Nvidia changed how it reported Singapore revenue as Megaspeed probe widened
Nvidia altered the geographic breakdown in its earnings reports late last year, dropping Singapore as a line item at the same time U.S. and Singapore authorities examined its major client Megaspeed over alleged chip smuggling to China.
Nvidia quietly changed how it reports revenue from Singapore in late 2025, a shift that now sits alongside growing scrutiny of the chipmaker's relationship with Megaspeed, a major customer accused of moving advanced chips to China. The company's October 2025 earnings report dropped Singapore from its geographic revenue breakdown and switched the basis for assigning revenue to the location of the customer's headquarters rather than where the company had previously said it was invoiced and shipped.
The change matters because Singapore had been a significant source of sales. In the quarter ending in July 2025, Singapore accounted for 22 percent of Nvidia's revenue, or $10.2 billion, an 81 percent increase year over year. Earlier filings had described Singapore as the place where orders were invoiced, with shipments going to other locations. Under the new method, that revenue is attributed to where customers are headquartered, a framing that makes it harder for outside observers to trace where the company's chips physically end up.
The timing has drawn attention because of Megaspeed's position in Nvidia's business. Megaspeed is based in Singapore and has a Malaysian subsidiary, Speedmatric. The Information has reported that the company allegedly moved about $7.5 billion in Nvidia chips to China. Nvidia's internal records show it placed Megaspeed on an internal block list in June 2025, which indicates the company had concerns about the client before the reporting change. Megaspeed has denied any wrongdoing.
Regulators on both sides of the Pacific have taken interest. Singapore's authorities began a probe in February 2025, but reportedly found insufficient evidence of espionage, and the government barred former Megaspeed executive Alice Huang from re-entering the country. The U.S. is separately investigating Megaspeed for possible export control violations. Nvidia has not responded to requests for comment on the reporting change, and Jensen Huang has denied that there is evidence the company's chips were smuggled to China.
The company's leadership has also shifted. Jensen Huang stepped down as chief executive after revelations about an affair, which were linked to Alice Huang, a former Megaspeed executive suspected by some of being a China operative. Public reporting has stressed that Jensen Huang and Alice Huang are not related. Chief financial officer Colette Kress has been named interim leader. Former Apple chief executive Tim Cook was publicly floated as a possible Nvidia leader by President Trump.
An accounting professor quoted in the reporting said the timing of the disclosure change is curious but that causation has not been proven. Filing changes of this kind are likely to attract attention from the Justice Department and the Commerce Department as they examine export controls. Auditors may also look at how Nvidia conducted end-use checks on its customers and how it disclosed related risks to investors. Kress's role in the disclosures is likely to face scrutiny, although there is no public evidence that she knew of any wrongdoing. Interim finance-chief CEOs rarely remain in technology leadership roles for long, a point that adds uncertainty to the company's near-term direction.
Source: fortune.com
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