By Naomi Buchanan
Publication Date: 2026-05-14 14:54:00
Nvidia stock is trading at record highs, but one short-seller unveiled its bullish bet against the chipmaker and its short position on the stock.
Culper Research, an activist short-focused research firm, unveiled its short position in Nvidia and outlined its bearish outlook for the stock. The 40 page report titled, “The China Problem,” claims that part of Nvidia’s recent massive revenue growth has been driven by China sales despite the company saying it had exited the country.
“Nvidia claims that its business in China went to ‘zero’ after April 2025 U.S. trade restrictions. We believe that in reality, over 20% of Nvidia’s FY 2026 compute revenues remained driven by China — supported both by illegal GPU diversion and Southeast Asian intermediaries,” the short-seller said.
However, more relevant for investors may be Culper’s prediction that China is on the verge of “cutting out” Nvidia at a time when many analysts are highly bullish about the chip maker’s return to the…