidia’s board has opened its own independent probe into Jensen Huang’s conduct. Three US House of Representatives committee members also requested a briefing on November 18, one day after Nvidia reports quarterly earnings.
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