Nvidia abruptly changed its Singapore accounting in 2025: Was Alice Huang’s Megaspeed the reason?

Nvidia’s decision to change how it reported revenue from Singapore last year is attracting fresh scrutiny, with questions emerging over whether the move was connected to its business relationship with Megaspeed, a major customer now facing allegations of diverting advanced chips to China. The controversy has also drawn attention to Alice Huang, Megaspeed’s former executive, who has been linked to allegations of espionage and whose association with Nvidia CEO Jensen Huang (no relation) has added another layer to the unfolding controversy.

According to a report by Fortune, the semiconductor giant stopped separately disclosing revenue from Singapore in late 2025, just months after reportedly placing Megaspeed on an internal block list, effectively prohibiting sales to the Singapore-based buyer.

The timing is significant because Singapore had emerged as a major revenue market for Nvidia. In the quarter ending July 2025, the company reported $10.2 billion in revenue from Singapore, accounting for 22 per cent of its total sales. Revenue from the country had also increased 81 per cent year-on-year.

However, in its subsequent earnings disclosure for the quarter ending October 2025, Singapore disappeared from Nvidia’s geographical revenue breakdown.

The company also changed the basis on which it classified revenue. Previously, Nvidia reported sales according to the billing locations of its customers. Its revised disclosures instead categorised revenue based on the location of customers’ headquarters.

More from Business

The distinction is important. Nvidia had earlier acknowledged that customers frequently used Singapore to centralise invoicing, even though its products were generally shipped elsewhere.

What does Megaspeed have to do with it?

Megaspeed, headquartered in Singapore, was among Nvidia’s largest customers in Asia. However, the company has since come under scrutiny over allegations that it helped divert advanced Nvidia chips to China, potentially violating US export restrictions.

According to The Information, Megaspeed and its Malaysian subsidiary, Speedmatric, allegedly moved at least $7.5 billion worth of Nvidia chips to China.

The controversy gained further attention after Nvidia reportedly added Megaspeed to its internal restricted-customer list in June 2025. This was around the same period that Nvidia changed how it disclosed revenue from Singapore.

Singapore authorities said on Thursday that their investigation into Megaspeed and its former executive Alice Huang, which began in February 2025, did not uncover sufficient evidence of espionage. However, Alice Huang was barred from re-entering the country.

The United States is also investigating Megaspeed over suspected export-control violations. Megaspeed has denied wrongdoing, while Nvidia CEO Jensen Huang has previously said there was no evidence of its chips being smuggled into China.

Could Nvidia’s accounting changes attract regulatory scrutiny?

Nvidia’s revised revenue disclosures could become an important part of ongoing US investigations into the company’s export-control compliance.

Regulators are likely to examine what Nvidia knew about the final destinations of chips sold to Megaspeed, how it verified customer end-use commitments and whether its internal monitoring systems were sufficient to prevent the diversion of advanced semiconductors to China.

Another key question is whether investors were adequately informed about the risks associated with Nvidia’s exposure to customers operating through Singapore and other Southeast Asian markets.

Nvidia has not publicly established any connection between its revised accounting disclosures and the decision to restrict Megaspeed. For now, the timing of the changes remains a point of scrutiny, but there is no publicly established evidence that Nvidia altered its reporting to conceal its relationship with Megaspeed.