Nvidia abruptly changed how it reported revenue in Singapore last year, adding to questions about its relationship with Megaspeed
A sudden change in how Nvidia reported some of its financial results last year is getting renewed attention, raising questions about its relationship with Megaspeed, a major Nvidia client at the time and now at the center of chip smuggling allegations.
Key points
- “Even if it is not curious, people are going to raise questions given all this information now.” Auditors will likely look at what Nvidia knew about where the Megaspeed chips were ending up, how Nvidia checked and documented customer end-use, and if Huang’s affair was related to Nvidia’s business with Megaspeed.
- In the next quarter’s earnings report, for the three months ending in October 2025, Singapore had disappeared from Nvidia’s geographic revenue breakdown, which now listed only four markets: U.S., Taiwan, China, and Other.
- The financial change under scrutiny involves Nvidia’s accounting for revenue from Singapore, where Megaspeed is based.
In the fiscal quarter ending in July 2025, Nvidia reported $10.2 billion in revenue from Singapore, 22% of the company’s total revenue, and an 81% increase in year-over-year revenue from the country.
Additional details
- Megaspeed, and its Malaysian subsidiary Speedmatric, moved at least $7.5 billion in Nvidia chips to China, tech news site The Information has reported.
- Nvidia cofounder Jensen Huang stepped down as CEO of the semiconductor chip giant on Thursday, following stunning revelations of his affair with former Megaspeed executive Alice Huang (no relation), a woman suspected of being an operative for China.
- Rajgopal made it clear that as CFO, Kress’ role in how finances were disclosed publicly, will certainly be scrutinized, but based on public filings alone, there does not appear to be evidence at this time showing Kress was aware of whether an earnings reporting change could have potentially been related to Megaspeed.
- Singapore authorities said on Thursday that they investigated Megaspeed and its former executive Alice Huang beginning in February 2025 and did not find sufficient evidence of espionage.
- Megaspeed, one of Nvidia’s largest buyers in Asia, has been suspected of diverting Nvidia’s advanced chips to China, in violation of U.S.
How this summary was made: extractive summary — built from the sources' own reporting. It is drawn only from the reporting of the sources listed below — read the originals for full detail. How we summarize →
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