- Megaspeed International, a Singapore-based cloud firm that says it is an Nvidia Cloud Partner in Asia-Pacific and offers access to Nvidia’s GB200 NVL72 and HGX H100 systems, is facing renewed scrutiny over suspicions that it facilitated billions of dollars of restricted Nvidia chips to China, CNBC reported. Corporate filings show its assets surged to about $3 billion in 2024 from $33 million a year earlier — about 91 times, by our calculation — and from just $75 in 2022. Revenue rose to $294 million in 2024 from zero in 2023, while the company posted a loss of about $20 million.
- Alice Huang, also known by her Chinese name Huang Le, served as Megaspeed’s managing director for eight months in 2023 and received one Megaspeed share for 1 Singapore dollar on the day she stepped down, filings show. The Information reported that her relationship with Nvidia CEO Jensen Huang helped facilitate at least $7.5 billion in Nvidia chip shipments to Chinese firms; CNBC said it could not independently verify that report. Bloomberg has reported that she has returned to Beijing with the knowledge of Chinese security officials.
- The company’s footprint stretches across Southeast Asia. Megaspeed was incorporated in 2015 as 7Road International, lists Singapore as its main office and is wholly owned by Swiftdata, a Singapore entity incorporated in October 2023. Two Malaysian entities reportedly linked to it, Speedmatrix and MSFusion, list addresses in the same development in Iskandar Puteri, Johor. Trade records cited by The New York Times show Speedmatrix bought at least $4.8 billion of advanced AI equipment, including systems containing Nvidia chips, between June 2024 and February 2026.
- Short seller Culper Research alleged in May that Megaspeed and Speedmatrix had received substantial funding connected to Alibaba, including through what it described as a large portion of a $4.2 billion tranche in March 2025. Megaspeed has denied illegally transferring chips to China. In a December 2025 statement, it said it had undergone on-site inspections and reviews by the U.S. Commerce Department’s Bureau of Industry and Security, Malaysia’s Ministry of Investment, Trade and Industry, and Nvidia, and that those reviews had found no evidence of violations.
What Happened?
Singapore police opened an investigation into Megaspeed in October 2025 over suspected breaches of domestic law. The Wall Street Journal separately reported that Singapore officials had investigated Alice Huang over alleged links to Chinese intelligence, but Singapore’s Ministry of Home Affairs disputed that account, saying “there were no such investigations conducted in respect of Alice Huang.” A U.S. trade official found boxes of unopened Nvidia chips during a 2025 visit to a Speedmatrix data center, prompting suspicions the hardware could be re-exported to China, the Times reported, though officials did not have conclusive evidence of diversion at the time. Malaysia’s investment minister said Tuesday his ministry had not been presented with evidence that Speedmatrix had violated Malaysian law and had not opened an investigation, while pledging the country would not become “a channel to circumvent export controls.”
Why It Matters?
Megaspeed is the corporate vessel at the center of the export-control questions now hanging over Nvidia. A company whose assets went from $75 to about $3 billion in two years, and whose revenue went from zero to $294 million in a single year, was growing at a pace that was always going to attract examiners once the CEO relationship became public. The $4.8 billion of AI equipment attributed to Speedmatrix, the unopened-chip visit, and Culper’s Alibaba-financing allegation are all still contested or unverified in important respects, but they are the facts Washington, Singapore and Kuala Lumpur are now being asked to reconcile. Nvidia has said it has no reason to believe that U.S. national security or its confidential information was compromised, and its board has opened an investigation into whether Huang was targeted by a foreign intelligence operation.
What’s Next?
The next pressure points are regulatory rather than commercial. Investors will watch whether the Commerce Department moves to blacklist Megaspeed or close the remote-access loophole, whether Singapore’s police investigation produces findings, and whether Malaysia receives a formal request from a foreign authority. Any confirmed diversion, or a clean bill of health after the reviews Megaspeed says it already passed, would reprice the China-revenue risk hanging over Nvidia as much as it would reprice Megaspeed itself, which is privately held.
Affected Tickers and Coins: NVDA, BABA
Source: CNBC
