Alice Huang, the person allegedly involved in an affair with Nvidia CEO Jensen Huang, has reportedly surfaced in Beijing, marking the first sighting of the Megaspeed executive since the scandal broke out. According to Bloomberg, it’s unclear when the suspected Chinese spy arrived in the capital or why she’s in the area, but she was last spotted leaving Singapore for Shanghai in 2025 after she was detained and questioned during the city-state’s investigation into the $2-billion smuggling case involving Megaspeed.

The Nvidia CEO is now under intense scrutiny after the revelation of his indiscretion with the Megaspeed executive, with Congress threatening to issue a subpoena if he does not respond to their invitation to “a joint, closed-door briefing” with the heads of the House committees on China, Foreign Affairs, and Intelligence. The FBI is also looking into the relationship between the head of the largest AI hardware company in the world and a person suspected of helping sanctioned Chinese companies secure hundreds of thousands of banned H100 and H200 chips. Overnight, a second bombshell report claims that Jensen Huang was also involved in an extramarital affair with Nvidia's VP of health care, Kimberly Powell.

Although the Chinese embassy in Washington has denied any links to Alice Huang, calling it nothing but “groundless smears and slanders” against Beijing, there is speculation that she’s under the control of the Ministry of State Security (MSS), which is the primary agency that handles China’s foreign intelligence and counterintelligence operations. The U.S. intelligence community suggests that she may be passing on information to the MSS, but it remains unclear if she was specifically tasked by Chinese intelligence to target Jensen Huang or if they were only leveraging her relationship with the Nvidia chief to get insights into the U.S. AI industry.

A deeper investigation into Alice Huang, known by her Chinese name as Huang Le, revealed that she supposedly worked in media before jumping into banking and finance. The Wall Street Journal reports that it’s unclear when she met her husband, Kang Wei, but the couple ran a private equity and investment management firm called Shanghai Hexi in 2016. This allowed the couple to invest in companies across industries, including gaming, pharmaceuticals, and, eventually, data centers and cloud computing.

The couple is known for riding trends and isn’t a stranger to scandals. Their firm, Shanghai Hexi, invested in gaming companies in the 2010s, especially when mobile gaming started to boom across the world, while Chinese regulators fined Kang and the company in 2018 for disclosure failures and other violations while it was in the midst of a takeover battle for a corporation. Kang’s moves in the gaming industry are what allowed him to meet Jensen Huang, which eventually led to a close relationship between the couple and the Nvidia chief. Sources told the WSJ that Kang apparently accepted Alice and Jensen’s extra-marital relationship, even sometimes jokingly telling people that she was Jensen’s “personal assistant.”

It seems that the couple is used to leveraging their relationships to gain business advantage, and with investments in AI data centers expected to hit $32 trillion by 2050, Alice Huang’s “close” relationship with Jensen Huang put Shanghai Hexi in an excellent position to take advantage of the trend through Megaspeed and make big money. And with U.S. sanctions making it harder for competitors to acquire Nvidia chips, it appears that their access has turned into a gold mine for the company. But whether Alice Huang acted solely out of business interest with the supposed procurement of Nvidia chips or was leveraged by Chinese authorities to import these chips, the fact remains that $7.5 billion worth of banned chips reportedly made their way into China despite Washington’s efforts.