Jensen Huang boarded Air Force One during a refueling stop in Anchorage on Tuesday, joining President Donald Trump’s Beijing summit at the last minute, just as short seller Culper Research published a 40-page report alleging that Nvidia Corp. (NASDAQ:NVDA) never really left China.

NVDA topped a $5.5 trillion market cap on Wednesday, the first company in history to hit the level. Earnings land May 20.

The Culper Allegations

Culper, which disclosed it is short the stock, alleges that more than 20% of Nvidia’s FY 2026 compute revenue was still driven by China through illegal GPU diversion and Southeast Asian intermediaries, despite Huang’s repeated claim that the company is “100% out of China.”

The report’s central claim involves Megaspeed International, reportedly Nvidia’s largest chip buyer in Southeast Asia.

Culper says corporate filings show Megaspeed’s Malaysian subsidiary pledged its assets to an Alibaba (NYSE:BABA) procurement unit called Apex Enterprise Solutions in June 2024, days before receiving billions in Nvidia-powered servers.

Nvidia has previously told the New York Times that Megaspeed is “wholly owned and operated by a company based and headquartered outside China, with no China shareholders.”

Culper notes the carefully lawyered phrasing covers equity, not financing.

In March 2026, the DOJ indicted three individuals tied to Super Micro Computer (NASDAQ:SMCI) for allegedly smuggling $2.5 billion in Nvidia servers to China via a Southeast Asian pass-through entity. Bloomberg later identified the pass-through as Thailand’s OBON Corp.

The Real Downside

The bigger problem for Nvidia bulls, according to Culper, is that the hidden China revenue stream is about to disappear for real.

Beijing has spent the last six months cracking down on foreign AI chips. China blocked H200 shipments at the border in January, ordered state-funded data centers to cut ties with Nvidia in November, and is pushing domestic alternatives from Huawei, Cambricon, and Alibaba’s T-Head.

White House AI czar David Sacks said in December that China is “rejecting our chips.” U.S. Commerce Secretary Howard Lutnick told the Senate in April that China has bought zero H200 chips.

Polymarket traders are skeptical of any meaningful announcements from the China summit, pricing rare earth export relief at just 16% and Iran negotiation participation at 29%.

Nvidia did not immediately respond to a request for comment from Benzinga.

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