What did Jensen know about Alice, and when?

Hopefully, the answer to the first question’s “nothing” other than, you know, whether she prefers a Kelly to a Birkin. That’d make the second question not applicable.

But some (certainly not me) worry Mr. Huang was at least vaguely aware that Ms. Huang (not to be confused with Mrs. Huang) was a Chinese intelligence asset. If he was, then we have, all of us, a problem.

In “Jensen Got Honey-Trapped,” I drew readers’ attention to a comical juxtaposition from a sprawling 2025 Bloomberg profile of Alice Huang’s Singaporean neocloud, Megaspeed.

Beginning on or around June of 2024, the company, which just seven months previous operated as a British Virgin Islands entity named for Alice Huang, began buying Nvidia equipment, starting with H100s and H800s. By November of 2025, those purchases, which came to include Grace Blackwells, summed to $4.7 billion, according to import ledgers from Megaspeed’s Malaysian and Indonesian affiliates.

It’s possible the $4.7 billion figure undercounts Megaspeed’s Nvidia purchases. The company also has an affiliate in Thailand, and it’s infeasible (or anyway hard enough that Sol Medium gently suggested I give up trying on Monday morning) to tally any purchases that entity might’ve made.

The punchline here is that if you track down Megaspeed’s financial statements for 2023 through Singapore’s official business registration and filing portal, you’ll apparently discover that the company’s end-2023 cash balance was a whole $5.7 million, with an “m.”

So, from early 2024 through late 2025, the company bought Nvidia hardware worth around 820x its 2023 year-end cash balance. Some people (certainly not me) would quip that’s quite the feat.

There’s the chart. If you want to back the numbers out yourself, you can follow the same paper trail: Beijing-based Big Trade Data offers searchable import records for tracking purchases Megaspeed’s Malaysian and Indonesian affiliates, and Singapore’s ACRA sells copies of company filings through Bizfile, with extracts starting at a princely S$11.

That’s the “comical juxtaposition” mentioned above, and flagged here on Sunday evening. I’m sure — I hope — Megaspeed can offer a plausible explanation, and even if they can’t it doesn’t necessarily “need” explaining. There’s nothing illegal about comical juxtapositions, otherwise I’d be serving a life sentence for the outfits I wear to dinner when I’m on one of my Kitsch Register tours.

But Megaspeed took the Bloomberg profile seriously enough that when you go to the company’s website, you’re greeted first, an unavoidably, by a popup window that reads as follows:

We are aware of the recent article published by Bloomberg which has raised concerns regarding our operations. We would like to clarify that the article contains misleading information and incorrect insinuations, including suggestions that we may have been involved in illegal chip transfers.

We want to be absolutely clear: over the past six months, our company has undergone multiple on-site inspections and reviews by key institutions, including the Bureau of Industry and Security of the US Commerce Department, the Ministry of Investment, Trade and Industry of Malaysia, and NVIDIA. These thorough investigations have confirmed that there has been no evidence of any violations concerning the illicit transfer of chips or any illegal activities, and this demonstrates that we are a compliant and legitimate company. We operate fully within the bounds of all applicable export control regulations and maintain the highest standards of legal and ethical conduct.

Our company has always adhered to the law, and we take these accusations seriously. As such, we do not rule out pursuing legal action to protect our reputation and to hold Bloomberg accountable for the misleading nature of the article.

We appreciate the continued trust and support from our clients and partners.

Megaspeed
December 23, 2025

Some people (certainly not me) might be inclined to quip “the lady doth protest too much, methinks.” It’s interesting that popup window’s still there, nearly a year on from the Bloomberg article’s original publication.

While a definitive timeline on Jensen and Alice’s romantic relationship will never be established, it is possible to trace Megaspeed’s corporate trail.

Right around the time the Biden administration implemented export restrictions blocking AI chip sales to China, Chinese gaming company 7Road spun off the entity which would become Megaspeed. That entity, a Singaporean subsidiary of 7Road, was initially sold to Huang Le Ltd., the above-mentioned British Virgin Islands entity named for Alice. She then sold it to a shell company back in Singapore. Just days later, Nvidia named the company an official cloud partner.

The figure above traces the company’s expeditious journey from 7Road subsidiary to Southeast Asia’s largest buyer of Nvidia hardware. “Megaspeed” indeed.

Once upon a time, Alice was a television reporter for Chinese state-media. Later, she pursued in a career in finance at Shanghai Hexi Investment Management, where she was listed as an executive director and fund manager.

In 2024, Alice was photographed sitting with Jensen at a tech trade show in Taipei. That photo, posted to LinkedIn, is now all over the internet.