Singapore accounted for 22% of Nvidia’s quarterly revenue in 2025 as allegations involving a Chinese businesswoman and a local technology company raise questions about AI chip exports.
Nvidia’s growing business ties with Singapore have come under fresh scrutiny following reports that the US technology giant is investigating an alleged foreign intelligence operation involving its CEO, Jensen Huang, and a Chinese businesswoman suspected of helping bypass American export restrictions on advanced artificial intelligence (AI) chips.
The allegations have raised questions about Singapore’s role in Nvidia’s global operations, the future of chip orders billed through the country and potential consequences for the international semiconductor supply chain.
According to The Straits Times, citing media reports, Alice Huang, a former executive of Singapore-based cloud computing company Megaspeed International, is suspected by US authorities of assisting Chinese interests in obtaining access to restricted AI chips.
The New York Times reported on Oct. 29 that Alice Huang, a Chinese citizen, had allegedly been recruited by Beijing to gather intelligence on Nvidia CEO Jensen Huang. The two share the surname Huang but are not related.
Singapore’s importance to Nvidia
Nvidia’s financial disclosures highlight Singapore’s significant contribution to its reported revenue.
The country accounted for approximately 22% of Nvidia’s total revenue in the quarter ending July 27, 2025, generating nearly $10.2 billion.
For the financial year ending Jan. 26, 2025, Singapore contributed approximately 18% of the company’s revenue, equivalent to $23.7 billion, making it Nvidia’s second-largest market at the time.
However, these figures do not necessarily represent chips physically delivered to Singapore. Nvidia has explained that many customers use Singapore-based business entities to centralise invoicing while products are shipped elsewhere.
During the July 2025 quarter, more than 99% of revenue billed to Singapore from export-controlled data center products was reportedly associated with orders from US-based customers.
Megaspeed International faces scrutiny
Megaspeed International has attracted attention over allegations that advanced Nvidia chips may have been obtained through arrangements designed to circumvent US export controls.
The company was incorporated in 2015 as 7Road International before adopting the Megaspeed International name in March 2023. It subsequently came under the ownership of Swiftdata.
A related company, Speedmatrix, was incorporated in February 2024 and has business addresses in Singapore and Malaysia.
Singapore police confirmed on Oct. 30 that Megaspeed was under investigation but did not disclose further details. Authorities also stressed that Singapore would not tolerate businesses exploiting the country’s commercial reputation to evade foreign export restrictions.
However, Singapore’s Ministry of Home Affairs clarified on Oct. 31 that neither the government nor its officials had stated that Alice Huang was under investigation. It added that no such investigation had been conducted against her.
Could Nvidia’s chip orders be affected?
The potential impact on Nvidia’s Singapore-related business remains uncertain.
Taiwan’s Commercial Times reported supply-chain rumours suggesting Nvidia could slow chip orders, although no confirmed link between the reported developments and the investigation has been established.
Analysts cited by Reuters warned that a prolonged investigation could delay investment decisions and product launches, potentially affecting the wider semiconductor industry.
Advanced Micro Devices (AMD) could receive greater attention in the short term, but analysts believe replacing Nvidia’s products would be difficult.
Meanwhile, Nvidia continues to expand its Singapore partnerships through collaborations involving Singtel subsidiary NCS, technology company Sea, government agencies and universities.
The developments highlight Singapore’s challenge of maintaining its position as a major global technology hub while enforcing international trade regulations and protecting its reputation as a business and investment destination.
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