Megaspeed changed owners twice in eight months before its Malaysian affiliate bought $4.8B in Nvidia-linked equipment
Culper Research went short Nvidia on May 13th, 2026, arguing over 20% of fiscal 2026 compute revenue remained China-driven and that Megaspeed's $2.9B in unnamed deposits and a Speedmatrix charge to Alibaba's Apex point to financing Nvidia's no-Chinese-shareholders account never addressed.
By Ryan Merket · Published · Updated
RUNTIMEWIRE INVESTIGATION — Original analysis
Original reporting by RuntimeWire, based on documents, public records.
Why it matters
Culper's report gives the board investigation a set of dated, document-based claims to test: the June 18th, 2024 Speedmatrix charge to Alibaba-owned Apex, $2.9 billion in unnamed refundable deposits on Megaspeed's 2024 balance sheet, and $4.0 billion in Aivres shipments. Nvidia's public defense has rested on shareholding and site inspections. The financing records raise a different question - who funded the purchases and what rights that funding carried - and the answer would matter to export-control officials and shareholders assessing whether the claimed zero China exposure was ever accurate.
Reporting record
Finding
Megaspeed changed owners twice in 2023 before its Malaysian affiliate received billions of dollars in equipment containing Nvidia technology.
How we verified
Methods: documents, public records.
Company records cited by The Straits Times, trade records cited by The New York Times, a BVI registry index, an Eastmoney fund listing and Crescendo's land-sale announcement support the corporate timeline.
RuntimeWire examined public company, fund and land-sale records and compared them with published reporting on ownership transfers, Nvidia partner status and equipment shipments.
Reproduction
Reproduction does not apply to this reporting (document-driven).
Nvidia's board opened an independent investigation on November 8th after chief executive Jensen Huang admitted an affair with Alice Huang, a former executive at Singapore-based Megaspeed, according to TechCrunch's account of the board announcement and Huang's message to staff.…
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