Shanghai Fund Manager Smuggles $7.5 Billion Nvidia Chips

Shanghai fund manager Kang Wei facilitated a smuggling operation where his wife, Alice Huang, helped import $4.6 billion worth of Nvidia AI chips via Megaspeed and $2 billion through Speedmatrix. A total of 240,000 banned chips worth $7.5 billion were moved between 2023 and 2025, enabling China to acquire advanced AI hardware despite U.S. export bans.