Nvidia is investigating whether its chief executive, Jensen Huang, was targeted by foreign intelligence operations, following media reports alleging that a Chinese businesswoman had close ties with the technology executive and passed information to Beijing.
The reports have also drawn attention to Nvidia’s business links with Singapore, which has traditionally ranked among the company’s top four markets by billed revenue.
The woman, Alice Huang, is a former executive of Singapore-based cloud computing firm Megaspeed International. US authorities reportedly suspect that she helped China bypass restrictions on access to advanced artificial intelligence chips.
The allegations have prompted questions about Singapore’s role in Nvidia’s global operations, its relationships with local companies and the possible impact of investigations on future chip orders.
How important is Singapore to Nvidia?
Nvidia’s financial reports show that Singapore was among its largest revenue markets over the past three years. However, the company stopped providing a separate revenue breakdown for Singapore after mid-2025.
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For the quarter ended July 27, 2025, Singapore accounted for 22 per cent of Nvidia’s total revenue, generating nearly US$10.2 billion. It was the latest publicly available quarterly breakdown for the country.
The United States remained Nvidia’s largest market during the same period, contributing around 50 per cent of revenue, or approximately US$23.5 billion.
Singapore also ranked second in the financial year ended January 26, 2025, accounting for 18 per cent of Nvidia’s revenue at nearly US$23.7 billion. The US contributed 47 per cent, generating almost US$61.3 billion.
Why does Singapore purchase so many AI chips?
Nvidia has previously explained that customers use Singapore to centralise invoicing, while its products are generally shipped to other destinations.
For the quarter ended July 27, 2025, more than 99 per cent of Nvidia’s revenue billed to Singapore from export-controlled data centre products, including AI chips, came from orders placed by US-based customers.
In January 2025, reports emerged that the US was investigating whether Chinese AI company DeepSeek had obtained Nvidia chips through countries including Singapore.
Singapore’s then-Ministry of Trade and Industry addressed the allegations the following month, citing Nvidia’s explanation that many customers used their Singapore-based business entities to purchase chips intended for the US and other Western markets.
The ministry said it expected US companies, including Nvidia, to comply with American export controls and Singaporean laws. It also warned that action would be taken against individuals and companies violating the rules.
Nvidia said there was no reason to believe DeepSeek had obtained export-controlled products from Singapore.
In October 2025, reports emerged that US authorities were investigating whether Megaspeed had helped Chinese technology companies bypass export restrictions to obtain advanced Nvidia chips.
Nvidia’s partnerships and business ties in Singapore
Nvidia maintains several commercial and research partnerships with organisations in Singapore.
In March 2026, Singtel subsidiary NCS announced plans to integrate its AI platforms with Nvidia’s AI enterprise software. The partnership aims to help highly regulated organisations deploy AI agents while protecting sensitive operational data.
In September 2026, Nvidia announced that Sea, the parent company of Shopee, financial services arm Monee and gaming platform Garena, was adopting its technology to expand AI use across its businesses.
Sea has used AI to help sellers create product listings, improve fraud detection and develop interactive in-game companions that respond to players in real time.
Nvidia also works with Singapore’s public sector. In September, the Home Team Science and Technology Agency (HTX) said it had become the first organisation in the country to deploy Nvidia’s latest GB300 chips.
The technology provides substantial computing capacity, allowing HTX to develop AI systems capable of processing text, video and audio simultaneously. It also supports efforts to control robots at scale while maintaining security safeguards.
The deployment builds on an earlier partnership between HTX and Nvidia.
Singapore’s universities and research institutions also collaborate with the US technology company.
In March 2026, the Singapore University of Technology and Design worked with Nvidia and other partners to demonstrate how robots and autonomous vehicles could distribute computing tasks between devices and cloud systems.
The Singapore Institute of Technology (SIT) and Nvidia jointly established the SIT x Nvidia AI Centre in 2024. The centre enables businesses in manufacturing, transport and healthcare to develop and test AI solutions.
In October 2025, the centre also introduced a training initiative aimed at preparing fresh graduates and mid-career professionals for careers in artificial intelligence.
Could investigations affect future chip orders?
The impact on Nvidia’s future business in Singapore remains uncertain.
Taiwan’s Commercial Times cited supply-chain rumours suggesting that Nvidia planned to slow chip orders. However, it remains unclear whether the reported plans are connected to the investigation involving its chief executive.
Reuters quoted analysts as saying that a prolonged investigation could delay Nvidia’s investment decisions and product launches, potentially affecting the wider semiconductor industry.
In the short term, competitors such as Advanced Micro Devices could attract greater attention, according to Ryu Young-ho, a senior analyst at NH Investment & Securities, who spoke to Reuters.
However, replacing Nvidia’s products would be difficult, he said.
What is Nvidia’s connection with Megaspeed?
Megaspeed is under investigation in Singapore and the United States over possible violations of export laws involving advanced Nvidia AI chips.
The company was originally incorporated in 2015 as 7Road International, a Chinese gaming company with links to state-backed investors.
Records from Singapore’s Accounting and Corporate Regulatory Authority show that Megaspeed continues to operate from its Collyer Quay office.
In February 2024, the company incorporated Speedmatrix, which listed addresses in Johor and Singapore. Singaporean businessman Tan Yong Pong was named as its director.
According to The New York Times, Speedmatrix was used to receive shipments of Nvidia chips from the United States.
Tan became a director of Megaspeed in November 2023, shortly after incorporating Swiftdata, the company that owns Megaspeed.
When 7Road was renamed Megaspeed in March 2023, it was owned by Huang Le Limited and led by Huang Le, also known as Alice. Ownership was subsequently transferred to Tan’s Swiftdata in November 2023.
Alice was reportedly seen at a Computex 2024 party in Taipei attended by Nvidia’s chief executive and leading clients. Despite sharing the same surname, the two Huangs are not related.
On October 29, The New York Times reported that Alice, a Chinese citizen, had allegedly been recruited by Beijing to collect intelligence on Huang.
The reports also said Huang later admitted in a message to employees that he had been unfaithful to his wife and accepted responsibility for his actions. Nvidia said its CEO remained committed to leading the company without interruption.
Singapore authorities confirm Megaspeed investigation
The Singapore Police Force told The Wall Street Journal on October 30 that Megaspeed was under investigation but declined to provide further details.
Police said Singapore did not impose unilateral export controls introduced by foreign jurisdictions. However, the country would not tolerate businesses using their Singapore connections to circumvent or violate other countries’ export restrictions.
Authorities also warned that firm action would be taken against individuals and companies involved in fraudulent or dishonest practices.
The police said Singapore had charged four people and four companies between February 2025 and July 2026 over alleged fraud involving suppliers of servers. Those convicted could face prison terms of up to 20 years.
The Wall Street Journal subsequently reported, citing sources, that Singapore officials were concerned about Alice’s alleged close relationship with Nvidia’s chief executive and her reported links to Chinese intelligence.
However, Singapore’s Ministry of Home Affairs issued a clarification on October 31, saying neither the government nor its officials had made those statements.
The ministry added that no such investigations had been conducted in respect of Alice Huang.
