Firms Tied to Alice Huang Invest in DeepSeek, Promise Nvidia Chips

Companies linked to Alice Huang put money into the Chinese artificial intelligence startup in its second funding round, which ran from July to October and raised nearly $16 billion, The Information reported on Thursday, citing three people with knowledge of the matter.

The investments were meant to forge closer ties so the firms could supply DeepSeek with Nvidia’s Blackwell processors, which cannot be sold in China under U.S. export restrictions, one of the people told the publication.

The companies invested through special purpose vehicles, keeping their names off DeepSeek’s direct shareholder register, according to the report.

Employees Flag a Chip Network

During the fundraising, DeepSeek employees introduced Shanghai Century Litong and its Shanghai-listed parent, Jiangsu Lettall Electronic, to some investors, The Information said.

Those employees told the investors that the two firms were “substantial suppliers of blackmarket Nvidia AI chips” and deserved a share of the contested round, the report said.

Both companies took part. The Information did not disclose the total they committed, and it remains unclear whether the promised Blackwell chips have been delivered.

Links Run Through Family Firms

Alice Huang, also known as Huang Le, is a Chinese businesswoman whom U.S. officials have assessed was recruited by Beijing’s intelligence services, an allegation that remains unproven and that China has denied.

She has not been charged. The New York Times identified her as the woman with whom Jensen Huang, then Nvidia’s chief executive, had a romantic relationship. The two are not related. Nvidia said Thursday that he had resigned as president, chief executive and a director, and named Colette Kress interim CEO.

The Information said Alice Huang has never directly held shares or executive posts at Century Litong or Lettall Electronic. It reconstructed the ties through commercial records involving her sister and her husband.

Century Litong, founded in June 2023, gained Nvidia preferred cloud partner status within months, earlier reporting by The Information said. The same outlet has said a network tied to Alice Huang, her husband and her sister helped move about 240,000 Nvidia processors into China, worth at least $7.5 billion. Reuters said it could not independently verify that account.

Earlier Denials and Open Questions

Shanghai Century Litong previously told The Information that “all business resources of our company are obtained in compliance with applicable laws and regulations” and that it has “no business dealings with Ms. Huang.”

Megaspeed, the Singapore company where Alice Huang held a senior role, has denied illegally diverting chips to China. Nvidia has said an earlier review found no evidence of violations.

It was not immediately clear whether DeepSeek, Nvidia, Alice Huang or the companies commented on Thursday’s report. Bloomberg has said Alice Huang is living in Beijing.