Nvidia Faces Short-Seller Allegations Over China AI Chip Revenue as NVDA Hits Record High

Nvidia Corp. (NVDA) faced new scrutiny after Culper Research alleged the company’s China-related AI chip revenue “never went to zero,” even as CEO Jensen Huang joined President Donald Trump’s delegation for a Beijing summit. The short seller claimed Nvidia chips continue to reach China through Southeast Asian intermediaries, challenging the company’s prior statements on China revenue. Culper said in a 40-page report that more than 20% of Nvidia’s fiscal 2026 compute revenue may still be tied to China, citing alleged GPU transshipments and intermediaries including Singapore-based Megaspeed International. The report also referenced a March 2026 U.S. Justice Department case alleging $2.5 billion of Nvidia AI servers were smuggled to China through Southeast Asia. Nvidia shares rose more than 4% on May 14, 2026, lifting its market value above $5.7 trillion, as investors watched for possible access to China’s estimated $50 billion AI market. Nvidia had not responded to the report by publication time.