Alice Huang's $7.5 Billion Nvidia Chip Deal: Where Did the Money Come From? How did Alice Huang's business network rapidly grow from a small company into a computing power supplier that purchases billions of dollars worth of Nvidia GPUs and operates data centers in Southeast Asia? Let's look at the scale of funds (all figures below are in US dollars): ① Alice Huang's Early Capital Accumulation In 2019, Alice Huang and her wholly-owned BVI company participated in the sale of their gaming business to 7th Avenue, a Hong Kong-listed company, for RMB 1 billion. However, the total transaction price did not equal the cash Alice Huang personally received. ② Megaspeed: 90-Fold Expansion in One Year At the end of 2023, the company had only $5.7 million in cash on hand and total assets of approximately $32.89 million. By the end of 2024: Total Assets: $2.976 billion Total Liabilities: $2.986 billion Annual Revenue: $294 million Net Loss: $20.04 million Refundable Deposits: Approximately $2.945 billion (investors undisclosed) Accounts Receivable from Subsidiaries: Approximately $2.886 billion This means that the nearly $3 billion in asset expansion primarily corresponds to substantial liabilities, rather than profits accumulated by the company itself. ③ Speedmatrix: Billions of Dollars in Equipment Purchases Megaspeed's Malaysian subsidiary added approximately $1.9 billion in fixed assets, including servers, in 2024. According to short-selling firm Culper's analysis of trade records, from December 2024 to January 2026, the company imported approximately $4.6 billion worth of goods, of which approximately $4 billion came from Nvidia's server partner, Aivres. ④ Alibaba: The Most Clearly Related Party in the Funding Chain Apex Enterprise Solutions, a Singapore-based subsidiary of Alibaba, as of the end of March 2025: Related Company Loan Liabilities: Approximately US$4.2 billion Prepayments and Other Receivables: Over US$4.1 billion The Financial Times confirmed that Alibaba provided loans to Speedmatrix through Apex, with the latter using business assets as collateral. Alibaba is also Megaspeed's largest cloud computing power customer. However, the US$4.2 billion related loan from Apex cannot be directly attributed entirely to Megaspeed. ⑤ A Larger Procurement Network The Information reported that Huang Le and his related business network were involved in at least US$7.5 billion in Nvidia chip transactions and approximately 240,000 chips subject to export restrictions. These allegations are based on media investigations and have not yet been independently verified, nor can they be simply added to the aforementioned US$4.6 billion in imports. In 2025, Huang Le and his business partner Kang Wei also pitched a Southeast Asian data center project worth hundreds of millions of dollars to investors, highlighting GPU supply capabilities and Alibaba's customer relationships; the actual amount raised is unclear. The most critical questions are: How could a company with only $5.7 million in cash at the end of 2023 acquire the ability to purchase equipment worth billions of dollars in such a short period? Where did Megaspeed's approximately $2.9 billion in deposits come from? To which companies did the billions of dollars in funds from Alibaba-backed Apex ultimately flow? Where were the purchased GPUs actually deployed, and who ultimately used the computing power? What can be confirmed now are loans, guarantees, and customer relationships with Alibaba; it cannot be confirmed that all the purchase funds came from Alibaba, nor can these accounts alone be used to conclude that there was illegal chip transshipment. The most worthy investigation in this case is not just the personal relationship between Huang Le and Huang Renxun, but the true investors, ultimate controllers, and end users behind the billions of dollars in GPU purchases.