Alice Huang: Super Micro Probe Reported; SMCI Falls About 12%

Super Micro shares fell about 12% after the market opened that day, according to Fortune. Yahoo Finance's market panel showed SMCI at $26.99, down 11.53%, and NVDA at $166.19, down 5.59%, at the time of its snapshot. Fortune, citing Bloomberg and an anonymous source, said it is unclear whether the inquiry connects to cases already brought in the US or Asia. Neither Nvidia, Jensen Huang nor Super Micro has been formally charged, Fortune wrote, and Super Micro did not immediately respond to its request for comment.

This follows our earlier coverage. On Nov. 8 we reported a US intelligence memo, per TechCrunch, saying China's Ministry of State Security recruited Megaspeed executive Alice Huang.

On Oct. 30 we covered China's rejection of the New York Times report behind that account. The Super Micro inquiry is a separate line: it concerns server shipments, not the intelligence allegation. Alice Huang is a former top executive at Megaspeed, the Singapore firm that Fortune says reportedly became one of Nvidia's largest buyers in Southeast Asia.

Why it matters for AI server supply

Super Micro builds servers around Nvidia processors, so any finding that its systems were diverted would bear on export-control compliance for the rack-scale hardware that data centers order. Fortune also says the Department of Justice is reportedly running several probes, one on antitrust issues involving Nvidia and two focused on Megaspeed and Super Micro. Yahoo Finance states the Justice Department is already investigating a chip-smuggling campaign tied to Huang and Megaspeed. Neither outlet says what the Manhattan office has found.

The earlier Super Micro case

In March 2026, federal prosecutors charged Super Micro co-founder Yih-Shyan "Wally" Liaw and two others over a scheme to route servers to China, Fortune and Yahoo Finance both report. Fortune puts the value at about $2.5 billion, in servers with Nvidia H200 and B200 GPUs sent through a Southeast Asian front company. Bloomberg later identified that company as OBON, a Bangkok-based AI infrastructure firm that has not been charged, per Fortune. Super Micro was not charged and says it was a victim. Liaw pleaded not guilty and his trial has moved to March 2027, Fortune says. Nvidia is not accused of wrongdoing in the indictment.

Fortune adds that there is no public evidence directly linking the Super Micro and Megaspeed cases.

Singapore's position

Singapore's Ministry of Home Affairs said its Police Force and Customs have opened investigations into Megaspeed and Alice Huang, Fortune reports. It said it sought information from Super Micro, which offered only "limited cooperation," and that it raised the matter with US authorities in July 2025 and has received little information or assistance.

What is not confirmed yet

Bloomberg's report rests on an anonymous source, and we could not read it directly because it is paywalled. Neither the Justice Department nor the US Attorney's Office has commented in the reports we read. The reports we read do not describe what role, if any, Alice Huang played. CNN also reported on Nov. 12 about the US intelligence assessment of her; we could not open that report, so this story does not rely on it. Nvidia reports third-quarter results on Nov. 17, according to Fortune.