Report Alleges Huang Ties Helped Move $7.5 Billion in Nvidia Chips to China

The Information reported Tuesday that Jensen Huang's yearslong relationship with Alice Huang helped facilitate at least $7.5 billion in Nvidia chip shipments to Chinese firms.

Reuters carried the report on Tuesday and said it could not independently verify it. Nvidia did not immediately respond to Reuters' request for comment.

The report cites two people who know Alice Huang. She is not related to Jensen Huang, and she is also known as Huang Le.

A network built around a partner badge

Alice Huang built the network with her husband and her sister, the report said. It spans companies across China and Singapore that acquired Nvidia chips.

Shanghai Century Litong sits at the center of that network, according to the report. The China-based company was founded in June 2023. Its founding sole shareholder was ultimately controlled at the time by Alice Huang's sister, The Information reported. That shareholder exited in 2024.

By October 2023, Century Litong had secured preferred cloud partner status with Nvidia. The status gave it priority access to the company's chips, the report said.

When orders for restricted chips stalled, Alice Huang used ties to Nvidia and its distributors, the report said. The network helped move about 240,000 chips into China.

Most were H100 and H200 processors, with some A100 chips, according to the report. Century Litong rented computing capacity and ran data centers using Nvidia chips.

Some of those chips included models barred from sale to China, the report said. Some ultimately served Alibaba, Tencent and smaller Chinese artificial intelligence labs.

Alice Huang also held an executive position at Megaspeed, a Singapore-registered company. Megaspeed was linked to Century Litong, according to the report.

Megaspeed has been investigated by United States authorities over chip shipments from Southeast Asia to China, the report said. Singapore police say their own investigation into Megaspeed is ongoing. Singapore's home affairs ministry has said Alice Huang herself is not under investigation there.

What Nvidia and Century Litong have said

Nvidia told The Information that all its sales comply with United States export rules. Its board said Sunday it has no reason to believe national security or Nvidia secrets were compromised.

The board opened an independent investigation on Sunday, TickerGrove reported. A committee of independent directors, assisted by outside counsel, oversees that review.

Century Litong told The Information it has had no business dealings with Alice Huang. It said it secured its partner qualification through professional expertise and compliant channels.

Alibaba, Tencent and Megaspeed were not immediately available for comment, Reuters reported. The Information reported that Alice Huang leveraged her relationship with Jensen Huang to bolster her credibility.

It said she kept her role vague and avoided a paper trail.

Shares fall as Microsoft moves ahead

Nvidia shares traded at $167.90 at 2:24 p.m. Eastern on Tuesday, Finnhub data showed. That was down 6.03 percent from Monday's close of $178.67.

The session opened at $173.97 and traded as low as $166.24. Tuesday's fall extended a 4.3 percent drop on Monday, Reuters reported.

Microsoft overtook Nvidia as the world's second-most valuable company on Tuesday, Reuters reported. It was the first time since June 2025, according to Reuters.

In Reuters' snapshot, Microsoft shares were down 0.4 percent at $543.25. Nvidia had lost more than 6 percent in that same snapshot, Reuters said.

Congress sees a path to tighter controls

Lawmakers and advocates said the allegations make chip legislation more likely, Reuters reported Monday. Three measures are slated for possible inclusion in the fiscal 2027 defense bill.

The National Defense Authorization Act is the annual defense policy bill. Its fiscal year 2027 began in October, Reuters reported.

The AI Overwatch Act would give Congress power over advanced chip exports. The Chip Security Act would require businesses to track chips to combat smuggling.

The Match Act would push United States allies to restrict more chipmaking equipment to China. The House Foreign Affairs Committee advanced all three bills earlier this year.

The three bills are now in the Senate defense bill management package, Reuters reported. That package is the vehicle lawmakers use to settle the final text.

"Nvidia CEO Jensen Huang's confirmation of a relationship with a suspected spy for China's intelligence service makes these national security concerns even more urgent," Senators Elizabeth Warren and Jim Banks said Monday.

"It is time for Congress to take decisive action to pass key bills like the AI Overwatch Act in the NDAA that will cut off pathways through which China accesses advanced chips," they added.

In March, the senators urged the Commerce Department to suspend or reconsider Nvidia's export licenses to China. They also asked the department to conduct a full security review.

What remains unknown

What remains unknown starts with whether the reported shipments happened as described. No regulator or court finding tests The Information's account in the public record.

No finding has been announced that Jensen Huang knowingly took part in any intelligence activity or in the reported shipments. No charges have been announced in connection with the report. Nvidia has not responded on the record to the $7.5 billion figure.

The board investigation's scope and timetable also remain undisclosed beyond its committee structure. Tuesday's closing prices were not settled when this article was prepared.

The reply, the results and the defense bill

What to watch: Huang's reply to Congress is due Wednesday, November 11, on a requested November 18 briefing. Nvidia reports fiscal third-quarter results on Tuesday, November 17.

Watch whether the three chip bills survive into the final defense bill text. Watch also for any Justice Department, FBI or Commerce finding on the shipments.