00:00:01 · Jordi Hays, John Coogan, Adarsh Kulkarni
[00:00:01] S0: You're watching TBPN. [00:00:03] S1: Today is Monday, 11/09/2026. We are live from the TBPN UltraDome, the temple of technology. [00:00:11] S0: The fortress of finance. Ad[00:00:12] S1: The capital of capital. Let me tell you about ramp.com. Time is money. Say both. Easy use corporate cards, bill pay, accounting and a whole lot more all in one place. Insane weekend timeline and turmoil. Jensen Huang, CEO of Naughty list. Yep. Over the weekend... [00:00:30] S2: Let's pull [00:00:30] S0: it up just so we have it. [00:00:31] S1: Yes. Right here. Bloomberg reported this. We did. Street Journal. [00:00:36] S0: The list is looking sparse right [00:00:37] S1: now. Wait. I thought there were short sellers on the Naughty list. Oh, we took them off? [00:00:41] S0: They got dropped. [00:00:42] S1: I think we got to flush this out. But we're not... You almost put short [00:00:46] S0: sellers on the nice list [00:00:48] S1: Yeah. [00:00:48] S0: Just based off their timing. [00:00:49] S1: Well, they've done very well. [00:00:50] S0: Because the AI trade was over. Yeah. They they were sort of right for the wrong reason. [00:00:54] S1: Yeah. They've done very well. Well, fortunately, we have, you know, a small... A smidgen of time before Christmas. We're we're we're minutes away, but let's actually count it down, let everyone know exactly how far away we are. There are forty five days till Christmas. Now, it's not a joke. We are actually in the endgame. We're very very close.
00:00:54 · John Coogan, Jordi Hays, Jonathan Neman, S4
[00:00:54] S1: Yeah. They've done very well. Well, fortunately, we have, you know, a small... A smidgen of time before Christmas. We're we're we're minutes away, but let's actually count it down, let everyone know exactly how far away we are. There are forty five days till Christmas. Now, it's not a joke. We are actually in the endgame. We're very very close. [00:01:15] S0: Canner says... Forty five days away. Jensen is gonna be setting up some coal powered data center. [00:01:22] S3: Oh. Oh, because he's gonna get coal from [00:01:24] S1: the island. That makes sense. [00:01:25] S3: A [00:01:25] S1: lot. Yeah. Yeah. That works. [00:01:27] S0: Anyways, what what happened? [00:01:28] S1: So Bloomberg reported that NVIDIA Corp chief executive officer Jensen Huang admitted that he had an affair with a woman identified in a series of reports as a suspected Chinese spy plunging the chip colossus into a crisis like none before in its three decades history. Truly, like [00:01:47] S0: This is one of those [00:01:48] S1: flawless business execution. Right? Like in three decades, there hasn't... There's never been an Nvidia crisis at all. Right? It had been like... [00:01:55] S4: I think [00:01:55] S0: there's demand [00:01:56] S1: crises. Small business things. [00:01:58] S0: Things that are things that are cyclical. [00:01:59] S1: But there's never been like, oh, [00:02:01] S4: he put his [00:02:01] S1: foot in his mouth and there's drama or like something weird's happening. Like, it's all been very clean.
00:02:01 · John Coogan, Jordi Hays, Jonathan Neman
[00:02:01] S1: foot in his mouth and there's drama or like something weird's happening. Like, it's all been very clean. [00:02:06] S0: Yeah. Super clean. Yeah. So basically, I'm standing I'm standing in my kitchen [00:02:10] S1: Okay. [00:02:10] S0: Yesterday. Yeah. And normally, when you get... When I get push notifications [00:02:15] S1: Mhmm. [00:02:15] S0: From like legacy media [00:02:17] S1: Mhmm. [00:02:17] S0: It's not... It's like some like horrific crisis Yeah. Overseas. [00:02:23] S1: Some political or something. [00:02:24] S0: You know, like like a train accident. [00:02:26] S3: Yeah. [00:02:27] S0: But this one stopped me in my tracks and I screenshot immediately and I sent to you and and I was. That he admitted it. Yeah. Because that was the... Was... [00:02:36] S1: Because it was alleged earlier but it was like, who knows? It could be some... [00:02:39] S0: Going off of all the pictures that they had together, it looked really really bad. Yes. It looked like they had a special relationship. Yeah. That's all I would say. [00:02:48] S1: Yeah. Right? But at the same time, if you were doing a spying operation, you... Like, part of the spying operation could be, hey, just go get pictures where you're close with him and you pat him on the back, we'll take a picture, make it look like you're having an affair, [00:03:00] S0: even if he's not. Yeah. [00:03:01] S1: Right? But of course, the push notification revealed everything. [00:03:04] S0: Yeah. And again, so we... I believe it was October tenth of last year. [00:03:09] S1: Mhmm.
00:03:09 · John Coogan, Jordi Hays
[00:03:09] S1: Mhmm. [00:03:09] S0: We talked about... Alex. We talked about Alice. We discussed Alice Wang. I would... We discussed her access to Jensen. Yeah. We highlighted her state media background. Yeah. We questioned Mega Speed's activities. [00:03:23] S1: Yeah. [00:03:24] S0: We didn't explicitly say that she was a spy but it fit the sort of exact [00:03:28] S1: Yeah. [00:03:29] S0: Like archetype of what, you know, this this woman who was a reporter, suddenly she's running a multi billion dollar multi billion dollar, you know, Malaysian hyperscaler Yeah. You know, impressive run Yeah. If it was real but there was kind of cash appearing out of nowhere from shell corporations. And given that we have a similar background in media, didn't we... We were just sort of joke. We were just joking like, you know, very like Yeah. You know, we didn't necessarily feel qualified to set up a a hyperscaler. So That's on true. One hand, it was it was very impressive. But on the other hand, there was just like... It was just extremely suspicious, the entire thing. And there was reporting Yeah. In the New York, like a bunch [00:04:17] S1: of reporting in Vegas. We talked to a lot of Neo Cloud founders. [00:04:20] S0: It's like,
00:04:20 · Jordi Hays, John Coogan, Adam Blake
[00:04:20] S0: It's like, [00:04:21] S1: oh, they've been working in real estate for a long time. They've been working in in crypto mining for a long time. They've been building things for a decade. And now they're having the AI moment. It's very rare that you talk to someone who's like, oh, yeah. Like, I I've I've actually never seen a data center in person, but I set one up and I'm doing great. It's a [00:04:37] S5: little Yeah. [00:04:37] S1: It's a little stretch. Actual, like, timeline... The The Wall Street Journal has done some investigation into Alice Wang's, like, you know, background, but it's still a complete mess. I I... I'm not at the bottom of it at all. Can read a little bit of a summary here. So she began her career as a state media journalist before moving into finance, including positions at major Chinese financial firms in HSBC. In early twenty twenty three, she took control of Mega Speed. And it's like, how? Like like, I would love to take control of a big company. That would be amazing. Anybody have a company that they want me to take control of? [00:05:14] S0: She was handed the keys.
00:05:15 · John Coogan
[00:05:15] S1: Normally, when someone takes control... I mean, either they have a ton of capital and it's very clear how they got the capital, like they inherited it or they made it in investing or something or they raised it from outside partners and now they own the company. Very odd that they just take control. Very unclear what... How that happened. It was a Singaporean company spun out of a Chinese gaming business called Seven Road. And she became its managing director, but was introducing herself as the CEO and maybe still introduces herself as the CEO. And then the basic pitch for Mega Speed was it was an Nvidia reseller, Nvidia AI compute provider and it served customers including Alibaba. Although she formally relinquished ownership and resigned as director in November 2023 when a Singaporean businessman, James Tan, took over, she apparently continued exercising significant operational leadership representing Mega Speed at NVIDIA's California conference in early twenty twenty four, meeting Jensen at Computex in June 2024 as well, and publicly interacting with him again in Taiwan in May 2025. A business partner told The Wall Street Journal she was still introducing herself as Mega Speed's CEO in August of last year. So she's out. She controls the company, then she sells... Maybe sells the company. It's very unclear. And so meanwhile, Mega Speed Mega Speed was acquiring GPUs from NVIDIA prompting a US Commerce Department investigation beginning in late twenty twenty four into whether restricted chips were being diverted to China. Again, I don't even know if you need to divert them, if you can just set up a data center in Singapore or Malaysia and then just set... Do the training or inference over the wire. But nevertheless, the US Commerce Department started the investigation. US officials also suspected Alice of passing information to Chinese intelligence and NVIDIA is investing... Investigating whether Jensen was targeted through their personal relationship. The key unresolved question is whether the November 2023 sale represented a genuine transfer of control or primarily a change in legal ownership while Alice continued running the business. It is a bizarre structure.