Nvidia's Disappearing Singapore Sales Deepen Mystery Around Megaspeed

Nvidia’s geographic sales disclosures changed just as its relationship with Singapore-based cloud-computing company Megaspeed came under scrutiny. Singapore had accounted for 22% of Nvidia revenue in the quarter ending July 2025, up from 8% two years earlier. Nvidia says it put Megaspeed on an internal block list in June 2025, barring further sales and shipments. Starting with the next quarter, it stopped separately reporting Singapore revenue and instead assigned sales according to customers’ headquarters rather than billing locations. Later restatements shifted most previously Singapore-billed revenue into the U.S. category, while increasing figures for China and Taiwan.

The timing raises questions, but Nvidia has not explained how Megaspeed-related sales were classified under either method or whether the reporting change was connected to the cutoff. The company says headquarters-based reporting better represents its revenue, arguing that billing addresses often differ from shipping destinations. Yet headquarters addresses do not establish where chips ultimately go, and hardware may be sold through U.S. server makers before reaching other markets. The shift therefore makes it harder to compare sales before and after the Megaspeed block, obscuring whether Singapore revenue fell or remained high. With Megaspeed caught up in a sex-and-espionage scandal and Nvidia’s board investigating reports involving chief executive Jensen Huang, the central argument is that investors need a fuller account of where Nvidia’s chips were sold and how its controls worked.