Culper Research announced a short position on Nvidia, alleging over 20% of FY2026 compute revenue still comes from China.
The firm claims Nvidia’s Southeast Asian buyer Megaspeed, allegedly financed by Alibaba, grew its balance sheet from $33 million (2023) to $3 billion (2024).
Trade data shows Speedmatrix imported $4.6 billion of products (Dec 2024–Jan 2026), $4 billion from Aivres Systems, a one‑third state‑owned OEM partner.
Culper expects Nvidia shares to fall as Chinese shipments decline after Beijing’s late‑2025/early‑2026 import restrictions.