Culper Research Reaffirms Bearish Stance on Nvidia Over China Export Restrictions

Culper Research founder Christian Lamarco has reaffirmed his bearish position on Nvidia Corp., asserting that multiple intermediaries beyond Megaspeed are helping Chinese entities circumvent U.S. export bans on advanced artificial intelligence chips. Nvidia shares fell over 4% amid heightened scrutiny, corporate investigations involving CEO Jensen Huang, and potential regulatory enforcement. Lamarco, who originally published a short report in May 2026, contested Nvidia's previous assertions that its China business dropped to zero after export curbs, arguing instead that shipments continued via third-party routes.