Premium Hater’s Guide Megaspeed Alleges Nvidia Chip Smuggling
A newsletter published November 14, 2026, claims a GPU smuggling network may account for more than 20% of Nvidia's fiscal 2026 revenue, citing Culper Research. The claims are allegations. The piece also says Jensen Huang has been replaced as CEO by Colette Kress.
The Premium Hater’s Guide to Megaspeed, a newsletter published on November 14, 2026, alleges that a GPU smuggling network may account for more than 20% of Nvidia's fiscal 2026 revenue. That would be over $43 billion, according to Culper Research.
These are allegations, not findings by a court or regulator. Nvidia's response is not part of the newsletter.
What the newsletter claims
The author describes Megaspeed and its connected entities as a sprawling, multinational smuggling operation. In the author's telling, it reaches well beyond Nvidia, Jensen Huang or China.
The author links the story to Huang's relationship with an alleged spy. That person, the newsletter says, ran a front for Chinese buyers of GPUs, the chips that power AI systems.
The newsletter also says Huang is no longer Nvidia's chief executive. It says CFO Colette Kress has replaced him.
The author says the situation is moving fast and more information is likely to be reported after publication.
The Culper research
Culper published its research in May 2026, the newsletter says, and it formed part of the basis for the firm's short position. A short seller bets that a stock will fall.
The author argues the stakes show Culper's confidence. If Culper were wrong, the newsletter says, it could face civil action, and losses on a short are theoretically infinite.
Until recently, the author writes, talking about Nvidia's illicit shipments would have got a person branded a conspiracy theorist or a "doomer." The newsletter blames Nvidia's rapid bull run for that reaction.
Criticism of coverage
The author criticizes a Wall Street Journal piece that ran on Wednesday. It did not mention that 20% of Nvidia's fiscal 2026 revenue might have come from China, the author says, and it did not discuss the contents of the Culper report.
In the author's view, the paper treated the research and the Huang relationship as tabloid gossip. The newsletter says the bigger picture is whether the company misled people about how and where it makes its money.
The author also names Super Micro as one of the American counterparties involved in the network.
An earlier penalty
The newsletter points to a past case as a reason for skepticism. It says the SEC fined Nvidia less than four years ago for misleading investors in 2017.
At the time, the author says, the company claimed its surge of revenue growth came from gamers buying graphics cards rather than cryptocurrency mining operators.
The author calls the free version of the piece, published earlier in the week, more than 7800 words long. The premium edition covers material that did not fit in it.
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