$4.8 Billion Chips: Who is this woman? Over $4.8 billion in AI equipment purchases have expanded a company's balance sheet from $33 million to approximately $3 billion. Huang Renxun's romantic life is still fresh in people's minds, but his business dealings are already drawing attention. So how exactly did Megaspeed, associated with Alice Huang, come to be? I. Before joining Huang's side, she had already been active in the capital market for many years. Her online resume connects Huang Le with Shanghai Hexi Investment, a listed company equity dispute, a gaming business, and a Singaporean computing power company. One particular transaction linked the person and the funds together. According to a report by Hong Kong 01, which investigated records in Hong Kong, Singapore, and mainland China, Huang Le previously held a gaming business through multiple offshore companies and sold it to the Hong Kong-listed company 7th Avenue in 2019 for approximately RMB 1.2 billion. The report also linked her to her position and equity relationship with Shanghai Hexi Investment. Before becoming the subject of the sex scandal, she had already participated in company transactions worth billions of yuan. The 7th Avenue connection later appeared in Megaspeed's corporate background. Public reports show that Megaspeed was once linked to 7th Avenue's Singapore business, which was transferred to a company controlled by Huang Le in 2023, and subsequently sold to Swiftdata. From gaming to AI computing power, the businesses she has been involved in have expanded from billions of yuan to billions of dollars. To simply portray her as "the woman beside Lao Huang" misses this long capital story. II. From $33 million to $3 billion, how did the money come in? According to a Financial Times report, Megaspeed's balance sheet grew from approximately $33 million to $3 billion in 2024, roughly 91 times its original size, with much of this change related to transactions between subsidiaries. Short-selling firm Culper, citing the company's financial records, pointed out that one key source of funding was approximately $2.9 billion in refundable advance payments. What does $2.9 billion mean? It's equivalent to approximately 88 times the size of the company's balance sheet at the end of the previous year. A massive upfront payment arrangement is enough to alter a company's purchasing power. Another financing clue points to Alibaba. The report also mentions that Alibaba, through its Singapore subsidiary Apex Enterprise Solutions, provided a loan to Megaspeed's Malaysian subsidiary, Speedmatrix, in June 2024. By early 2025, Huang Le and her business partner Kang Wei were again promoting a Southeast Asian data center project to investors, seeking hundreds of millions of dollars in funding, highlighting their ability to acquire Nvidia GPUs and their Alibaba client base as selling points. Piecing this information together reveals the allure of this business: Upstream, she could secure GPUs; downstream, she had computing power clients; and in the middle, she used financing and upfront payments to drive equipment procurement. While everyone was researching how she met Huang Le, investors at the time were probably more concerned with: How many GPUs could she obtain, and to whom could she lease them? III. The $4.8 Billion Purchase: Behind It a Server Supply Chain According to ImportGenius trade data cited by The New York Times, Megaspeed's sister company in Malaysia purchased at least $4.8 billion worth of advanced AI equipment, including Nvidia chips, from June 2024 to February 2026. Roughly amortized over approximately 20 months, this averages to about $240 million per month. Looking further into the supply chain, Culper's statistics on another trade record show that from December 2024 to January 2026, Speedmatrix imported approximately $4.6 billion worth of products, of which about $4 billion came from Aivres Systems, accounting for about 87%. Aivres assembles servers equipped with Nvidia chips. These two sets of statistics cover different timeframes, so the amounts cannot be added together, but they reveal one thing: the procurement network has extended to server manufacturers and operating entities in Southeast Asia. After the equipment is purchased, it still needs to be converted into computing power that someone pays to use. Bloomberg reports that Megaspeed is leasing Nvidia chip computing power to Alibaba at multiple facilities in Southeast Asia. Financing, equipment procurement, data centers, and computing power leasing—these are the key elements behind the $4.8 billion business. It's easy to spread the word online by equating these devices to the number of aircraft carriers. But for this company, what's more important is: how long can the equipment operate, what is its utilization rate, and can the rental fees cover financing and depreciation? Buying the chips only completes the first half of the business. IV. The story gets bigger and bigger, but the stock price has already priced it in. On November 9th, Nvidia closed down 4.27% at $178.67. Trading volume reached approximately 457 million shares that day, about 2.54 times that of last Friday; the intraday low was $170.24 before recovering somewhat. The market has already priced in this marital turmoil. If no further bad news emerges, focus will likely shift back to business and stock price recovery. The next factor determining the price will be any new developments in the investigation and whether the company's orders, deliveries, and product schedules have been affected. If no new negative information emerges, the market can then refocus its attention on AI demand, data center construction, and next-generation products. While the drama can continue to unfold, valuations shouldn't be repeatedly discounted based on the same news. Yesterday, we analyzed the family finances for Huang (CEO of Nvidia); today, examining the company's procurement and financing records reveals that this turmoil is far more complex than a romantic relationship. But for shareholders, the final question is simple: The boss's story isn't over yet; can the company continue to do business well? Alibaba, Chips, Nvidia, Jensen Huang, NVDA, Megaspeed