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黄仁勋的出轨：中美AI暗战 — Transcript

by 二爷故事 · 6,400 words · 965 segments · language en · Watch on YouTube

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0:00President, Nvidia's investigating Jensen Huang's
0:02relationship with a Chinese spy.
0:03Have you spoken to Jensen Huang today?
0:05I have not spoken to him about it.
0:07I just know he's a fine person,
0:10but you never know what's going on. Um,
0:12I'm sure, I hope everything's fine. Yeah.
0:15He's done such an incredible job,
0:17and so I would certainly hope it...
0:19He's a fine person, in my opinion.
0:21Do you wish that you had acted
0:23on the intelligence when you were briefed about it?
0:25So I think, you know,
0:26I think he's an honorable guy.
0:28I think he probably has an excuse for it.
0:31You have to hear it. No,
0:33you can't do that with people. He was...
0:35he's done an amazing job for our country.
0:43November 8th
0:45Nvidia CEO
0:46Chinese-American tech mogul Jensen Huang
0:48A letter was sent to his employees
0:50The email that shocked the world
0:53He admitted to having an affair.
0:55And stated that they would assume full responsibility.
0:58A tech tycoon worth billions had an extramarital affair.
1:02This is actually not surprising.
1:05Because among the bigwigs in Silicon Valley
1:07There are so many more people who play tricks than Lao Huang.
1:11How many lovers and children does a tycoon like Musk have?
1:14I doubt many people could explain that clearly.
1:17But why did Huang Renxun first have a sex scandal?
1:22This has attracted worldwide attention.
1:25What untold secret lies behind this?
1:35Hello everyone
1:36Welcome to Second Master's Story
1:38Just recently, when Xi Jinping visited the United States
1:41At the state banquet hosted by Trump for Xi Jinping
1:44Sitting at the main table with Xi Jinping
1:47They are all top-tier tech leaders in the United States today.
1:51Tim Cook with Apple
1:53Elon Musk of Tesla
1:55AMD's Lisa Su
1:57And then there's the undisputed giant in AI chips.
2:01Nvidia's CEO Jensen Huang
2:04But no one expected...
2:06It's only been a little over a month.
2:08Jensen Huang was thrust into the eye of the storm in American public opinion.
2:12He is about to face congressional questioning about his dealings with Chinese Communist Party spies.
2:16This happened suddenly.
2:19Or were there signs all along?
2:25Rome wasn't built in a day.
2:27The Huang Renxun incident went from emerging to exploding in just 10 days.
2:32The time frame for planting mines is at least two years.
2:35October 29th
2:37The New York Times published a lengthy investigative report.
2:40It is said that Huang Renxun was considered a target of Chinese espionage.
2:44This report discusses the US intelligence agencies.
2:47Starting from the end of 2024
2:48Surveillance of a businesswoman named Huang Le
2:52The incident stemmed from an investigation into chip smuggling.
2:55In this process
2:56They discovered that Huang Le had close ties with a prominent American tech figure.
3:01This big shot is Huang Renxun.
3:04The report also revealed two details.
3:06Trump had been briefed about Huang Le about a year ago.
3:11But Trump did not take any action.
3:14The US government has never given Huang a defensive briefing.
3:19In other words, communicating privately.
3:21The reason is that he's afraid of being reminded.
3:23This surveillance footage exposed the problem.
3:26The real trigger for this public opinion crisis was on November 6th.
3:31The New York Times disclosed a confidential memo
3:34According to the conclusions of US officials
3:36Huang Le was a spy directly recruited by China's Ministry of State Security.
3:41It is said that Huang Renxun and Huang Le have a clear romantic relationship.
3:45One of Huang Le's tasks was to influence Huang Renxun.
3:49He urged the United States to ease export controls on chips to China.
3:54Sunday, November 8th
3:55The New York Times also highlighted this memo.
3:57It is Secretary of State Rubio
4:00Personally supervised the drafting
4:02A few hours later
4:03Huang Renxun's apology letter was sent to the email addresses of all employees.
4:09In his apology letter, Huang Renxun said that he was unfaithful to his wife.
4:12It hurt her and her child.
4:14There is no excuse for not wanting to take full responsibility.
4:18At the end of the letter
4:19He also added a sentence
4:21He said he was proud and grateful to be an American.
4:25Inside the letter
4:25Huang Le's name was not mentioned.
4:27On the same day, Nvidia's board of directors announced
4:30Establishment of an investigation committee composed of independent directors
4:34In this statement
4:35His extramarital affair was not mentioned at all.
4:37Just saying
4:38Nvidia's board of directors currently has no reason to believe that
4:41National security or company secrets have been leaked
4:45I still have confidence in Huang Renxun
4:48He will continue to serve as CEO.
4:50Not a single day will be interrupted
4:52Regarding this matter
4:53The Chinese Ministry of Foreign Affairs also issued a statement.
4:54Spokesperson Guo Jiakun said
4:56This is just speculation by the American media.
4:59The so-called Chinese spy rhetoric
5:01Purely unfounded speculation
5:03malicious smear
5:04The most interesting thing is Trump's statement.
5:06When Trump was asked about this by reporters
5:08He said he had always thought Huang Renxun was upright and honest.
5:13But...
5:13This is a very complex problem.
5:15When asked by a reporter whether he would still appoint Huang Jen-hsun as an advisor,
5:19He said I wanted to say yes
5:20Unless we discover the opposite
5:24Trump's statement
5:24It's obvious that a backdoor was left for Huang Renxun.
5:29But Trump's statement was clearly of no use.
5:32Midterm elections on November 3
5:34Republican defeat
5:35After losing both the Senate and the House of Representatives
5:37Obviously
5:37Republican Party
5:39They also urgently need to find a point of public opinion to escalate and divert attention.
5:42And Huang Renxun's situation is perfect.
5:45So the next day
5:46Republican-controlled House of Representatives
5:48The three committees are: Foreign Affairs, China Issues, and Intelligence.
5:51On sending a joint letter
5:52Huang Renxun was asked to do so on November 18th.
5:55To hold a closed-door hearing in Congress
5:57To clarify his relationship with this woman, Huang Le...
6:02The date was also chosen in a very interesting way.
6:03It was exactly the day after Nvidia released its third-quarter earnings report.
6:08Obviously
6:09Huang Renxun risked ruining his reputation
6:13Publicly admit to having an affair
6:15It was indeed because they were cornered this time.
6:18No choice
6:19Because of the congressional hearing a few days later
6:21He certainly couldn't escape the questioning from the well-prepared lawmakers.
6:26If you deny it again at that time
6:28That would be committing perjury, which is illegal.
6:30Even bigger trouble
6:31If you only admit it at that time
6:34That would put us in a very passive position.
6:36It's inevitable that they will be relentlessly attacked by lawmakers.
6:38so
6:38This old Huang simply went to Congress before...
6:41He first took on the lightest responsibility: the affair.
6:44Only admitting to infidelity
6:45They do not acknowledge the alleged trap of being a spy.
6:49This is already choosing the lesser of two evils.
6:53But did Lao Huang's amputation attempt to survive really work?
7:01As the saying goes
7:02Times create heroes
7:03Before talking about Huang Le, this woman
7:05Let's start by talking about the main character, Huang Renxun.
7:08Why does a man cheat?
7:11Could it possibly alarm both the White House and Zhongnanhai at the same time?
7:14Huang Renxun is from Taiwan.
7:15Born in Taipei in 1963
7:17His father, Huang Xingtai, was a chemical engineer at an oil refinery.
7:22My mother, Luo Caixiu, is a primary school teacher.
7:26so
7:26His parents attached great importance to his education from a very young age.
7:29When Huang Renxun was 5 years old
7:30Their whole family immigrated to Thailand.
7:33When I was 9 years old
7:33His father was farsighted.
7:36They sold almost all of their family property.
7:38He and his brother were sent to their uncle's house in the United States.
7:42educated in the United States
7:44but
7:44His uncle had also been in the United States for a short time at that time.
7:46I don't really understand American education.
7:48Just by chance
7:49The Huang brothers were sent to
7:52A church school in rural Kentucky that specifically admits troubled teenagers.
7:58This caused Huang Renxun a lot of suffering later on.
8:01Kentucky
8:02It's a place where racial discrimination is quite serious.
8:05Huang Renxun, by a twist of fate, entered the most conservative church school.
8:10so
8:11I've endured a lot of hardship and toil.
8:13Because he was the youngest
8:14The smallest
8:15Poor English
8:16Often bullied
8:17What about the school teachers?
8:18He was also discriminated against.
8:19His job was to clean the toilets every day.
8:23Later, the family reunited in Oregon.
8:26To supplement household income
8:27When he was a teenager
8:28So he went to work at Dennis Fast Food chain to wash dishes and serve food.
8:33But...
8:33This does not affect the rise of test-taking experts in small towns at all.
8:37What happened next?
8:37He successfully gained admission to Oregon State University.
8:40Reading Electrical Engineering
8:42He went to Oregon State University
8:43Mainly to save money
8:44Because of this state university
8:46His tuition is relatively low.
8:47After graduation
8:48Huang Renxun's first job
8:51He works as a hardware engineer at AMD.
8:53Later, he went to Stanford to pursue a master's degree.
8:56By the way
8:58Now his former employer, AMD
9:01He is also his only rival in the GPU field.
9:04Moreover, it was his distant relative, Su Zifeng, who was in charge.
9:09The intersection of fate
9:10That's how amazing it is.
9:121993
9:13Huang Renxun just turned 30
9:14Director of Hardware Design at LSI Logic
9:18What about outstanding people?
9:19He doesn't like working for someone else his whole life.
9:21So he pulled in two engineer friends to start a business.
9:24Nvidia was founded in San Jose, California.
9:27In the beginning?
9:28It's about making the computer run realistically.
9:31The graphics card chip in that game screen
9:34The first few years of starting a business
9:35He almost died
9:36Because of the first product
9:37He chose the wrong technological path.
9:40The chips made for Sega in Japan
9:42They messed it up too.
9:43Forced by circumstances
9:44Huang Renxun then flew to Tokyo to personally apologize to Sega.
9:48Seeking Sega
9:49Pay the contract amount
9:50Change to investment
9:52This unreasonable demand
9:53Sega actually agreed.
9:55It also saved Nvidia.
9:571996
9:58Nvidia laid off half of its employees
10:001997
10:01It launched its revolutionary chip, RIVA 128.
10:04then
10:05Nvidia's money
10:06That's only enough to pay one month's salary.
10:08If this chip doesn't sell well...
10:10Nvidia is doomed.
10:12And what was the result?
10:13This chip unsurprisingly became a bestseller.
10:15Nvidia also survived.
10:17Since then?
10:18Huang Renxun held a meeting
10:19My favorite saying is
10:21Our company was only 30 days away from bankruptcy.
10:25Jensen Huang's GPU
10:26How is it different from the CPU we are familiar with?
10:29And what does this have to do with AI?
10:31Let me give you a simple example.
10:32The CPU of a computer that we are familiar with
10:34It's like a university professor.
10:36Can solve any problem
10:38However, it can only solve one or two problems at a time.
10:41GPU
10:41It's like thousands of middle school students.
10:45No one has anything particularly profound.
10:47But all of them involve addition, subtraction, multiplication, and division.
10:48Moreover, it can support thousands of people computing simultaneously.
10:52And playing games
10:53It requires simultaneously calculating the colors of millions of pixels.
10:56You train artificial intelligence
10:57Essentially, it involves massive amounts of simple, repetitive calculations.
11:02Just right
11:02These are all strengths of GPUs
11:042006
11:06Despite Wall Street criticizing him for burning money, Lao Huang ignored the accusations that he was burning through cash.
11:08They launched a software platform called CUDA.
11:10Allows programmers to directly use Nvidia graphics cards for computation.
11:152012
11:16Two students from the University of Toronto
11:18Use 2 Nvidia gaming graphics cards
11:20A neural network called AlexNet was trained.
11:24In global image recognition competitions
11:26Leaving the second place by a large margin
11:29The industry later called this moment the Big Bang of deep learning.
11:33From then on, everyone in the world working on AI knew about it.
11:36You want to work on AI
11:37It's inseparable from Nvidia cards and the CUDA software.
11:40This is what Nvidia later built on its competitive advantage.
11:44Even if others manufacture the same chip
11:46It's also difficult to get programmers around the world to switch to a different set of tools and relearn everything.
11:51Therefore in the AI era
11:52The importance of this GPU has far surpassed that of the CPU.
11:55It has become the cornerstone of the AI industry.
11:57This is how Nvidia came from a computer graphics card company.
12:01The fundamental reason for its leap to become the world's number one technology company
12:06November 2022
12:08ChatGPT emerges from nowhere
12:10Tech companies around the world are going crazy scrambling to get Nvidia's chips.
12:14An H100 chip sells for twenty to thirty thousand US dollars.
12:16You still have to wait in line?
12:18Nvidia in the AI training chip market
12:21Market share exceeds 80%
12:23In October of last year
12:24It became the first in human history
12:27Companies with a market capitalization of over $5 trillion
12:30They've left established giants like Apple far behind.
12:34The ever-glorious Old Huang and his signature leather jacket
12:37It has also become one of the most talked-about personal brands in the AI era.
12:42Huang, the founder of Nvidia
12:44What happened after Nvidia went public?
12:46Although his shares
12:47being continuously diluted
12:48However, he still holds a 3.58% stake in Nvidia.
12:54Regarding this portion of his net worth
12:55It has now firmly exceeded $200 billion.
12:59This also propelled Huang into the top ten richest people in the world.
13:02so
13:03In the AI era
13:03It's no exaggeration to say
13:04This Nvidia chip
13:06It's like oil.
13:08Like weapons
13:09Who has more chips?
13:11Whoever can train a stronger AI model
13:15Not just chatbots
13:16There are also military, intelligence, surveillance, and so on.
13:19This is why the US wants to strangle China.
13:21The reason why China is going to great lengths to bypass it.
13:25Before the US tightened regulations
13:27Nvidia holds a 95% market share in China's AI chip market.
13:33Old Huang is stuck at a crucial point in the great power game.
13:37And so he became a man walking a tightrope between Washington and Beijing.
13:46actually
13:47As early as 1 year ago
13:48What about Lao Huang having an affair?
13:50It has already caused quite a stir in Chinese-speaking circles.
13:52Everyone knows
13:53It's not news.
13:55October 2025
13:57Some media outlets have reported on Twitter that...
13:59There is a company called Megaspeed in Singapore.
14:02The Chinese translation is "Super High Speed Company".
14:05The relationship between Lao Huang and Huang Le, the beautiful female executive of this company, is unusual.
14:10There might be a relationship
14:11Megaspeed is a shell company.
14:14It is highly suspicious in itself.
14:16then
14:17This exposé article did not attract much attention.
14:20What truly stirred up the waves was
14:23In June of this year, a short-selling firm in the US stock market...
14:27Called Culper Research
14:29This so-called short-selling institution
14:31It is a special publication of negative research reports.
14:34Shorting the stocks of related companies
14:36Financial institutions whose main profit model
14:39To put it bluntly, this kind of company
14:41It profits by uncovering scandals of its targets.
14:44So what about its leaks?
14:45Usually steady, accurate and ruthless
14:48May 13, 2026
14:50Culper Research released a 40-page report
14:53Its title is "Nvidia's China Problem".
14:57This report
14:57It bluntly stated
14:59Nvidia has consistently claimed
15:00Its data center business in China has been completely wiped out.
15:04But this isn't true.
15:06Because Nvidia's computing power revenue in fiscal year 2026
15:09At least 20% of the demand comes from China.
15:13However, this part of the demand
15:15The transactions were processed through intermediaries in Southeast Asia.
15:20One of the main figures who completed this accounting transaction was
15:23The Megaspeed in Singapore that we mentioned earlier
15:26This company's balance sheet within one year
15:30It skyrocketed from $33 million to $3 billion.
15:34The extra money
15:35There are 2.9 billion yuan in refundable deposits with unclear origins.
15:40Before its subsidiary in Malaysia opened
15:42He mortgaged all his assets to a Singaporean company.
15:46The ultimate parent company of that company is Alibaba.
15:52The report issued by this short-selling firm
15:54The most glaring part
15:55It directly points out the relationship between Huang Renxun and Huang Le.
15:59One piece of evidence it cited
16:01That is, during the Taipei Computer Show in June 2024.
16:04A company posted a photo on LinkedIn.
16:07It was in a bar in Taipei.
16:09Jensen Huang and several clients are drinking this whiskey.
16:13The woman sitting right next to him was wearing a pink dress.
16:17The accompanying picture describes her as Huang Le.
16:20According to recollections of those present at the time
16:22She first gave everyone a guarantee.
16:24He claimed he could get Huang Renxun to come.
16:26As it turned out, a phone call actually summoned Lao Huang.
16:29That is, in the same month
16:31Megaspeed starts
16:32Large-scale purchases of Nvidia chips
16:35The second piece of evidence cited in the report was in May 2025.
16:40The new round of US export restrictions was just implemented a few weeks ago.
16:43Huang Renxun was photographed having dinner with Huang Le in Taiwan again.
16:48Moreover, Huang Renxun every few months
16:50They would then visit Megaspeed's related data centers.
16:54Culper Research
16:56This report used a very derogatory subheading.
17:00That's what it's called.
17:01Huang Renxun is either an idiot
17:03Either he himself is an insider.
17:08Although this report is very convincing
17:09This has also attracted a lot of attention.
17:11But it still didn't work.
17:12The rise of Nvidia has had a huge impact.
17:15The day the report was released
17:17Nvidia's stock price actually rose by about 3%.
17:20The market simply didn't take it seriously.
17:23The market doesn't take it seriously.
17:24But the US official
17:26That's not necessarily true.
17:28October 2025
17:29The New York Times reported on it.
17:31The Ministry of Commerce is investigating Megaspeed.
17:34December of the same year
17:35Bloomberg has released another in-depth investigative report.
17:38This led to the spring of this year
17:40U.S. Secretary of State Marco Rubio
17:42He personally oversaw the drafting of a confidential memorandum.
17:45The basis is the electronic surveillance records of Huang Le.
17:48The conclusion is
17:50This woman has been recruited by China's Ministry of State Security.
17:53The goal is to get close to Huang Renxun.
17:57The memorandum was made before Trump's visit to China in May.
17:59It was sent to many high-ranking officials in Trump's cabinet.
18:01Then what
18:02Then the familiar interlude occurred.
18:05Before Trump's visit to Beijing on May 13
18:08The White House released a list of business associates accompanying the delegation.
18:11With Cook and Musk
18:12There are more than a dozen CEOs
18:14Unfortunately, Huang Renxun is not among them.
18:16On the day of departure...
18:19Trump, for some unknown reason
18:20He then personally called Huang Renxun.
18:23He was temporarily pulled into the delegation
18:26Then on September 24th
18:27Xi Jinping visits Washington
18:28At the White House state dinner
18:29Huang Renxun finally took off his black leather jacket
18:32He changed into a tuxedo
18:33He walked into the banquet hall arm in arm with his wife.
18:36Why does Trump repeatedly try to keep Jensen Huang by his side?
18:41The New York Times offers a very realistic explanation.
18:43Trump is worried
18:44Moving Nvidia will harm the economy
18:47December last year
18:48Trump makes the decision
18:49Allowing Nvidia to sell H200 chips to China
18:52Each piece sold
18:53US government
18:54You can draw 1/4
18:55That is, 25% tax.
18:58Nvidia is the anchor of the US stock market.
19:01It is also a showcase of Trump's AI policy.
19:04Now they've become partners in Trump's commission business.
19:07So for Trump
19:08Huang Renxun, who has private life issues
19:11It's not that it's unacceptable.
19:14But after the crushing defeat in the midterm elections
19:16Trump on Congress
19:18The former ability to control things at will is gone.
19:21Those long-standing grievances against Huang Renxun
19:24It finally erupted.
19:31Chinese people value heroes regardless of their origins.
19:33But in the intelligence field
19:35The source is precisely the first key question to ask.
19:39Was Huang Le a spy?
19:40Or is he just a front man, constantly moving around in the capital market?
19:44We followed the publicly available records
19:46Let's go through it section by section.
19:49Let's first look at Huang Le's own resume.
19:50Private Equity Ranking Website, a Chinese private equity database
19:55Huang Le's page says this
19:574 years of media experience
19:59He worked as a news reporter for Hunan TV and CCTV.
20:02Later switched to finance
20:04Has 8 years of experience in the securities industry
20:08According to the resume announced later by the listed company
20:10From 2008 to 2012
20:12Working at HSBC Hong Kong Private Bank
20:15He worked at CITIC Securities from 2013 to 2015.
20:19What about the finance section?
20:20It is verifiable.
20:21What about the TV segment?
20:23There is also a small amount of circumstantial evidence.
20:25There was a former CCTV reporter named Bai Jie
20:26Her online name is "Dumb".
20:28She posted a message on Weibo yesterday.
20:30It is said that Huang Le used to work in the same office as her.
20:34only
20:34Huang Le back then
20:35Whether it's CCTV or Hunan TV
20:37She was an unstaff member.
20:39It's not a formal public institution employee.
20:41Therefore, in public channels
20:43This part of her resume cannot be found.
20:46Many beautiful female reporters at CCTV
20:47After having connections
20:48They often turn to the shopping mall
20:50This is also a basic operation for many people.
20:53Huang Le also took this path.
20:55November 2015
20:56She joined a private equity firm in Shanghai called Hexi Investment.
21:00A business card is circulating online.
21:02Her titles at the time were partner and general manager.
21:05The office is located in the Aurora International Building on the riverside in Lujiazui.
21:10The owner of Hexi is named Kang Wei
21:11He was a star strategy analyst at Shenyin Wanguo Securities in his early years.
21:15He served as the deputy general manager of China Overseas Trust.
21:17General Manager of China Oceanwide Fund
21:19Behind China Overseas Trust
21:21It is CNOOC
21:22This He Xi
21:23They obtained one of the first private equity licenses in 2014.
21:26By the end of 2016
21:27The scale of funds under management has already exceeded 4 billion.
21:31After Hexi started
21:33March 2016
21:34Huang Le registered another investment company called Yunxi.
21:38She has a partner
21:40His name is Gu Guoping
21:42Huiqiu Technology, which illegally speculated on A-shares back then
21:45Charged by the Securities and Futures Commission with insider trading
21:48A fine of 17.7 million yuan was imposed.
21:51This Gu Guoping
21:52Later, its wealth management products were identified as being involved in fundraising fraud.
21:57Sentenced to life imprisonment
22:00But the strange thing is...
22:02Huang Le, Gu Guoping's partner
22:06In this turmoil
22:08But escaped unscathed
22:09She was not implicated by Gu Guoping.
22:12Going even further
22:13He continued to thrive in the capital market.
22:172019
22:18Huang Le is handling a piece of online game business
22:20At a price of 1.2 billion
22:22Sold to the domestic game company 7th Avenue
22:25after
22:26She disappeared for a full four years.
22:29Four years later, in 2023
22:31Huang Le officially shifts his focus to the Singaporean capital market.
22:34October 2022
22:36The Biden administration introduced the first round
22:38Export controls on AI chips to China
22:405 months later
22:41March 2023
22:437th Avenue's subsidiary in Singapore
22:46It was renamed Megaspeed
22:48Switching to AI computing power
22:51Huang Le, who has a long-standing relationship with 7th Avenue.
22:54He then assumed the roles of director and general manager.
22:57Transferring shares to an offshore company
23:02The name of this offshore company is also quite simple and straightforward.
23:05It's called Huang Le Co., Ltd.
23:09November 2023
23:10This company's equity
23:11It was then transferred to a newly registered Singapore company.
23:14Huang Le has disappeared from the list of directors.
23:17According to overseas media reports
23:19Just 4 days later
23:21Megaspeed became
23:22NVIDIA Official Certified Partner
23:25On paper, Huang Le
23:27She only served as Megaspeed.
23:28Managing Director for 8 months
23:30But she has always claimed to be the CEO in public.
23:36This company?
23:36It is quite bizarre in itself.
23:38Its office in Singapore
23:40A New York Times reporter once visited to interview him.
23:43There are only two employees in this office building.
23:47Furthermore, neither of the two employees could clearly explain the company's specific business.
23:51It also has an office in Johor, Malaysia.
23:53It was also very deserted.
23:55You are even at this company that provides AI computing power
23:58Can't find an engineer
24:00However, according to the data released by Megaspeed...
24:02It runs from June 2024 to February 2026.
24:07At least through its Malaysian affiliates
24:10Purchased $4.8 billion worth of Nvidia chips
24:15An office with only 2 employees
24:18Doing such a big business
24:19Do you think it's suspicious?
24:21End of 2024
24:23U.S. Department of Commerce officials
24:24Go to Megaspeed's Malaysian data center
24:27On-site inspection
24:28A large batch of Nvidia chips was discovered.
24:31It was sealed in the box intact.
24:34It wasn't used on the server at all.
24:37You buy the chip but don't install it.
24:39So what did you buy it for?
24:41so
24:42The first reaction of US officials
24:43This batch of chips may be in transit.
24:47From then on...
24:48US intelligence agencies began to take notice.
24:49They started monitoring Huang Le, the owner of this company.
24:52Monitoring, monitoring
24:54This revealed the name Huang Renxun.
24:56What about the case?
24:57It has also transformed from chip smuggling into counter-espionage.
24:59According to a report by The New York Times the day before yesterday
25:01Singaporean authorities summoned Huang Le for questioning in 2025.
25:06But what happens next?
25:06They released them inexplicably.
25:08From then on...
25:09Huang Le disappeared.
25:10Now, Huang Le
25:11Where is she?
25:12What are you doing?
25:13No one knows anymore.
25:16These records, when viewed in sequence
25:18I think Huang Le...
25:19She didn't seem like a naturally trained spy.
25:22Rather, it's more like a front manipulator skilled in the world of capital.
25:25I was unwittingly drawn into a trap set by the National Security Bureau.
25:28Look at her, she traveled from Shanghai to Singapore.
25:29The boss who has worked with her
25:31They all had terrible luck.
25:33Go to prison
25:34But she kept moving upwards.
25:36He got to be next to the owner of the world's most valuable company.
25:39certainly
25:40She does white gloves and does espionage.
25:42They are not actually contradictory.
25:43In that environment in China
25:44How can you be so successful in the capital world?
25:48More or less
25:49We must listen to the government.
25:51so
25:51Beijing Guoan came knocking.
25:53Let's talk about cooperation.
25:54She probably couldn't refuse either.
25:57Since selling the game company to 7th Avenue in 2019
25:59Appearing in Megaspeed by 2023
26:02Four years in between
26:04Her public record is almost entirely blank.
26:06The missing 4 years
26:08What did she do?
26:10Why did Biden's chip ban come about?
26:13She suddenly made a high-profile return to the capital circle.
26:16What about this answer?
26:16It might only be found in the records of US intelligence agencies.
26:20now
26:21Huang Le, who has disappeared from the public eye
26:23I reckon they won't show up again.
26:25Regarding the specific tasks and purposes of her relationship with Huang Renxun
26:30We can only wait.
26:31The US Congress has disclosed more information.
26:38The two countries, China and the United States, are currently in a stable position.
26:40The first tier of global artificial intelligence development
26:43There are only these two countries.
26:45What are the boundaries of competition between the two sides?
26:46It has moved beyond the early model performance comparison
26:49Extending comprehensively to this chip's computing power
26:52Technology roadmap, capital expenditure, electricity and talent, etc.
26:56Competition in multiple dimensions
26:58In the past, when fighting, we seized grain and fodder.
27:00Currently, the US and China are competing for computing power.
27:03Nvidia's GPUs are the key source of sustenance.
27:06Huang Renxun
27:07It's that grain merchant who has to deal with both sides.
27:11Until the summer of 2025
27:12The wind direction changed again.
27:14Under Lao Huang's persuasion
27:16The US has approved H2O.
27:18The condition is 15% of sales to China.
27:21It must be handed over to the US government.
27:24December 8th
27:25Trump announces approval for a more powerful H200.
27:28However, this commission will increase to 25%.
27:33From complete blockade to collecting taxes
27:35behind
27:36Almost every step involved Huang Renxun's painstaking persuasion.
27:40Huang Renxun's own statement is
27:42Your constant blocking
27:43You can only force the Chinese to develop it themselves.
27:46What if they succeed in developing it?
27:47Wouldn't that pose a greater threat to the United States?
27:50It would be better to let the Chinese continue to rely on American chips.
27:53Tie them to the American technology system
27:57What about this argument?
27:58Successfully impressed Trump
28:52From Lao Huang's perspective
28:54His actions are understandable.
28:55He was, after all, a businessman.
28:57Business is business.
28:58Who wouldn't want to sell more of their products?
29:02According to information disclosed by the Financial Times
29:04One of Huang Le's tasks in getting close to Huang Renxun
29:07The goal is to get Huang to push the US leadership to relax export controls.
29:13If this statement is true...
29:15So this move was played very precisely.
29:18China's Ministry of State Security does not need to steal.
29:20Nvidia's blueprints
29:21Because even if you steal it, you can't build it.
29:23TSMC's process
29:24ASML's lithography machines are stuck there.
29:26Insufficient hardware conditions
29:28So what China really needs
29:30It's about ensuring a continuous supply of chips.
29:32Huang Renxun happens to be Trump's close associate.
29:35The person who has the greatest influence on him regarding AI issues
29:39A bar in Taipei
29:41The woman who called Lao Huang out
29:42The value doesn't actually lie in discovering any technical secrets.
29:46The key lies in the ability to leverage his influence over ultimate US policy decisions.
29:50So this matter
29:51Once this question mark is attached...
29:52It's impossible to explain now.
29:54Every word Huang said at the White House in the past two years regarding lifting the chip embargo...
29:59Is it ultimately for Nvidia's commercial interests?
30:02Or was it because someone whispered something in his pillow?
30:06Actually, there is another question.
30:07Why this matter?
30:09But now it's been detonated.
30:11Many people's first reaction is
30:13The Republican Party suffered a crushing defeat in the midterm elections.
30:15So what about Trump?
30:16Need new topics
30:17To bring voters' emotions back to the US-China competition.
30:21What about this statement?
30:21I think that's only half right.
30:24actually
30:25You can see from Trump's subsequent statements
30:27He really wanted to protect Huang Renxun.
30:46after all
30:46Nvidia directly supplies the US government
30:48So much tax money was paid
30:50but
30:51The crushing defeat in the midterm elections
30:52This could potentially weaken Trump's control over Congress.
30:55Things are very different now.
30:57Many hawks within the US government
30:59Actually, I had already started planning this.
31:01They targeted and hunted down ethnic minority elites like Lao Huang.
31:05Especially Lao Huang
31:06He himself does not advocate a hardline stance against China.
31:09He's a dove.
31:11Therefore...
31:11He had already offended many people in the MAGA camp.
31:14For example, Huang Renxun
31:15In September 2025
31:16In an interview with a web podcast
31:19That's what he said.
31:21Some people call it the China Hawk
31:23That is, taking a hard line against China
31:25Wear it as a medal of honor
31:27But in my opinion
31:28This is a medal of shame.
31:31There's a, there's a phrase,
31:32and I didn't hear about this phrase
31:34until just a few years ago: China hawks. Yes.
31:37And, and apparently that if you're a China hawk,
31:40you get to wear that label with pride.
31:42It's almost like a badge of honor.
31:44It's a badge of shame. Hmm.
31:46There's no questions about your shame.
31:48He believes
31:49Excessive restrictions on Chinese talent
31:50Technology blockade
31:51It will disrupt the American Dream's pipeline for attracting global talent.
31:56This is not about loving America.
31:57It will actually harm the United States.
32:00Huang Renxun's words
32:02To be honest
32:03Very rational
32:04This also aligns with his status as a second-generation immigrant.
32:07The stance of a typical representative of the American Dream
32:10but
32:10In the current extreme populist trend in the United States
32:13Anti-China is the only politically correct approach
32:16so
32:16As long as you're not extreme
32:17Even the most rational expression
32:19This will inevitably anger many hardliners on China.
32:23It can be said
32:24People who want to teach him a lesson
32:26There are quite a few in the shadows.
32:32As the saying goes
32:33The devil is one foot tall
32:33The higher the righteousness, the greater the virtue.
32:34The United States has been building walls and imposing blockades on chips in recent years.
32:37China did not actually sit idly by and wait for its fate.
32:39In a short while
32:40GPUs are high-end products.
32:41They are not yet able to support themselves
32:43However, there are other workarounds.
32:46In recent years, in response to the US chip blockade
32:48China's main countermeasures are twofold.
32:50Article 1
32:52It means smuggling GPUs into China for use.
32:55The second move?
32:55It is done by registering a technology company overseas.
32:58Become an NVIDIA partner
33:00After purchasing the GPU
33:02Building a data center in Southeast Asia
33:04Use via remote computing services
33:07The first one?
33:08It is illegal.
33:08And the second move
33:10It is legal.
33:12Let me start with the first move.
33:13March of this year
33:13The U.S. Department of Justice filed a lawsuit.
33:15Liao Yixian and two other co-founders of Supermicro Computer
33:18The accusation is that they used a company in Southeast Asia
33:21Nvidia chips worth approximately $2.5 billion
33:25Transship to China
33:27At its craziest time
33:28More than $500 million worth of goods were shipped out in 3 weeks.
33:32They even specially set up a batch of fake servers.
33:34In response to inspections by the United States
33:36This is also the largest AI chip smuggling case in the United States to date.
33:40so
33:41What about smuggling chips?
33:42It is very risky
33:43Moreover, the efficiency is not high.
33:45In reality...
33:46It has not been widely adopted in China.
33:48Huang Le's Megaspeed used the second move.
33:53In simple terms
33:54It's a bit like the subletting landlords we're familiar with.
33:57Because of US export restrictions
33:59There is an inherent flaw
34:00It manages which country the chips are shipped to.
34:03But it doesn't care who uses the chip's computing power later.
34:07Chips sold to a Singaporean company
34:09Installed in a data center in Malaysia
34:11This is perfectly legal.
34:12Then rent out this computing power on an hourly basis.
34:15Who is the tenant?
34:16In principle, the United States has no right to interfere.
34:20Megaspeed
34:21Purchase servers from Inspur's US subsidiary
34:24Building data centers in Southeast Asia
34:26Then rent the computing power to Chinese companies like Alibaba.
34:29In other words
34:30Chinese companies are using data centers located in Malaysia.
34:33Training your own model
34:35It perfectly circumvented US export controls.
34:39Actually, this method...
34:40It's not just large companies like Alibaba that are using it.
34:42Other leading Chinese companies
34:43It also has many uses
34:45For example, ByteDance
34:46It trains its own model
34:48It also rented a cloud service from a Malaysian provider.
34:51More than 36,000 units were used.
34:53Cluster of Nvidia B200 chips
34:57On the surface?
34:57It is also legal and compliant.
34:59July this year
35:01The Dark Side of the Moon has released a stunning K3 model.
35:05What about its performance?
35:05Models that are close to the most advanced in the United States
35:08Its daily training
35:09It was also deployed in a third country through Alibaba.
35:12It was achieved using 20,000 Nvidia chips.
35:15besides
35:16In order to break the US blockade
35:17Some Chinese companies have also resorted to manually transferring data.
35:21The Wall Street Journal has reported on this.
35:234 Chinese engineers
35:24Flying from Beijing to Kuala Lumpur
35:26Each person should bring a suitcase.
35:28Each box was filled with hard drives.
35:30They used these hard drives
35:31We rented approximately 300 Nvidia servers in Malaysia.
35:34Train the model they want.
35:37Then bring these data results back to China.
35:41The chips can't get through.
35:42Then I'll send the data over.
35:45Interestingly
35:46What is the CCP's attitude on this matter?
35:47It's actually quite contradictory.
35:49On the one hand, it has to do everything possible to dig tunnels.
35:51Use this computing power when going overseas
35:53On the one hand
35:53It is actively preparing.
35:55Self-reliance
35:56November 2025
35:58The CCP then issued an order
35:59New data centers built with government funding in the future
36:02Only domestically produced AI chips can be used.
36:05Furthermore, an antitrust investigation was launched against Nvidia.
36:08It's said that Nvidia's H2O has security risks.
36:12This seems to indicate that the CCP's attitude is very contradictory.
36:14That's understandable.
36:16At the national level
36:17It wants to support Huawei.
36:18Supporting companies like Cambricon
36:20But what about in terms of practicality?
36:22It also tried every possible way to use Nvidia to solve the practical problems.
36:26The CCP's true intentions
36:27In essence, it means wanting both...
36:30Use what you can get first.
36:32At the same time, we need to build it ourselves in the future.
36:34If China's national security authorities really put their efforts into Huang Renxun...
36:38What it wants is probably not technology.
36:41But time
36:47actually
36:48Now Huang Renxun has to face
36:49It might be more than just the congressional hearing on the 18th.
36:52Now the US Congress
36:53Both parties regard China policy as the core of their foreign policy.
36:57So this matter
36:58It's not just the Republicans who are fixated on this.
36:59I'm afraid the Democratic Party won't let this go any further.
37:02The new parliament will open in January next year.
37:04Democrats take over these investigative committees
37:07They'll probably send Lao Huang a summons next.
37:10Amid political turmoil in the United States
37:13Huang Renxun was destined to be a target.
37:16He crossed the ocean with his brother when he was 9 years old.
37:18Cleaning toilets every day at Kentucky schools
37:21From dishwasher to owner of the world's most valuable company
37:25It is a typical representation of the American Dream.
37:27In his letter of apology, he also specifically wrote a sentence
37:30Proud to be an American
37:31It looks very abrupt.
37:33Actually, it's understandable.
37:35He knew all too well
37:36What will the members of the U.S. Congress ask him next?
37:39In the eyes of Washington hawks
37:41You have a Chinese face
37:43He also had a Chinese lover.
37:45Any explanation seems weak.
37:47To be honest, other bigwigs in Silicon Valley
37:49Especially Musk
37:50His connection with China
37:51That's much closer than Huang Renxun's relationship.
37:54Musk not only has businesses in China
37:57Moreover, my mother has been making money in China for many years.
38:00Given Musk's status
38:01Doesn't this pose a national security risk?
38:05but
38:05Who dares to investigate Musk?
38:08For the next period of time
38:09Dealing with Chinese clients in the US tech industry
38:12Chinese engineers and executives
38:14There are probably several pairs of eyes watching them from behind.
38:18Will Lao Huang be able to keep his position as CEO?
38:20My judgment
38:21In the short term
38:21It's highly likely that it will be saved.
38:23Nvidia cannot do without him
38:24Wall Street needs him too
38:26But from now on
38:28Every word he said about China in Washington
38:33The sensitivity will be different.
38:34Thank you for watching today's story about Second Master.
38:37See you next time!

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