It's a JPEG with the HTML written in the comment field:

  # exiftool -b -comment <(curl -s http://lcamtuf.coredump.cx/squirrel/)
  <html><body><style>body { visibility: hidden; } .n { visibility: visible; position: absolute; padding: 0 1ex 0 1ex; margin: 0; top: 0; left: 0; } h1 { margin-top: 0.4ex; margin-bottom: 0.8ex; }</style><div class=n><h1><i>Hello, squirrel fans!</i></h1>This is an embedded landing page for an image. You can link to this URL and get the HTML document you are viewing right now (soon to include essential squirrel facts); or embed the exact same URL as an image on your own squirrel-themed page:<p><xmp><a href="http://lcamtuf.coredump.cx/squirrel/">Click here!</a></xmp><xmp><img src="http://lcamtuf.coredump.cx/squirrel/"></xmp><p>No server-side hacks involved - the magic happens in your browser. Let's try embedding the current page as an image right now (INCEPTION!):<p><img src="#" style="border: 1px solid crimson"><p>Pretty radical, eh? Send money to: lcamtuf@coredump.cx<!--