Nvidia says China made up 7% of its revenue, or $12.4 billion over six months. A Wall Street Journal report now points to a second route for chips reaching Chinese companies: a firm called Megaspeed, which the paper says lined up close to $12 billion of orders on its own.
The Journal reviewed documents covering March 2024 to June 2025. By its account, the deals involved several hundred thousand of the chips that US export controls were meant to keep out of China, and the buyers were companies with long-running links to China’s big tech groups. Megaspeed is owned by Alice Huang, the former partner of Jensen Huang, who has since been ousted as Nvidia’s CEO.
As one of Nvidia’s cloud partners, Megaspeed is said to have been served ahead of others when supply was tight, apparently thanks to Alibaba being a big client.
The short seller Culper Research argues that the official 7% understates things. Its own estimate puts the Chinese share of last fiscal year’s sales above 20%, and it suspects a good part of that was routed through middlemen.
Megaspeed, which is based in Singapore, has pushed back on the supply-chain claims and distanced itself from Alice Huang, its former CEO, in a statement. The $12 billion total is the Journal’s reading of the documents it reviewed, and Culper’s 20% is a short seller’s estimate.
The story lands in the middle of a crisis that has already produced a board probe and a request from three House committees for a closed-door briefing on 18 November.
