Nvidia’s Singapore Revenue Shift Draws Export Scrutiny

By Grace Kim

Nvidia reported $10.2 billion in revenue from Singapore for the fiscal quarter ended July 2025—22% of companywide sales—then omitted Singapore from its geographic revenue breakdown (the country-by-country sales split) in the next quarter.

The abrupt reporting change has renewed scrutiny because Singapore housed Megaspeed, then one of Nvidia’s largest buyers in Asia, while U.S. authorities now examine alleged chip diversion to China.

On Thursday, Nvidia cofounder Jensen Huang stepped down as chief executive after disclosures of his affair with former Megaspeed executive Alice Huang, who has no relation to him and whom Singapore authorities suspected of being an operative for China. Nvidia CFO Colette Kress will serve as interim CEO.

What changed in Nvidia’s revenue disclosure?

In June 2025, Nvidia added Megaspeed to its internal block list, a prohibition on selling to that company, according to The Wall Street Journal. Around the same time, Nvidia stopped reporting Singapore separately.

• Before October 2025: the United States, Singapore, Taiwan, China and “Other.”
• In the October 2025 report: the United States, Taiwan, China and “Other.”

Nvidia’s October report for the three months ended October 2025 said it now grouped markets by the “location of the customers’ headquarters,” replacing the previous basis of customer billing location. Earlier earnings reports said customers used Singapore to centralize invoicing while Nvidia’s products almost always shipped elsewhere.

Nvidia did not respond to a press request for comment, including a question about whether the reporting change connected to the Megaspeed block list.

Columbia Business School accounting and auditing professor Shiva Rajgopal cautioned that public information cannot establish whether Megaspeed export-control concerns or Alice Huang allegations caused the change. “The timing is curious,” he said. “Even if it is not curious, people are going to raise questions given all this information now.”

Takeaway: Nvidia changed how it presented a market that produced $10.2 billion in one quarter, without publicly linking the decision to Megaspeed.

What do investigators know about the alleged smuggling?

The Information reported that Megaspeed and its Malaysian subsidiary, Speedmatric, moved at least $7.5 billion of Nvidia chips to China. Megaspeed has been suspected of diverting advanced chips to China in violation of U.S. export controls, meaning federal restrictions on sensitive chip sales to China.

Singapore authorities said Thursday that they began investigating Megaspeed and Alice Huang in February 2025 and found insufficient evidence of espionage. They barred Huang from reentering Singapore. The United States also investigates Megaspeed for export-control violations.

Jensen Huang previously said there was no evidence that Nvidia chips had been smuggled to China. Megaspeed has denied wrongdoing.

Takeaway: The reported chip shipments now sit at the center of several government reviews, although the central smuggling allegation remains disputed.

Can the reporting change prove a link to Megaspeed?

Rajgopal said the disclosure change will become part of Department of Justice and Department of Commerce investigations into Nvidia’s export-control compliance. Auditors will likely examine:

• what Nvidia knew about the destinations of Megaspeed chips;
• how Nvidia checked and documented customer end-use, or where customers planned to use the chips;
• whether Huang’s affair affected Nvidia’s business with Megaspeed; and
• whether investors received an accurate view of smuggling risk in China and Southeast Asia.

Kress’s role in public financial disclosure will also come under scrutiny, Rajgopal said. Public filings do not currently show that she knew the reporting change might relate to Megaspeed.

“I wouldn’t say Kress must have known,” Rajgopal said. “These are just financial statements. Nothing is illegal. It’s disclosed.”

Takeaway: The record shows an unusual disclosure change, not proof that Nvidia or Kress knew of smuggling.

What does Colette Kress inherit?

Kress’s harder task extends beyond Nvidia’s past and immediate finances. Interim technology executives rarely remain in post because they often lack buy-in, or support, from technical teams. Rajgopal said Nvidia’s priorities will shift from sustaining current financial momentum to recreating or building on the forward vision Huang supplied.

Rajgopal described a CFO running a technology company as a poor fit, particularly for a business as deeply technical as Nvidia. The core test for Kress is whether she can preserve disclosure credibility while leading the company through a leadership transition.

The next test is whether Nvidia restores Singapore to its revenue table and explains what it knew about Megaspeed’s shipments, and when.