Alice Huang and Nvidia: Inside the Chinese Spy Scandal

Sunday 15 November 2026 07:01

Jensen Huang, the chief executive of Nvidia, with Alice Huang.

Alice Huang, a Chinese businesswoman whom U.S. intelligence officials have identified as a Chinese intelligence asset, built a close relationship with Nvidia CEO Jensen Huang while establishing a business network that secured billions of dollars in advanced artificial intelligence chips, according to an investigation by The New York Times.

The relationship has drawn international attention because of its connections to U.S. export restrictions, China's efforts to access advanced computing technology and the growing geopolitical competition over artificial intelligence.

One previously unreported meeting took place in December 2023 at an Italian restaurant in Singapore. Alice Huang had recently restructured Megaspeed, a company backed by wealthy Shanghai investors. Four days after its ownership changed, Megaspeed became an Nvidia cloud partner, gaining access to advanced chips that Chinese companies were barred from purchasing directly.

From Shanghai Finance to the Technology Industry

Alice Huang, whose Chinese name is Huang Le, spent four years working as a television reporter before moving into finance. Her career included positions at HSBC's private bank and CITIC Securities, a Chinese state-backed investment bank.

She became closely associated with Kang Wei, a 51-year-old fund manager who was introduced as her husband to some Chinese investors and Megaspeed employees. The Times could not independently verify whether they were married.

The pair developed an interconnected network of companies involved in investments and corporate acquisitions. In 2020, their business network helped build and operate an artificial intelligence computing center in Shanghai for Tencent.

How Megaspeed Gained Access to Nvidia Chips

After Washington introduced restrictions on advanced AI chip sales to China in late 2022, companies seeking access to the technology needed to operate outside China without obvious ownership links to the country.

In 2023, Huang used a British Virgin Islands company to acquire a Singaporean subsidiary of online gaming company 7Road, which was connected to her Shanghai business network. The company was subsequently renamed Megaspeed.

Its ownership was later transferred to a Singaporean shell company, although Huang continued overseeing daily operations.

Between 2024 and 2026, Megaspeed secured more than $4 billion worth of Nvidia's advanced AI chips. It also established a Malaysian subsidiary that entered into arrangements involving Apex, an Alibaba subsidiary. Alibaba subsequently became Megaspeed's largest customer.

Government Investigations and Intelligence Allegations

Megaspeed's growing chip purchases attracted scrutiny from U.S. authorities. In late 2024, a Commerce Department official inspected one of its data centers to verify that Nvidia equipment had been delivered and installed. Some equipment remained boxed, raising concerns about possible shipments to or from the facility.

Taiwanese authorities also monitored Huang's visits to the island following a U.S. government suggestion.

In 2025, Singaporean authorities restricted Huang from leaving the country and questioned her as part of an investigation into false import declarations. A person familiar with the investigation said there was insufficient evidence linking her to the alleged misconduct and that investigations against her had concluded. Singaporean authorities, however, said the Megaspeed investigation remained ongoing.

The Times reported that Huang and Jensen Huang had met repeatedly in Shanghai, Silicon Valley, Taiwan and elsewhere. She also visited Nvidia's offices in March 2025.

U.S. officials subsequently concluded that Alice Huang was a Chinese intelligence asset recruited by China's Ministry of State Security, according to previous Times reporting. Beijing has denied the espionage allegations.

On the Sunday preceding publication of the investigation, Jensen Huang acknowledged having an extramarital relationship with her. Nvidia said it was conducting an internal investigation.

Alice Huang did not respond to requests for comment, while Nvidia and Megaspeed declined to comment.

Despite her absence, Megaspeed has continued developing its Malaysian operations. The company is nearing completion of the first phase of a data center project, supported by Chinese engineers sent by Shanghai Shuoyao, another company linked to Huang's business network.