An anonymous employee cited by short seller Culper Research has alleged that Alibaba was the end customer behind a data centre project involving Malaysia's YTL Corporation and Singapore-based Megaspeed. While corporate filings and financial records have raised questions about the companies' business relationships, the alleged Alibaba connection and claims of restricted chip transfers remain unverified.

Anonymous Claim Links Alibaba to YTL and Megaspeed AI Data Centre Project Amid NVIDIA Scrutiny

An anonymous employee's claim that Alibaba was the end customer behind a data centre project involving Malaysia's YTL Corporation and Singapore-based cloud computing company Megaspeed has added another dimension to scrutiny of NVIDIA's AI chip supply chain.

The allegation was cited in a May 13, 2026 research report published by short seller Culper Research. The report examined Megaspeed's business relationships, financial records and potential connections to Chinese customers seeking access to advanced AI computing infrastructure.

However, the alleged Alibaba connection has not been independently confirmed, and the available information does not establish that restricted NVIDIA chips were transferred illegally to China.

What the Anonymous Employee Alleged

Culper Research quoted an individual described as a current Megaspeed employee who had previously worked for YTL.

The source claimed that Megaspeed was one of YTL's important customers and alleged that Alibaba was the ultimate customer behind a related data centre project.

The employee also reportedly said that YTL was expected to construct and deliver a data centre for Megaspeed.

Culper pointed to additional material, including LinkedIn profiles of Megaspeed employees referencing YTL Green and a rendering of the YTL Green facility included in a Megaspeed investor presentation.

These details suggest possible business connections between the companies, but they do not independently establish Alibaba's role as the end customer.

Financial Records Raise Further Questions

The research report also examined Megaspeed's financial position.

According to Culper, the company's balance sheet increased from approximately $33 million at the end of 2023 to around $3 billion at the end of 2024. The research firm attributed much of this increase to approximately $2.9 billion in refundable deposits from an unidentified source.

Culper also cited Malaysian corporate filings showing that Megaspeed subsidiary Speedmatrix pledged its business as collateral to Singapore-based Apex Enterprise Solutions in June 2024.

The research firm identified Alibaba as Apex's corporate parent. Apex's financial statements reportedly showed more than $4.1 billion in prepayments and approximately $4.2 billion in loans payable to Alibaba as of March 31, 2025.

However, these financial figures do not establish that Alibaba directly financed Megaspeed's NVIDIA GPU purchases or that the funds were used to obtain chips restricted under US export controls.

Why NVIDIA's AI Chip Supply Chain Is Under Scrutiny

Megaspeed operates a cloud computing business that allows customers to rent computing capacity hosted in Southeast Asian data centres.

Its infrastructure includes NVIDIA-powered computing systems, making the company part of the wider regional AI infrastructure ecosystem.

The business model has attracted attention because US export controls restrict the sale of certain advanced AI processors to China.

However, customers accessing computing resources hosted outside China does not automatically establish an export-control violation. Determining whether a violation occurred would require evidence about the specific hardware, customers, transactions, applicable restrictions and licensing arrangements.

Megaspeed has rejected allegations of wrongdoing. The company has described earlier reports as containing misleading information and incorrect insinuations. It has also stated that inspections by relevant authorities and NVIDIA found no evidence of illicit chip transfers or illegal activities.

NVIDIA Board Launches Independent Investigation

The controversy has also drawn attention to NVIDIA CEO Jensen Huang and reported relationships involving Alice Huang, who has been linked to Megaspeed.

Following media reports raising national security concerns, NVIDIA's board initiated an independent investigation.

The company said it had no reason to believe that national security or NVIDIA's confidential information had been compromised. Jensen Huang has also indicated that he supports the investigation and will cooperate.

The investigation is significant because it involves questions about corporate relationships, information security and potential exposure of advanced AI technology.

What Is Proven and What Remains Unverified?

The distinction between documented business relationships and unverified allegations is important in this case.

The existence of YTL's data centre projects, Megaspeed's cloud computing operations and the financial records cited by Culper can be examined through company materials and filings.

However, the claim that Alibaba was the ultimate customer relies on an unnamed employee's account. The available financial information does not independently prove that Alibaba financed restricted NVIDIA chip purchases or that Megaspeed diverted processors in violation of export regulations.

Culper Research also disclosed that it held a short position in NVIDIA, meaning it could benefit financially if the company's share price declined. This is relevant context when evaluating the research report.

The case highlights the complexity of monitoring global AI chip supply chains, particularly as cloud computing providers operate across multiple countries and serve international customers.