A Suspected Chinese Spy Got Close to Nvidia's CEO. Why Didn't Trump Warn Him?

Friends, let me ask you a question first. If you were NVIDIA's Jensen Huang, it's midnight, and a beautiful female executive from China with a mysterious background sends you a message asking to grab a drink, would you go? Today, the New York Times dropped a bombshell report that a CCP swallow is hiding right by Jensen Huang's side. This swallow had actually been identified by U.S. intelligence agencies over a year ago, and they had even provided a secret briefing to Trump about it. But Trump didn't warn Jensen Huang. Meanwhile, U.S. intelligence agencies began monitoring the back and forth between the swallow and Jensen Huang from the shadows. There was even suspicion within the Trump administration that it was impossible for Jensen Huang to be completely unaware. So, who is this swallow? And how did she, step by step, make her way to Jensen Huang's side? What did she do? And what exactly did U.S. intelligence agencies discover? Today, let's talk about this freshly broken case of the beautiful spy. This woman's name is Huang Lei. On LinkedIn, she goes by Huang Xiaolei, and her English name is Alice Wong. In the caption of a party photo in Taipei, she went by Alice Wong, using the Cantonese romanization. She's a Chinese citizen. How old is she? Where is she from? Right now, that information can't be found. The New York Times scoured the Chinese internet, but public information about her is pitifully scarce. So what can actually be found? A Chinese investment fund she worked for posted her resume online. Early in her career, she was a television reporter in China, reportedly at a state-run media outlet, and later joined several major Chinese banks, working in private banking, specifically catering to the wealthy. What's even more curious is her next stop. She later joined a Shanghai-based private equity firm called Hexi Capital, which specializes in investing in chips and AI. In 2016, Hexi's official WeChat account published a list of its board members, and Huang Lei's name was among them. From a reporter at State Media, to a bank manager for the ultra-wealthy, and then to a director at a private equity firm, this young woman from Shanghai clearly has resources that shouldn't be underestimated. The key is, she wasn't just an employee. She also founded her own holding company. This holding company owns 48% of Hexi Capital, meaning nearly half of Hexi's assets are are in her hands. So how did she accumulate so much wealth? Could there be someone behind this? Now let's look into what this Hexi is all about. In 2020, Hexi announced on its official WeChat account that its investment platform had set up a financing vehicle to support a large-scale data center project in collaboration with the local Shanghai government. This data center is located in Shanghai, and state media reported that once completed, it would be the largest data center in all of China. In 2021, Shanghai media revealed that the president of this project is none other than the head of Hexi. In news footage from March 2025, this head of Hexi was seen attending a Project Progress meeting at the data center campus alongside government officials. And behind this Shanghai data center is a capital firm called Seven Road. Seven Road is a company from Shenzhen that started out making web games, with DDTank being their signature work, and they later moved into cloud computing as well. And in the list of shareholders for this company, there's the central government of China as well as several local governments. And Hexi Capital just happens to be an investor in Seven Road as well. So the relationship is that Hexi partnered with the Shanghai Municipal Government to build the largest data center in the country. The backers behind this data center include Seven Road, whose shareholders are the central government and several local governments. Hexi also invested in Seven Road. And behind Hexi, Huang Lei serves as a director, with her holding company controlling nearly half of Hexi's shares. So, this is a super data center built by three parties, the Shanghai local government, HEXI, in which Huang Lei is involved, and Seven Road, which is invested in by both central and local governments. So, what is Huang Lei's role? U.S. intelligence agencies have determined that she is an intelligence asset for Beijing. It is this very Beijing swallow, someone whose age, hometown, and complete past history cannot be found online, who appeared in a photo with Jensen Huang in the summer of 2024. In early June 2024, Taipei was hosting the Computex Taipei exhibition, big names in the chip and AI industries from all over the world gathered in the city. And Jensen Huang was undoubtedly one of the biggest stars of the entire event, surrounded by crowds wherever he went. During this period, on a sweltering night in a bar overlooking the entire Taipei nightscape, just past midnight, a group of tech company executives were still enjoying their drinks, and Huang Lei was right there among them. As the conversation flowed, she suddenly dropped a line. I bet you all I can get Jensen to come here. Jensen, of course, refers to Jensen Huang. How did the people there react? You can imagine, one of the busiest CEOs in the world, it's midnight, and you can just call him up and get him to come over? As it turned out, not long after, Jensen Huang, wearing his black leather jacket, actually showed up. He even brought two NVIDIA executives with him, and he had a glass of whiskey with the group. This scene was recounted personally by a tech company CEO who was there that night. Afterward, NVIDIA explained that Jensen Huang had already planned to attend the party. But regardless of whether he was going to go or not, everyone present that night remembered one thing. This woman could summon Jensen Huang. Photos from that night were quickly posted on LinkedIn. In the photo, Jensen Huang is sitting in the middle and Huang Lei is sitting to his left. The caption gives her the title of Alice Wong, chairwoman of Megaspeed. Remember the name Megaspeed, folks, because there's a big drama coming up later. A year later, in May 2025, still in Taipei, Jensen Huang walked out of a restaurant after a business dinner with a group of AI suppliers. The woman in the pink dress following Following closely behind him on his left was Huang Lei. Later, when Jensen Huang came out to hand out noodles to the public, Huang Lei stood behind him waiting quietly. And it wasn't just those two times they were seen together. Yi waited for you, Huang. The two of them waited for you. This is what I'll give it. Can you sign this for me? Sure, is it okay? Can you sign this for me? It's... it's quite hot. Quite hot. Huang Wei once posted a photo of herself with Jensen Huang under social media. Investors familiar with him also said that Huang Lei and his associates would show off their friendship with Jensen Huang everywhere, using this connection to raise funds and promote their business. Furthermore, U.S. intelligence agencies have been conducting electronic surveillance on Huang Lei, and the surveillance revealed that he has been in continuous contact with a U.S. citizen, and that person is Jensen Huang. So the nature of their relationship is So, how did Huang Lei get connected with Jensen Huang? How did Huang Lei get connected with Jensen Huang? According to the information currently available, it is impossible to verify exactly when or how he met Jensen Huang. But what is certain is that Huang Lei stood by Jensen Huang's side in the capacity of an executive for a major Nvidia client. This story? Well, it has to start from October 2022. That month, the Biden administration took action to ban the export of the most advanced AI chips to China, which meant Chinese companies could no longer buy Nvidia's best chips. No, this wasn't just for companies based in China. Overseas subsidiaries owned by Chinese companies couldn't buy them either. So, Seven Road, the gaming company with state-owned capital backing that we mentioned earlier, had an overseas subsidiary in Singapore called Seven Road International. Once this ban was issued, the company couldn't buy high-end chips at all. So what did they do? Well, take a look at how they handled it. Friends, listen closely. Five months later, in March 2023, Seven Roads sold off this Singaporean subsidiary to a company registered in the British Virgin Islands. The name of this company is Huang Lei Limited, and it belongs to Huang Lei. However, we all know the British Virgin Islands is a world-famous offshore tax haven, so the person who registers a company there isn't necessarily the real owner. After Wong Lee took over, he changed the company's name to Megaspeed. In November of the same year, he transferred Megaspeed again, this time to a shell company under the name of a Singaporean individual. This Singaporean individual is named Chen Yongbang, and he is currently the sole nominal director of Megaspeed. However, his social media records show that this Singaporean has been living in Shanghai recently, and the HR manager of Megaspeed's Singapore office said they have never met the company's director, as most of them are in China. And then, most crucially, just four days after Megaspeed was transferred to the Singaporean's It obtained official NVIDIA-certified cloud partner status. So what kind of situation is this? To put it simply, it's like clothes made in a Chinese factory being shipped overseas and transferred to a Singaporean factory where the Made in China label is cut off and replaced with a Made in Singapore one. The clothes are still the same, but from then on, they're considered to be produced in Singapore. Applying this to our case, 7th Avenue International transformed from having a Chinese parent company background into an independent Singaporean-owned company, using this shell to bypass US restrictions on high-end chip procurement for Chinese-owned companies. That's why Nvidia said, hey, we checked and Megaspeed is wholly owned by a company headquartered outside of China with no Chinese shareholders. Of course it is. At the end of 2023, Megaspeed only had a total of 5.7 million US dollars in cash on its books. Six months later, in June 2024, that was the night at the bar in Taipei. A few weeks after that, Nvidia's most advanced chips started being shipped batch after batch to Megaspeed's subsidiary in Malaysia. In the first three months, Megaspeed bought $1 billion worth, and in the following nine months, they bought another billion or so. By the spring of 2025, they suddenly accelerated. And in the six weeks leading up to May 15th, they bought a massive amount of chips, far exceeding the scale of the previous two purchases. Because on that day, October 15th, the Biden administration mandated that after this date, chips sold to Southeast Asia would require a license from the U.S. government. Although this regulation was later rescinded by the Trump administration, Megaspeed had already rushed to procure a massive batch before that door closed. By November 2025, Bloomberg had combed through customs records in Malaysia and Indonesia, calculating that Megaspeed had imported at least $4.6 billion worth of NVIDIA equipment, which included at least 136,000 chips, more than half of which were NVIDIA's latest Blackwell models. The figure calculated by the New York Times is at least $4.8 billion in transactions. What kind of concept is $4.6 or $4.8 billion? Let's make a comparison. YTL Corporation, a major listed conglomerate in Malaysia, partnered with Nvidia to build an AI data center, and the entire project was only $4.3 billion. The entire project of a national-level conglomerate is actually not as big as the bill racked up by a single company, Megaspeed. This company has been established for less than three years, and it has already become Nvidia's largest buyer in Southeast Asia. So would you say Huang Lei can get Jensen Huang to show up? However, his Singapore office actually only had two people working during the work week. Furthermore, he originally only had 5.7 million dollars in his account, yet he imported goods worth a hundred times that amount and took on a multi-billion dollar bill from Nvidia. Where did this money come from? Megaspeed refused to answer. But a U.S. short-selling firm called Copper found a clue. Now, friends, listen closely to this clue. Although it cannot be verified at the moment, the logical reasoning holds up, so we can treat it as an accusation. Copper discovered that in June 2024, the same month as the Taipei bar incident, Megaspeed's Malaysian subsidiary mortgaged all of its assets to a Singaporean company called Apex. And who is the parent company of this APEX? It's Alibaba. Generally speaking, we all know that you only mortgage your assets to someone if they gave you money, right? So it means APEX gave the money to Megaspeed. So where did APEX's money come from? If you open up APEX's ledger, it shows that it owes Alibaba approximately 4.2 billion US dollars. To put it simply, Alibaba lent the money to this subsidiary of theirs in Singapore. And once that money went into Apex's pocket, where did it go next? On that same ledger, Apex recorded an advance payment of approximately 4.1 billion US dollars, which is money paid to someone else in advance. It brought in 4.2 billion from Alibaba and sent out 4.1 billion as an advance payment. The money was almost entirely transferred out. During that same period, 2.9 billion US dollars in unexplained deposits suddenly appeared on Megaspeed's books, causing the company's assets to skyrocket from 33 million to 3 billion U.S. dollars within a single year. Then, Megaspeed transferred this money to its Malaysian subsidiary to purchase NVIDIA chips. So the chain goes like this. Alibaba lends money to Apex. Apex sends the money to Megaspeed. Megaspeed uses the money to buy chips. Then the purchased items are placed into Megaspeed, and Megaspeed is then pledged to Apex as collateral. Therefore, Alibaba is the Chinese company that wants the chips. And the story doesn't even get to the most bizarre part yet. Bloomberg reported that Nvidia sent people to Megaspeed's server room to take inventory of the 136,000 chips purchased, and at least half of them should have been Blackwells, meaning at least 50,000 or more. But they only saw a few thousand Blackwells. Where did the rest go? Just now we mentioned that more than half of the chips bought for billions of dollars had vanished into thin air. So where exactly did they go? The first crack in the story appeared at the server room in Malaysia. At the end of 2024, U.S. commerce officials conducted a surprise inspection of Megaspeed's local server room, and the results were jaw-dropping. A massive amount of top-tier Nvidia equipment was stacked in cardboard boxes, completely untouched, with the seals not even broken. For a company that makes money by renting out computing power, Every day those chips sit idle is a massive loss, unless, of course, there was never any intention to install them in Southeast Asia in the first place, and they were actually meant to be smuggled and trans-shipped. Nvidia has been claiming all along that they visited Megaspeed's server rooms multiple times for inspections, and that the chips are exactly where they're supposed to be. They also submitted a list to the US government, claiming they had accounted for the equivalent of about 86,000 chips across eight data center operators. Bloomberg reporters then took that list and went to each of those companies one by one to ask, and the results were shocking. One data center said they didn't have this shipment at all. Another said that Megaspeed wasn't even their customer to begin with. This shows that the inventory NVIDIA claimed to have accounted for did not match the actual situation, the reality on the ground. With those hundreds of thousands of invisible chips, no one can prove they are still in Southeast Asia. So where could these chips have gone? In 2024, Megaspeed created a fundraising document in Chinese and sent it to potential investors. Bloomberg obtained this document, which stated that, as of now, the largest NVIDIA cloud partner computing cluster has already been built in a specific region. And this Pacific region is neither in Malaysia nor in Indonesia. Which country is it in? It didn't say. But it included a picture, and this picture is identical to the rendering of that super data center in Shanghai. So Megaspeed is directly hinting to Chinese investors that our largest NVIDIA computing cluster is right here in Shanghai. But you have to realize, Shanghai is under an embargo for high-end chips, so how could a super data center possibly be built there? The secret to this also lies with Huang Lei. Huang Lei opened a company in Shanghai that is essentially the domestic twin of this Megaspeed, called Shanghai Shanghai Shuoyao Technology. The official website, WeChat account, employee photos, and data center distribution map of this ShuoYao are practically carbon copies of Megaspeeds. Much of the content is completely identical. The only difference is that the chips displayed on the ShuoYao website are different from those on Megaspeeds. Megaspeed displays chips like the B200, H100, and H200, which are banned from being sold to China, while ShuoYao, as a Chinese website, only displays models that are permitted to be sold to China. Even so, while ShuoYao lists compliant chips, It is secretly hiring engineers to maintain banned models like the H100 and H200, and the workplace is only 500 meters away from that super data center in Shanghai. So you see, the chips are shipped to Malaysia, many remain in their original, unopened boxes, and the number of chips actually installed and running is far less than the number purchased. NVIDIA's self-inspection checklist was repeatedly denied by the server room, while Megaspeed told its Chinese investors that its largest NVIDIA computing cluster is that very data center in Shanghai. ShuoYao is hiring people to maintain high-end chips that are embargoed from China. What does this tell you? It means that Megaspeed in Singapore is just the shell company, responsible for using its clean Singaporean identity to legally purchase high-end chips, and then shipping a portion of those goods into China. The entity actually doing the work domestically is Huanglei's Shanghai ShuoYao. To this day, Megaspeed's name is still listed on NVIDIA's official website as a cloud partner. Now, you might be wondering, with such large transactions and so many red flags, didn't the U.S. government notice? Boy, it did. The first to set their sights on Megaspeed was the U.S. Department of Commerce. Towards the end of Biden's term, the Department of Commerce was already suspicious with this Singaporean company with helping the CCP bypass chip sanctions. At the end of 2024, Department of Commerce officials even traveled to the server facility in Malaysia and saw the unopened crates with their own eyes. The U.S. immediately notified Singapore and Malaysia about the situation. In 2025, Singaporean police took Wang Leyan for questioning, at one point barring her from leaving the country, before eventually releasing her to cooperate with the investigation. By October 2025, the New York Times exposed Megaspeed for the first time. In December, Bloomberg reported that the 136,000 chips purchased by Megaspeed were not in the server facility, but the real drama was happening behind the scenes. U.S. intelligence agencies subsequently targeted Huang Lei, discovering that this woman was passing intelligence to Beijing, and the American she was in private contact with was none other than Jensen Huang. A year earlier, intelligence officials had briefed Trump. But Trump? Well, he didn't do anything. You see, U.S. counterintelligence agencies have a standard practice. If they discover that an American is being targeted by a foreign intelligence agency, they will reach out to them to give them a heads up and warn them to be careful. This is called a defensive But Jensen Huang never received any such briefing. There's a theory that they didn't tell Jensen Huang because they were afraid of tipping off the target, letting Huang realize he was being watched. However, this explanation doesn't seem to cover everything. Let's lay out this timeline and you can judge for yourselves, folks. In 2025, the Trump administration was considering whether to completely ban Nvidia from selling chips to China. As for Jensen Huang, he flew with his wife to Trump's Mar-a-Lago estate to attend a high-end donor dinner, where he personally persuaded Trump to allow chip companies to do business with China. Afterward, Nvidia donated at least $20 million to Trump's White House banquet hall project, and also promised to invest $500 billion in manufacturing in the United States. About a year ago, when Trump learned that there was a Beijing intelligence asset in Jensen Huang's inner circle, he chose to sit on it. That December, Trump announced that Nvidia would be allowed to sell H200 chips to China, with the U.S. government taking a 25% cut. A month later, the Department of Commerce officially gave the green light. This May, Jensen Huang accompanied Trump on a visit to China. That same month, the U.S. approved 10 Chinese companies, including Alibaba, Tencent, ByteDance, and JD.com to purchase H200s. Last month, when Xi Jinping visited the White House, Jensen Huang was seated at the head table for the state dinner. So friends, do you think Trump's decision to sit on it a year ago was a case of playing the long game? Or was he tied down by business interests? Or perhaps he was trying to stress test Jensen Huang? These three answers correspond to A, B, and C. What do you think, friends? Let me know in the comments. Trump may have his own reasons for not saying anything, but a more critical Critical person in this whole affair is Jensen Huang. Within the Trump administration, there are now high-level officials who suspect that it's impossible for Jensen Huang to have been completely unaware that Huang Lei was a CCP spy. Currently, Nvidia's response is that meeting with clients is part of a CEO's job. Jensen Huang meets with thousands of client executives a year, and if the U.S. government believes someone posed a threat to American industry, they would certainly have told us. But the government specifically didn't say anything. So is he just shifting the blame? In November 2025, Jensen Huang accepted an interview with Bloomberg Television and swore that they had investigated every suspicious point, conducting random checks on data centers worldwide and found no evidence of any chip diversion. However, the short-selling firm Cowper revealed that a current employee at Megaspeed disclosed that every few months, Jensen Huang would visit data centers associated with Megaspeed, and he would be accompanied by people from Alibaba. So, did Jensen Huang actually realize that Huang Lei was a CCP spy? Friends, if you think he had absolutely no idea, type a 1 for me. If you think he must have been aware of it and was just playing dumb for the sake of business, type a 2 for me. Regarding these two open-ended questions, why do you think Trump didn't take action back then? Was Jensen Huang actually aware of it or not? I'm really looking forward to hearing your views on these two questions, so please be sure to leave a comment and share them with me. As for which one is the truth, subscribe to TrueView, Zheng Guan Dian, and we will continue to track this for everyone. Alright, that's all for today. If you enjoyed my show, don't forget to give me a like before you leave. New friends, welcome to subscribe to TrueView, and I also encourage you to share my videos with more people who need to understand this event. And with that, I, Zhenfei, would like to thank you all in advance. Alright, thank you all for watching, and don't forget we'll see you again at the same time this Saturday on TrueView. Bye bye!