31-year-old investor launched probe after reading reports last year on the pair's interactions

Market ignored, then mocked the report — 'Everyone laughed at us, now everyone praises us'

Nvidia CEO Jensen Huang speaks at a Windows event at Dogpatch Studios in San Francisco, California, on Oct. 7 (local time). [Getty Images]
Nvidia CEO Jensen Huang speaks at a Windows event at Dogpatch Studios in San Francisco, California, on Oct. 7 (local time). [Getty Images]

A 31-year-old short seller who warned six months ago about Nvidia CEO Jensen Huang's relationship with a woman suspected of ties to Chinese intelligence — only to be ridiculed at the time — is now drawing belated attention.

Christian Lamarco, 31, founder of New York-based short-selling firm Culper Research, published a 40-page report on May 13 raising questions about Nvidia's business in China, according to The New York Times and the Wall Street Journal on Wednesday (local time).

The report flagged an "uncomfortably close relationship" between Huang and Alice Huang, a former executive at Megaspeed, a Singapore-based data center company and a major Nvidia customer.

Lamarco said he launched his investigation after The New York Times and Bloomberg reported last year that the two had socialized with other technology executives in Asia. He initially suspended the probe, concluding it would be difficult to uncover problems at Nvidia — the world's most valuable company — that other investors had missed, but resumed it in March after associates of US server manufacturer Super Micro Computer were indicted on charges of smuggling Nvidia semiconductors into China in violation of export controls.

He contacted current and former employees of Nvidia and Megaspeed, analyzed corporate filings from Singapore and Malaysia, and reviewed footage filmed in Taiwan before publishing the report.

The market paid little attention at the time. Nvidia's share price actually rose on the day of the report's release and hit a record high the following day. Lamarco received messages disparaging him and warning him to "watch out."

The situation reversed recently after Huang acknowledged an affair with Alice Huang, who is suspected of links to Chinese intelligence. The report spread rapidly online, and Lamarco's related posts racked up millions of views.

Since the report's release, Nvidia's market capitalization has fallen by more than $1 trillion. How much Lamarco has profited from the short position remains unclear — he has not disclosed his gains or whether he still holds a short position in Nvidia shares.

"Everyone laughed at us, but now everyone is praising us," Lamarco told The New York Times. He also told the Wall Street Journal: "Sometimes people care about what you have to say, and sometimes they don't. This time it seems it took six months for anyone to care."


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