Culper Shorts Nvidia Over $2.9B China Sales

Culper Research has taken a short position on Nvidia, alleging over 20% of FY2026 compute revenue still comes from China.
The firm claims Nvidia’s buyer Megaspeed, allegedly financed by Alibaba, grew its balance sheet from $33 million to $3 billion in a year.
Trade records show Speedmatrix imported $4.6 billion of goods, including $4 billion from Aivres Systems, a one‑third state‑owned Nvidia OEM partner.
Culper also cites a March 2026 DOJ indictment over $2.5 billion of smuggled Nvidia servers and predicts Nvidia shares will fall.