We caught Huang Le and the China issue half a year ago! The 31-year-old researcher was ridiculed for shorting Huida early, but now he has become famous.

Huida CEO Jen-Hsun Huang sadly resigned from the company's CEO and other positions on Thursday (12th) due to the extramarital affair scandal. Culper Research became the first Wall Street short-selling institution to expose Huang Le (right). (Picture taken from the Internet)

[Financial Channel/Comprehensive Report] Jen-Hsun Huang sadly resigned from his position as CEO of Huida on Thursday (12th) due to the extramarital affair scandal. Investors are digesting the news. Although there are many comments on this in the market, the fact is that no one will notice this earlier than 31-year-old analyst Christian Lamarco. Although Culper Research, a subsidiary of Lamarco, is not the most well-known short-selling and investment research institution on the market, as early as May, the company became the only company to point out that Huida had a "serious China problem" and began to short-sell Huida's stock. This operation may become one of the most successful trading decisions on Wall Street this year, and it also made Lamarco famous.

The name of Culper Research comes from the Culper Ring, a spy group organized by George Washington, the founding father of the United States, during the American Revolutionary War. Lamarco saw a related program on TV when he first founded the company, so he made the connection. Currently, Culper Research has only 3 employees and is not large in scale. Huida is not the first company Culper has targeted. Since its establishment in 2019, Culper has targeted multiple listed companies, but usually companies with smaller market capitalizations. However, the short-selling report published in May this year targeted the popular fried chicken "Huida" in the market.

Culper said in the report: "Huida claims that its business in China has dropped to 'zero' after the implementation of US trade restrictions in April 2025. However, we believe that in fact, more than 20% of Huida's computing business revenue in fiscal year 2026 is still driven by the Chinese market. These revenues also come from illegal GPU transshipment and the assistance of Southeast Asian middlemen."

The report alleged that although Huida had said it had withdrawn from the Chinese market, part of its recent huge revenue growth actually came from sales in the Chinese market, and named companies in Taiwan, Malaysia and Singapore as suspected of transshipment.

Culper emphasized in the report: "This is not an anti-AI bet. There is only one reason why we short Huida: this company has serious China problems." Culper said that despite the U.S. export restrictions, Huida still indirectly supplies to China through entities related to Alibaba. These companies include Singapore's Megaspeed and Apex, Malaysia's Speedmatrix, and Taiwan's Giga Computing.

Alice Huang, who is said to be a Chinese spy, serves as a senior executive at Megaspeed, and she is also accused of being one of Huang Renxun's extramarital affairs. The report also clearly points out that Huang Le and Huang Renxun have a close relationship.

The report reads: "Not only did Huang endorse Megaspeed, he seemed to personally accompany Megaspeed at almost every stage, while maintaining an uncomfortably close relationship with Megaspeed's Chinese director Huang Le. He was first spotted attending a party with Huang Le in June 2024, the same month that Apex/Alibaba's commitment documents were officially submitted."

The report said: "He (Huang Renxun) had dinner with Huang Le again in Taiwan in May 2025, just weeks before news of the U.S. trade restrictions broke. ... One Megaspeed employee described their relationship with Huang as 'very close,' which also corroborates what another former Huida employee previously told us that many Huida employees had doubted whether there was a special relationship between the two."

Ramako recalled being laughed at when he published the report. "Sometimes people care about what you say; sometimes they don't. I think this time it took six months for them to care," he said in an interview with The Wall Street Journal.

It's unclear how much money LaMarco and Culper Research made by shorting Huida's stock, or even whether they made a profit at all. Although more than $1 trillion has been wiped out of the chipmaker's market value since the report was released, Lamarco declined to say how much the investment decision had brought to the company, or whether he was still short Huida stock.