5月中旬，一家名为Culper Research的鲜为人知的做空机构——其名称源自乔治·华盛顿独立战争时期的间谍网络——向外界宣称，英伟达公司存在中国问题。鲜有投资者理会，反而推动该股上涨逾2%，创下当月最大单日涨幅之一。
In mid-May, a little-known short seller named after George Washington’s Revolutionary War spy ring told the world that Nvidia Corp. had a China problem. Few investors paid heed, instead sending the stock up more than 2%, one of its biggest daily gains that month.
六个月后，Culper Research创始人克里斯蒂安·拉马科终于因其撰写的这份长达40页的芯片制造商报告而受到关注。该报告除引用彭博社和《纽约时报》的报道外，还引用了Culper自身的研究，文中称英伟达首席执行官黄仁勋与Megaspeed International高管Alice Huang的关系“令人不适地亲密”。自Culper披露做空以来，英伟达股价已下跌约20%，同期标普500指数上涨约2%。
Six months later, Culper Research founder Christian Lamarco is finally getting some attention for the 40-page report he produced on the chipmaker. In that piece, which cited reporting from Bloomberg and the New York Times in addition to Culper’s own research, Lamarco called Nvidia Chief Executive Officer Jensen Huang’s relationship with Megaspeed International executive Alice Huang “uncomfortably close.”Shares of Nvidia have tumbled about 20% since Culper disclosed its short, compared with a roughly 2% gain for the S&P 500.
周一，在公司董事会宣布因首席执行官承认婚外情而展开调查后，该股盘中一度下跌8.8%。此次调查此前有系列报道称，英伟达掌门人成为Megaspeed的黄女士攻击目标，而美国政府怀疑该黄女士曾被中国间谍机构招募。
The stock fell as much as 8.8% Monday after the company’s board said it opened an investigation after the CEO admitted to an extra-marital affair. The probe follows a series of reports that Nvidia’s leader was targeted by Megaspeed’s Huang, who the US government suspects was recruited by a Chinese spy agency.
Culper未立即回复置评请求，且未披露其做空英伟达的金额，也未说明是否已平仓。
Culper, which didn’t immediately reply to messages seeking comment, hasn’t disclosed how much it wagered against Nvidia and whether it has exited the position.
Culper专门做空其认定误导投资者的上市公司，但其大多数目标并非家喻户晓的大公司。该机构此前曾发布针对Rumble、AppLovin Corp.和LifeMD Inc.的报告。拉马科更著名的做空押注之一是去年针对空中出租车公司Archer Aviation Inc.，当时Culper曾向电视主持人吉米·法伦提出100万美元的赌约，后者曾邀请Archer首席执行官上节目。拉马科保持低调。
Culper wagers against public companies it says have misled investors, but most of its targets aren’t household names. The firm previously published reports on Rumble, AppLovin Corp. and LifeMD Inc. Among Lamarco’s more prominent short bets was against air-taxi company Archer Aviation Inc. last year, when Culper proposed a $1 million wager with TV host Jimmy Fallon, who brought Archer’s CEO onto . Lamarco keeps a low profile.
据其领英档案显示，他在一家长短线对冲基金担任分析师两年，此前曾在一家管理规模100亿美元的共同基金实习一个夏天，档案未披露具体公司名称。一份校友通讯显示，他在匹兹堡以北约60英里的格罗夫城学院求学。
He worked for two years as an analyst at a long-short hedge fund after spending a summer working at a $10 billion mutual fund, according to his LinkedIn profile, which doesn’t identify the firms. An alumni bulletin indicates he studied at Grove City College, about 60 miles north of Pittsburgh.
该公司的名称源自“卡尔珀情报网”，这是一个在18世纪末美国独立战争期间活动的间谍网络。它旨在收集和传递驻扎在当时由英军占领的纽约市的部队调动情报。
His firm takes its name from Culper Ring, a network of spies during the Revolutionary War in the late 1700s. It was designed to gather and disburse intelligence on troop movements in New York City, which was occupied by British forces at the time.
卡尔珀研究在其网站上表示：“同样，我们对投资研究采取详尽的调查式方法。”该网站未披露其管理的资金规模。“我们致力于揭露那些歪曲其运营情况、未披露重大风险、挪用资金、存在会计违规行为或以其他方式欺骗投资者的公司。”卡尔珀做空英伟达的披露时机，正值这家科技巨头的股价创下新高，而整个市场仍因对人工智能的狂热而高涨。
“Similarly, we take an exhaustive, investigative approach to investment research,” Culper Research says on its website, which doesn’t disclose how much money it manages. “We seek to expose companies which have misrepresented their operations, failed to disclose significant risks, misused capital, possess accounting irregularities, or otherwise deceived investors.”Culper’s Nvidia short was disclosed just before the tech giant’s stock set a new record high and while the broader market was still roaring with enthusiasm for artificial intelligence.
“我们并非在押注AI会失败，”卡尔珀当时写道。“我们做空英伟达只有一个原因：该公司面临一个重大的中国问题。”英伟达董事会对黄仁勋表示信任，并称“没有理由相信国家安全或英伟达的机密遭到泄露”，但承诺调查“将审查所有可用信息”。中国已否认间谍指控。
“This is not a bet against AI,” Culper wrote at the time. “We are short Nvidia for one reason: the company has a significant China problem.”Nvidia’s board expressed confidence in Huang and said it has “no reason to believe that either national security or Nvidia secrets were compromised,” but promised the inquiry “will examine all available information.”China has rejected the espionage allegations.