Biz meet to spy probe: The Jensen & Alice story

Listen to this article in summarized format Listen Loading... × × Subscribe to Unlock AI Briefing and Premium Content New Year Offer 24 Hours Left Subscribe Now Already a member? Sign In What's Included Exclusive Stories Daily ePaper Access Smart Market Tools Curated Investment Ideas Ad-lite Experience Subscription Agencies A meeting at an Nvidia event in California, a photograph at a Taipei party and a dinner six months later have become part of a controversy involving Nvidia CEO Jensen Huang , Chinese businesswoman Alice Huang and allegations of Chinese intelligence activity. The Wall Street Journal (WSJ) reported that US officials concluded Alice was sharing information with Beijing while working with Nvidia on data centres in Asia. Jensen has acknowledged an affair, but the espionage allegations remain unverified, while China has denied them. Also Read: Rs 654,000,000,000 lovebite: How NVIDIA chief Jensen Huang lost billions of dollars in a day? The controversy has since widened into a national security investigation, with Nvidia's board examining whether its CEO was targeted by a foreign intelligence operation. US President Donald Trump has also said the FBI is investigating the matter and that Huang told him he had no knowledge of Alice Huang being a spy. At the centre is also Megaspeed International , a Singapore-based cloud computing company that US authorities have investigated over suspicions of helping Chinese customers access restricted Nvidia AI chips. Live Events Here is how the story unfolded. 2023: Alice Huang moves from finance to Megaspeed Alice Huang, also known as Huang Le, built her career in China's financial sector before moving into cloud computing and AI infrastructure. The Wall Street Journal reported that she had earlier worked as a television reporter for Chinese state media before entering finance. Her journalism background, however, has not been independently confirmed. Chinese fund-industry records and an indexed profile on private-fund database Simuwang also list an earlier stint in television journalism. Chinese financial publication Caixin has reported that she was about 42 years old. Huang held senior positions at Shanghai Hexi Investment Management, a Chinese investment firm. Posts on Hexi's official WeChat account between 2016 and 2017 identified her as deputy general manager, executive director and a member of its investment decision committee. The posts also said she had previously worked at HSBC's private bank in Hong Kong and CITIC Securities. In March 2023, Huang became Megaspeed International's controlling shareholder, according to Washington-based research group C4ADS, which reviewed corporate records. Singapore filings show she also became a director and managing director of the company that month. Megaspeed's corporate history predates Huang's involvement. It was incorporated in Singapore in 2015 as 7Road International, a subsidiary of Chinese gaming company 7Road Holdings. The entity changed its name to Megaspeed International in March 2023 and shifted its focus towards cloud computing. The company describes itself as an Nvidia business partner in the Asia-Pacific region. Huang also served as a director and managing director of Megaspeed's Indonesian subsidiary from March to November 2023, C4ADS said. Her formal roles at Megaspeed ended later that year, although subsequent reports said she continued to exercise influence over the business. October-November 2023: Megaspeed's ownership changes Megaspeed's shares were transferred to Singapore-based SwiftData in late 2023, according to C4ADS. SwiftData holds all 10 million ordinary shares of Megaspeed. SwiftData was incorporated in October 2023 and says its principal activity is providing hosting services through non-data centres. Also Read: Alice Huang, Chinese businesswoman linked to Nvidia CEO, moved from banking to AI chip business Business filings list Singapore citizens Tan Yong Peng and Ng Wei Shi Khloe as officers of both companies. Tan became a director of SwiftData on October 31, 2023, before joining Megaspeed's board less than two weeks later. The same month, Huang Le ended an eight-month tenure as Megaspeed's managing director, according to media reports. C4ADS said it could not establish who ultimately controls SwiftData, but assessed that Huang may have continued to influence Megaspeed after the transfer. It cited appearances where she was identified as the company's chair. Early 2024: Alice meets Jensen in California The WSJ reported that Alice represented Megaspeed at an Nvidia event in California in early 2024, where she met Jensen Huang, according to people familiar with the matter. The encounter marked the beginning of their publicly reported association, although it remains unclear when they first met or when their reported relationship began. June 2024: Alice introduces Jensen at a Taipei gathering The WSJ reported that Jensen and Alice were together at a gathering of technology executives in Taipei during the Computex trade show in June 2024. At a bar, Alice reportedly told executives, "Jensen's a great friend of mine". She sent him a text, and Jensen arrived a few minutes later, ordered a whiskey and spoke briefly to the group before leaving alone, according to a technology executive who attended. Also Read: Jensen Huang's price of secret affair: NVIDIA CEO loses $7.4 billion in 30 minutes, drops 2 spots in top 10 richest list A photograph posted on social media showed the two seated next to each other on a red banquette. Source: X The gathering was hosted by Taiwanese server manufacturer Gigabyte, which makes AI servers using Nvidia chips. Late 2024: US begins investigating Megaspeed The US Commerce Department began investigating in late 2024 whether Megaspeed was diverting Nvidia chips to China, the WSJ reported. The probe later stalled, but the Justice Department is now investigating, according to the newspaper. Megaspeed has faced scrutiny over suspicions that it helped Chinese companies obtain advanced Nvidia AI chips whose exports to China are restricted. Its website lists it as an Nvidia Cloud Partner in Asia-Pacific and offers access to systems powered by the company's GB200 NVL72 and HGX H100 chips. Trade records reviewed by Reuters show Megaspeed's Indonesian subsidiary imported Nvidia hardware between 2024 and 2026, including H100 processors and related components. The shipments included hardware from suppliers such as Gigabyte subsidiary Giga Computing. The H100 is among Nvidia's advanced processors restricted from export to China. However, shipments to Indonesia do not by themselves establish a violation of US export controls. Megaspeed's financial filings show that its assets rose to $3 billion in 2024 from $33 million in 2023. Revenue increased to $294 million from zero, while its after-tax loss stood at $20 million in 2024 against $21,283 a year earlier. There has been no public finding that Megaspeed violated US export rules. May 2025: Jensen and Alice are seen together again During a visit to Taiwan in May 2025, Jensen and Alice Huang were seen dining with technology executives at a restaurant in Taipei, the WSJ reported. Video footage and photographs captured the two kissing each other on the cheek and leaving in the same car. The public appearance later became part of the scrutiny surrounding their relationship. October 2025: Singapore investigates Megaspeed Megaspeed's chip business became a matter of public scrutiny in October 2025, when the New York Times reported that the company was under US investigation over whether it was helping Chinese customers obtain restricted Nvidia chips. Singapore police said they were investigating Megaspeed over "suspected breaches of our domestic laws" after a US senator asked the Commerce Department to investigate possible diversion of Nvidia chips. October 2026: Intelligence concerns appear In an