孟建国, ANA SWANSON, TRIPP MICKLE, 傅才德2026年11月11日黄仁勋和黄乐曾多次被拍到在一起。这张发布在微博上的照片显示，两人在上海的浦江淮宴餐厅用餐。 In December 2023, a Chinese executive who goes by Alice Huang met with Nvidia’s chief executive, Jensen Huang, and a small group of colleagues at an Italian restaurant in Singapore.2023年12月，一个叫黄乐（音，其英文名为Alice Huang）的中国高管在新加坡一家意大利餐厅与英伟达首席执行官黄仁勋及几名同事会面。In a photo of the previously unreported meeting, which was confirmed by The New York Times, Ms. Huang smiled as she posed next to Mr. Huang, who was in his trademark black leather jacket. He held a glass of red wine.《纽约时报》核实了这场此前未见报道的会面照片。照片中，黄乐微笑着站在黄仁勋身旁，后者穿着他标志性的黑色皮夹克，手里拿着一杯红酒。For Ms. Huang, there was reason to celebrate. Backed by wealthy investors in Shanghai, she had just restructured a company that would soon buy billions of dollars in Nvidia artificial intelligence chips. The U.S. government had barred Chinese companies from buying the advanced chips, but Ms. Huang had sidestepped this prohibition by creating a firm, Megaspeed, through a Singaporean shell company.黄乐确实有理由庆祝。在上海一群富有投资者的支持下，她刚刚完成一家公司的重组。这家公司很快就将斥资数十亿美元购买英伟达的人工智能芯片。美国政府已经禁止中国企业购买这些先进芯片，但黄乐通过一家新加坡空壳公司成立Megaspeed，绕过了这一禁令。 Her close relationship with Nvidia’s leader also appeared to smooth the way. Four days after the ownership change Megaspeed was named a Nvidia cloud partner, giving it access to the coveted components.她与英伟达掌门人的密切关系似乎也为此铺平了道路。在公司所有权变更四天后，Megaspeed被列为英伟达云合作伙伴，从而获得了采购这些抢手芯片的渠道。Their relationship is now at the center of a global geopolitical competition between China and the U.S. government to dominate A.I. It has also shaken and captivated the tech industry on both sides of the Pacific, surfacing often invisible details of the fierce technological race, like spy craft and the human vulnerabilities of A.I. kingmakers like Mr. Huang.如今，两人的关系已成为中美两国政府争夺人工智能主导地位的全球地缘政治竞争的焦点。这段关系也震动了太平洋两岸的科技行业，引发广泛关注，使这场激烈技术竞赛中一些通常不为人知的细节浮出水面，包括间谍手段，以及黄仁勋这样左右人工智能行业格局的关键人物在人性上的弱点。The meeting in Singapore was a sign of how Ms. Huang’s relationship with Mr. Huang goes back further than previously known. It also speaks to the close social and business ties that grew during years of tech collaboration between China and the United States, and how they have persisted despite the icy geopolitical divide of the past decade.新加坡的这次会面表明，黄乐与黄仁勋的关系可以追溯到比此前所知更早的时期。这也体现出中美两国在多年科技合作中建立的密切私人交往和商业联系，以及这些关系如何在过去十年两国地缘政治关系日益紧张的情况下延续至今。The Times was the first to report Mr. Huang’s dealings with Megaspeed and Ms. Huang last year. Last month, The Times reported that U.S. officials had concluded she was a Chinese intelligence asset who had developed a close relationship with the Nvidia leader, and that President Trump had taken no action when briefed on the situation last year. Last week, The Times reported that Ms. Huang had been recruited to spy by China’s Ministry of State Security. On Sunday, Mr. Huang, 63, acknowledged that he had an affair with her, and Nvidia said it was conducting an internal investigation.《纽约时报》去年率先报道了黄仁勋与Megaspeed及黄乐之间的往来。上个月，《纽约时报》报道，美国官员已得出结论，黄乐是中国的一名情报人员，并与英伟达掌门人建立了密切关系，而特朗普总统去年听取相关简报后并未采取行动。上周，《纽约时报》又报道，黄乐受中国国家安全部招募从事间谍活动。周日，63岁的黄仁勋承认与她有过婚外情，英伟达表示正在展开内部调查。 Many details of the relationship between Mr. Huang and Ms. Huang, including when they met and when she may have been recruited by Chinese intelligence, are not known. But Ms. Huang’s work with Megaspeed put her in the middle of a sprawling effort to accumulate A.I. chips across Southeast Asia and provide access to the technology to China’s companies.两人关系的许多细节仍不清楚，包括他们何时相识，以及黄乐可能在何时被中国情报机构招募。但黄乐在Megaspeed的工作使她置身于一场横跨东南亚的大规模行动的核心。该行动旨在大量获取人工智能芯片，并为中国企业提供获取该技术的渠道。Photos from Ms. Huang’s social media, which were verified by The Times, show that she and Mr. Huang met across the globe over the past three years, including in Shanghai; at Nvidia’s Silicon Valley headquarters; at a golf resort south of San Jose, Calif., and in Taiwan.《纽约时报》核实了黄乐社交媒体上的照片，发现过去三年里，她与黄仁勋曾在世界多地见面，包括上海、英伟达位于硅谷的总部、加利福尼亚州圣何塞以南的一家高尔夫度假村，以及台湾。黄乐与黄仁勋在一处高尔夫球场的合影，拍摄日期不详。照片最初由黄乐发布在微信朋友圈。 After the 2023 meeting in Singapore, Ms. Huang, whose Chinese name is Huang Le, used her experience and connections in the world of Shanghai finance to work her way into tech circles. She turned Megaspeed into a destination for Nvidia technology, working with a longtime business partner who was often introduced as her husband.2023年新加坡会面后，黄乐利用自己在上海金融界的经验和人脉逐渐打入科技圈。她与一名长期商业伙伴合作，将Megaspeed发展成为英伟达技术的重要买家。这名商业伙伴经常被介绍为她的丈夫。The success attracted the attention of authorities. By 2024, the United States had dispatched a Commerce Department official to check on Ms. Huang’s company. She was monitored by Taiwan’s government during her visits to the island, including when she appeared publicly with Mr. Huang. For part of 2025, she was not allowed to leave Singapore because of an investigation.这一成功引起了当局注意。2024年，美国商务部派出一名官员，对该公司进行实地检查。台湾政府在她访问台湾期间对其进行监控，包括她与黄仁勋公开露面的场合。2025年部分时间，她因一项调查被禁止离开新加坡。Behind Megaspeed was a network of wealthy tech investors in China with links to domestic data centers, the government and the defense industry. Between 2024 and 2026, the firm bought billions of dollars of Nvidia’s advanced A.I. technology, bringing Ms. Huang further into Mr. Huang’s orbit.Megaspeed背后是一个由中国富有的科技投资者组成的网络，这些投资者与国内数据中心、政府和国防工业都有联系。2024年至2026年间，该公司购买了价值数十亿美元的英伟达先进人工智能技术，使黄乐进一步进入黄仁勋的圈子。Megaspeed在新加坡的办公室。Details about Ms. Huang, much of which have not been previously reported, are based on a Times analysis of 15 years of corporate documents, as well as interviews with more than half a dozen people and government officials familiar with her and her business.关于黄乐的许多细节此前从未见诸报道，这些信息来自《纽约时报》对15年公司文件的分析，以及对六名以上熟悉黄乐及其业务的人士和政府官员的采访。Ms. Huang did not respond to a request for comment. Nvidia and Megaspeed declined to comment. China has denied the espionage claims.黄乐没有回应置评请求。英伟达和Megaspeed拒绝置评。中国否认了间谍指控。A Life in Finance金融界生涯For many years, Ms. Huang’s life was rooted in the high-flying world of Shanghai finance. She mingled easily with tech executives from China and the United States alike, according to people who have met her.多年来，黄乐的生活一直围绕着上海繁华的金融圈展开。据见过她的人士透露，她与中美两国的科技企业高管都能轻松自如地打交道。In China, Ms. Huang is closely linked to a business partner named Kang Wei. Mr. Kang, a 51-year-old fund manager, has been introduced as Ms. Huang’s husband to Chinese investors and Megaspeed employees, according to people familiar with the matter. The Times could not verify whether the two are married.在中国，黄乐与一名叫康伟的商业伙伴关系密切。据知情人士透露，这名现年51岁的基金经理在中国投资者和Megaspeed员工面前一直被介绍为黄乐的丈夫。《纽约时报》无法核实两人是否确实结婚。Mr. Kang rose to prominence at a young age, earning a reputation as a savvy stock market strategist in the 2000s. Chinese financial media treated him as a sort of boy wonder. By the 2010s, he had moved into private equity, including investing in online gaming firms.康伟年纪轻轻便崭露头角，2000年代就以精明的股市策略师闻名。中国的财经媒体将他视为一名少年奇才。到了2010年代，他开始涉足私募股权投资，包括投资网络游戏公司。China’s securities regulator has fined Mr. Kang at least twice for failing to disclose his stakes in listed companies. He has also struggled with fellow investors for corporate control, according to regulatory filings. Mr. Kang has bragged about Ms. Huang’s connections to Nvidia’s Mr. Huang and used those ties to raise money for their businesses, according to one of the people.根据监管文件，中国的证券监管机构曾至少两次因康伟未披露其在上市公司的持股情况而对他处以罚款。他也曾与其他投资者争夺公司的控制权。一名知情人士表示，康伟曾炫耀黄乐与英伟达黄仁勋的关系，并利用这种关系为他们的企业筹集资金。 Mr. Kang did not respond to a request for comment.康伟没有回应置评请求。Ms. Huang’s career mirrored Mr. Kang’s focus on finance. According to her online résumé, she spent four years as a television reporter before working at HSBC’s private bank and CITIC Securities, a Chinese state-backed investment bank.黄乐和康伟一样，职业生涯也主要集中在金融领域。根据她的网上简历，她曾在电视台做了四年记者，之后先后在汇丰私人银行和有中国国资背景的投资银行中信证券工作。Occasionally, she appeared with Mr. Kang. In an August 2023 photo, the two visited a state-backed, auto-tech company in the eastern city of Nanjing.她偶尔与康伟一起公开露面。2023年8月的一张照片显示，两人曾参观位于中国东部城市南京的一家有国资背景的汽车科技公司。The earliest corporate records bearing Ms. Huang’s name trace back to a small “sports and leisure club” company registered in 2010 inside Beihu No. 9, a private golf club in Beijing that drew officials and featured themed saunas, steam rooms and a buffet of foie gras, hairy crabs and Häagen-Dazs.最早带有黄乐名字的公司记录可追溯到2010年，是一家小型“体育休闲俱乐部”公司，注册地在北京的私人高尔夫俱乐部北湖九号内。这是一家会有官员光顾的俱乐部，设有主题桑拿、汗蒸以及包含鹅肝、大闸蟹和哈根达斯冰激凌的自助餐。Over the next few years, Ms. Huang branched out, investing in a Chinese medical equipment maker that would list its shares in Hong Kong. She acquired her stake through an offshore company, corporate records show.接下来几年，黄乐拓展业务，投资了一家后来在香港上市的中国医疗设备制造商。公司记录显示，她通过一家离岸公司获得了股份。By 2020, Ms. Huang and Mr. Kang were known in some of Shanghai’s investment circles. They operated an interconnected web of companies to carry out corporate takeovers and invest in companies. That spring, their network landed a major project, helping build and operate an A.I. computing center in Shanghai for the internet giant Tencent.到2020年，黄乐和康伟已在上海一些投资圈中为人所知。他们运营着一个相互关联的公司网络，用来进行公司收购和投资。那年春天，他们的网络获得了一个重大项目，参与互联网巨头腾讯在上海的一个人工智能计算中心的建设和运营。That set the stage for Ms. Huang’s next effort: a push abroad to acquire critical chips.这为黄乐的下一步行动奠定了基础：向海外扩张以获取关键芯片。2025年5月，黄仁勋与一名女子在台北一家餐厅共进晚餐。路透社确认，这名女子是黄乐。画面截自台湾中天电视台的报道。Building Megaspeed打造MegaspeedIn late 2022, the U.S. government began instituting restrictions on the sale of advanced A.I. chips to China. The United States feared that the components could potentially give Beijing an economic and military edge.2022年底，美国政府开始对向中国出售先进人工智能芯片实施限制。美国担心这些组件可能给北京带来经济和军事优势。To have any hope of getting the chips, a company had to be domiciled outside China and have no obvious ownership ties leading to the country.要想有希望获得这些芯片，公司必须注册在中国境外，并且没有明显指向中国的所有权关系。In 2023, Ms. Huang used a British Virgin Islands company to buy a Singaporean subsidiary of an online gaming company that was linked to her Shanghai network, called 7Road. It was renamed Megaspeed. It would become her first major venture into chips.2023年，黄乐利用一家英属维尔京群岛公司收购了一家在线游戏公司的新加坡子公司。该公司与她上海的网络有关，名为7Road。它被更名为Megaspeed。这将是她首次大举进军芯片领域。Later that year, Megaspeed was transferred to a Singaporean shell company, Singapore records show. After the transfer, Ms. Huang remained in control of Megaspeed’s day-to-day operations, according to people familiar with the company.新加坡记录显示，当年晚些时候，Megaspeed被转让给一家新加坡空壳公司。知情人士说，转让后，黄乐仍控制Megaspeed的日常运营。By June 2024, Ms. Huang was close enough to Mr. Huang that she bragged about her access to Mr. Huang at a tech event in Taipei. Just after midnight, she was mingling with a crowd of tech executives when she offered to ask Mr. Huang to join them, recalled Parker Schmitt, who attended.到2024年6月，黄乐与黄仁勋的关系已足够密切，她在台北一场科技活动上吹嘘自己能接触到黄仁勋。参加活动的帕克·施密特回忆，刚过午夜，她正在与一群科技高管交际，并提出请黄仁勋加入他们。2024年6月，领英上的照片显示，黄乐在台北一场科技展会结束后，与黄仁勋一同出现在一家酒吧。“She said, ‘I bet you guys I can get Jensen here,’ and then Jensen immediately showed up,” said Mr. Schmitt, who is chief executive of NetThunder, a data software provider. Shortly after, Mr. Huang arrived and drank a whiskey shot with the group.“她说，‘我敢打赌我能把杰森（黄仁勋英文名）叫来’，然后杰森立刻出现了，”数据软件提供商NetThunder的首席执行官施密特说。不久后，黄仁勋到场，与这群人喝了一杯威士忌。Mr. Huang was with two other Nvidia executives and had planned to attend the party, said a person close to the company.一名接近该公司的人士说，黄仁勋当时与另外两名英伟达高管在一起，原本就计划参加聚会。Mr. Schmitt, who stayed in touch with Ms. Huang, said her social media was littered with photos of her and Mr. Huang, including pictures of them at a golf course and at restaurants drinking wine. She wanted to be seen as a talented sales executive, Mr. Schmitt said, and “photos with Jensen are a point of pride” in the tech industry.与黄乐保持联系的施密特说，她的社交媒体上满是与黄仁勋的合影，包括他们在高尔夫球场和餐厅喝酒的照片。施密特说，她想被视为一名有才华的销售高管，而在科技行业，“与杰森的合影是骄傲的资本。”Business Takes Off业务起飞That same month, Ms. Huang’s fledgling business had a series of breakthroughs. Megaspeed began receiving large shipments of Nvidia’s most advanced A.I. chips, eventually securing more than $4 billion of the precious hardware.同月，黄乐初创新业务取得一系列突破。Megaspeed开始收到大批英伟达最先进的人工智能芯片，最终获得超过40亿美元的珍贵硬件。The company also landed a major new customer: the Chinese e-commerce giant Alibaba. Months after its sale to the Singaporean shell company, Megaspeed had created a Malaysian subsidiary, which then pledged its servers and intellectual property to a subsidiary of Alibaba called Apex. Alibaba became Megaspeed’s dominant customer, according to a person familiar with the business.该公司还获得一个重要新客户：中国电商巨头阿里巴巴。在被出售给新加坡空壳公司几个月后，Megaspeed创建了一家马来西亚子公司，该子公司随后将其服务器和知识产权抵押给阿里巴巴旗下子公司Apex。一名知情人士说，阿里巴巴成为Megaspeed的主要客户。Before long, Ms. Huang’s large A.I. chip orders began to attract attention. In late 2024, the U.S. Commerce Department sent an official to inspect a Megaspeed data center and confirm that the Nvidia chips delivered were on site. Some Nvidia equipment was still packed in boxes, raising concerns that it was being shipped in or out and was not installed at the location.不久，黄乐的大额人工智能芯片订单开始引起注意。2024年底，美国商务部派一名官员检查Megaspeed的一个数据中心，确认交付的英伟达芯片在现场。一些英伟达设备仍装在箱子里，这引起了担忧：设备正被运进或运出，并未在该地点安装。That year, Taiwanese authorities began to monitor Ms. Huang’s trips to the island at the suggestion of the U.S. government, a person familiar with the matter said. She entered Taiwan on a Hong Kong passport and made trips beyond her public appearances with Mr. Huang.一名知情人士说，那年，在美国政府建议下，台湾当局开始监控黄乐的访台行程。她持香港护照进入台湾，并在与黄仁勋公开露面之外还有行程。In March 2025, Ms. Huang traveled to the United States and visited Mr. Huang at Nvidia’s offices with other executives, according to a Times analysis of photos from the meeting. Two months later, she was pictured dining with him and others in Taipei, where she posed for a photo and kissed him on the cheek.根据《纽约时报》对会面照片的分析，2025年3月，黄乐前往美国，与其他高管一起在英伟达办公室拜访黄仁勋。两个月后，她被拍到在台北与他及其他人共进晚餐，合影时她亲吻了他的脸颊。Yet trouble was brewing in Singapore, where officials had also been looking into Megaspeed. The Singaporean government prohibited Ms. Huang from leaving the country and brought her in for questioning in 2025 as part of an investigation into false declaration of imports, according to a person familiar with the investigation.然而，麻烦正在新加坡酝酿，当地官员也在调查Megaspeed。一名知情人士说，作为对虚假进口申报调查的一部分，新加坡政府2025年禁止黄乐离开该国，并对她进行了问讯。There was insufficient evidence to suggest that Ms. Huang was complicit in the false declarations and investigations against her were concluded, the person said. Singaporean authorities have said they are still investigating Megaspeed.该知情人士说，没有足够证据表明黄乐是虚假申报的共谋，对她的调查已结束。新加坡当局表示仍在调查Megaspeed。Ms. Huang subsequently flew to Shanghai and a new boss began giving orders to Megaspeed employees, said a person familiar with the company.一名知情人士说，黄乐随后飞往上海，一位新老板开始向Megaspeed员工发号施令。Megaspeed位于马来西亚柔佛州的一座数据中心的航拍照片。Megaspeed has pressed on. It is nearing completion of the first phase of a data center in Malaysia, for which A.I. chips have been secured. In Ms. Huang’s absence, another executive tied to her network has visited the Malaysia office to help obtain permits and ensure work continues, a person familiar with the operation said.Megaspeed继续推进。它即将完成马来西亚一个数据中心的第一阶段，已为其获得人工智能芯片。一名熟悉运营的人士说，在黄乐缺席期间，另一名与其网络有关的高管访问了马来西亚办公室，帮助获得许可并确保工作继续。Other help has come from China. Shanghai Shuoyao, another company in Ms. Huang’s network, has sent large groups of Chinese engineers to work on the project, the person said.还有一些帮助来自中国。这名人士说，黄乐网络中的另一家公司上海硕耀派出大批中国工程师参与该项目。In Shanghai, local officials have held up Shuoyao as a model. A July report from the Songjiang district government showcased the company’s new A.I. server factory, where, it said, more than 100 technicians can repair servers down to the chip level and reconfigure them.在上海，地方官员将硕耀树立为典范。松江区政府7月的一份报告展示了该公司的新人工智能服务器工厂。报告称，那里有100多名技术人员能够进行芯片级服务器维修和重新配置。Pei-Lin Wu和储百亮(Chris Buckley)自台湾对本文有研究贡献。Aric Toler和Sanjana Varghese对本文有报道贡献。孟建国(Paul Mozur)是时报全球科技记者，常驻台北。此前，他自香港、上海和首尔报道亚洲科技与政治的交叉议题。Ana Swanson报道贸易和国际经济新闻，常驻华盛顿。她从事新闻工作已超过十年。Tripp Mickle报道英伟达、谷歌和苹果等全球最大的科技公司。他也报道整个科技行业的趋势，包括裁员、生成式AI和机器人出租车等。傅才德(Michael Forsythe)是时报调查记者，常驻纽约。他此前曾驻中国，广泛报道该国各类议题。点击查看更多关于他的信息。翻译：纽约时报中文网点击查看本文英文版。