Short-seller called Nvidia top by not trusting Jensen Huang

Culper Research shorted Nvidia after predicting the $5 trillion AI giant might be re-routing Chinese demand for AI chips through sketchy deals with neighboring countries.

Almost no one believed it at the time, but as it turns out, it called the top.

Despite Nvidia CEO Jensen Huang’s guidance of “assuming zero for China” to comply with US export controls to the country, the company actually benefitted from work-arounds and created big problems for itself in neighboring nations.

“I’m forecasting China’s sales to be zero,” Huang said in November 2025 after US export restrictions halted Nvidia’s chip sales to China. “It’s zero for the next quarter, zero for the quarter after that. We’re assuming it’s going to be zero.”

By May 13, however, Culper Research sniffed a problem with that claim and sold-short Nvidia shares. It sensed that Nvidia might be re-routing its Chinese demand for AI chips via Taiwan and places like Malaysia and Singapore.

It also foresaw legal problems as regulators discovered its diversions.

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