Nvidia abruptly changed how it reported revenue in Singapore last year, adding to questions about its relationship with Megaspeed

Detailed summary

“The timing is curious," one financial audit expert told Fortune. “Even if it is not curious, people are going to raise questions.”

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.

The financial change under scrutiny involves Nvidia’s accounting for revenue from Singapore, where Megaspeed is based.

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. Nvidia CFO Colette Kress will lead the company in the interim, Nvidia announced on Thursday.

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. export laws. Megaspeed, and its Malaysian subsidiary Speedmatric, moved at least $7.5 billion in Nvidia chips to China, tech news site The Information has reported.

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. However, Singapore barred Alice Huang from re-entering the country. The U.S. is also investigating Megaspeed for export control violations. Jensen Huang has previously said there is no evidence of Nvidia chips being smuggled to China, and Megaspeed has denied wrongdoing.

In June 2025, Nvidia added Megaspeed to its internal block list, prohibiting sales to the company, according to the Wall Street Journal. Around the same time, Nvidia stopped reporting revenue from Singapore, one of the five geographic areas Nvidia had previously listed in its breakdown of global revenues (they were U.S., Singapore, Taiwan, China, and “Other”).

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…

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