Whether she was a spy, a fixer, or simply romantically involved with Jensen Huang, the name Alice Huang (no relation) has upended the business world this week, after reports that the two were having an affair snowballed into the Nvidia chief's stunning resignation on Wednesday. Now, officials are reportedly turning their attention to the other companies Alice Huang worked with.

Bloomberg, citing an anonymous source, reported that the U.S. Department of Justice is running multiple probes into Nvidia: one focused on antitrust issues, and two others centered on Megaspeed—where Alice Huang was a former top executive—and Super Micro Computer. Separately, the U.S. Attorney's Office in Manhattan is investigating whether entities linked to Alice Huang were involved in alleged efforts to smuggle Supermicro hardware laced with Nvidia's red-hot GPUs into China. It is unclear whether that probe is connected to smuggling cases already brought in the U.S. or Asia. The scrutiny lands on one of the most sensitive fault lines in U.S.–China tech relations: Washington has restricted exports of Nvidia's most advanced AI chips to China since 2022, the backdrop to the smuggling cases already brought in the U.S. and Asia.

Neither Jensen Huang, Nvidia, nor Supermicro have been formally charged with any wrongdoing.

Supermicro shares tumbled 12% after U.S. markets opened. The company did not immediately respond to Fortune's request for comment.

Much of the speculation about Jensen Huang's catastrophic downfall has centered on Megaspeed, the Singapore-based firm that reportedly became one of Nvidia's largest buyers in Southeast Asia. But Supermicro—the San Jose server maker run by Charles Liang, a friend of Jensen Huang's for three decades and a key Nvidia partner—has spent longer under the microscope over export-control compliance, and is now being pulled into the widening scandal alongside Nvidia. The exposure is structural: Supermicro ranks among the leading assemblers of AI servers built on Nvidia's chips, placing it squarely inside the hardware pipeline that export regulators are trying to police.

Fortune has reported on the Supermicro case since before federal agents arrested its co-founder in March, and that reporting shows a company with a documented track record of governance and compliance failures. Despite that history, Supermicro has remained in lockstep with Nvidia. Liang and Jensen Huang have shared the stage at Computex in Taiwan, where Jensen Huang was photographed in 2024 with Alice at a cocktail bar.

The Liaw smuggling case

In March, federal prosecutors charged Supermicro co-founder Yih-Shyan "Wally" Liaw and two others with allegedly routing about $2.5 billion in servers equipped with Nvidia H200 and B200 GPUs to China through a Southeast Asian front company. Bloomberg later reported that the front company is OBON, a Bangkok-based AI infrastructure firm, which has not been charged. Supermicro itself was not charged and has said it was a victim of the scheme.

Liaw, who immediately resigned his executive and board roles at Supermicro following his arrest, has pleaded not guilty. His trial was pushed to March 2027 after his lawyers told the judge in the case that subpoenas issued to Supermicro could be material to Liaw's defense. Nelson Boxer, Liaw's attorney, declined to comment.

One of Liaw's co-defendants, Ting-Wei "Willy" Sun, pleaded guilty in October, including to a charge that he deleted an encrypted messaging app from his phone on the day of the arrests. Sun's attorneys did not respond to a request for comment, and it is unclear whether he has a cooperation agreement with the government.

Singapore's complaint

There is no public evidence so far that the Supermicro and Megaspeed cases are directly connected, but the threads are mounting. On Thursday, Singapore's Ministry of Home Affairs said in a statement that the Singapore Police Force and Customs had initiated investigations into Megaspeed and Alice Huang, and had sought information from Supermicro in doing so. According to Singaporean authorities, Supermicro offered only "limited cooperation."

In a July 2025 meeting, Singapore officials raised the issue with U.S. authorities and asked for their assistance in securing Supermicro's cooperation, repeating the request "on several occasions" to the Department of Justice and the FBI.

"Despite these repeated requests, Singapore has to date received limited information or assistance in respect of the company," the statement reads. Supermicro did not immediately respond to a request for comment.

A long record of compliance failures

Supermicro's export-control problems did not start with Liaw's arrest, Fortune's reporting has found. In 2006, the company pleaded guilty to illegally exporting computer equipment to Iran through a distributor in Dubai—mirroring the basic scheme prosecutors alleged in the Liaw case.

Liaw himself has been through the crisis wringer before. He left Supermicro in 2018 amid a board-led investigation tied to the company's Nasdaq delisting and an SEC probe of its accounting, which ended with a $17.5 million settlement in 2020. He returned as a consultant in May 2021, became a full-time employee, and rejoined the board in December 2023.

In 2024, short seller Hindenburg Research accused Supermicro of accounting manipulation and export-control failures, and the company denied the allegations. Ernst & Young then resigned as auditor mid-audit, saying it could no longer rely on management's representations. A special committee recommended in December 2024 that Supermicro replace CFO David Weigand, and the company agreed to do so "immediately." It did not name a successor until October.

Inside the indictment

As Fortune has reported, the Liaw indictment describes thousands of nonworking dummy servers staged in warehouses to fool auditors, contractors using hair dryers to peel off serial-number labels, and a compliance auditor who was off-site allegedly enjoying "entertainment" paid for by another company during an inspection. It also shows how the alleged scheme fed directly into Nvidia's supply pipeline: in December 2024, Liaw allegedly told the front company that "the only way" to get Nvidia to commit B200 chip allocations was to create monthly forecasts. Nvidia is not accused of wrongdoing in the Liaw indictment.

After Liaw's arrest, Supermicro's board opened its own investigation, overseen by independent director Scott Angel and former audit committee chair Tally Liu (no relation to Liang's wife and co-founder Sara Liu). In August, Supermicro said that probe found no evidence that current senior management knew about the alleged scheme to divert the chips. The investigation resulted in an unspecified number of terminations in sales, business development, and technical support for failure to follow policies or the code of conduct, Supermicro said at the time.

Supermicro has also disclosed a grand jury subpoena covering the Liaw case as well as the company's compliance program and internal controls, along with subpoenas or inquiries from the SEC, the Commerce Department's Bureau of Industry and Security, and foreign authorities.

Steadfast ties to Nvidia

Through everything that has beleaguered Supermicro, the company's relationship with Nvidia has appeared to remain steadfast. That history will now become a test for Supermicro's new CFO, Mark Long, a former Western Digital finance chief who took over from Weigand last month and reports to Liang. The two tag-teamed the company's most recent earnings call, at which Supermicro reported record fiscal first-quarter revenue of $19.9 billion, well ahead of Wall Street consensus estimates, and raised its full-year revenue forecast to $72 billion to $82 billion. The record quarter underscores how much of Supermicro's growth now runs through Nvidia-based AI hardware—the same flows that are now under regulatory scrutiny.

But Supermicro—and CEO Liang—is now losing an important champion in Nvidia's Jensen Huang. Liang built much of Supermicro's AI-era business through the close Nvidia relationship, combined with Supermicro's almost supernatural ability to get the newest GPUs to market quickly. Liang has also maintained a public friendship with Huang that included joint keynotes in Taipei before adoring crowds.

Nvidia will now be led in the interim by Kress, while an outside investigation into the foreign intelligence operation will be run by former acting SDNY U.S. Attorney Joon Kim and powerhouse law firm Wachtell, Lipton, Rosen & Katz.

Nvidia is slated to report third-quarter results on November 17, with Kress in place of Huang. House lawmakers have requested a closed-door grilling with Huang the following day. In January, Sen. Elizabeth Warren (D-Mass.) is likely to lead the Senate Banking Committee, where she will hold subpoena powers. Warren has already sought answers from Nvidia about Supermicro and chip smuggling in June, and re-upped her request this week.

This story was originally featured on Fortune.com.