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’s revenue in the quarter ending July 2025, up from 8% two years earlier. That June, Nvidia says, it put Megaspeed on an internal block list, barring further sales and shipments. The following quarter, it stopped reporting Singapore separately and began assigning revenue according to customers’ headquarters rather than billing locations. The timing raises questions about whether the change was connected to the cutoff, though Nvidia has not established any link.

The shift came amid U.S. concern that restricted AI chips could be rerouted to China through overseas intermediaries, and a scandal involving a former Megaspeed executive suspected by the U.S. government of ties to Chinese intelligence. Nvidia has not disclosed where Megaspeed-related sales appeared under either reporting method, or how it classified hardware sold through U.S. server makers when the equipment might be shipped elsewhere. Restated figures moved most Singapore-billed revenue into the U.S. category, while China and Taiwan totals also rose. Nvidia says headquarters-based reporting better reflects its revenue, but its earlier disclosures also noted that billing addresses often differed from shipping destinations. The resulting break in the data makes it difficult to compare sales before and after the Megaspeed cutoff; investors are left without a clear view of where Nvidia’s chips went.