{
  "id": 19737055,
  "title": "Nvidia abruptly changed how it reported revenue in Singapore last year, adding to questions about its relationship with Megaspeed",
  "url": "https://urgent.news/2026/11/13/nvidia-abruptly-changed-how-it-reported-revenue-in-singapore-last",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-13T00:44:26.000Z",
  "source": {
    "name": "Fortune",
    "slug": "fortune",
    "url": "https://fortune.com/2026/11/12/nvidia-changed-earnings-report-format-singapore-revenue-megaspeed-probe-colette-kress/"
  },
  "original_language": "en",
  "account": "Last year, Nvidia unexpectedly altered the way it disclosed revenue in Singapore, sparking renewed scrutiny that has brought into question its ties with Megaspeed, a significant client that has become entangled in chip smuggling allegations. The area of focus is Nvidia's accounting for revenue originating from Singapore, where Megaspeed is headquartered. The sudden departure of Nvidia's co-founder, Jensen Huang, from the role of CEO due to revelations involving his affair with a former Megaspeed executive, Alice Huang, further complicates the situation. Huang's successor, CFO Colette Kress, is set to take over leadership roles until a permanent replacement is found. Megaspeed, one of Nvidia's largest Asian buyers, has been suspected of illegally exporting Nvidia's advanced chips to China, in violation of U.S. export laws. According to The Information, Megaspeed, along with its Malaysian subsidiary Speedmatric, has shipped at least $7.5 billion worth of Nvidia chips to China. Upon investigation, Singapore authorities concluded that there was insufficient evidence to prove espionage, yet they barred Alice Huang from re-entering the country. The United States is also investigating Megaspeed for potential export control violations. In June 2025, Nvidia placed Megaspeed on its internal block list, suspending sales to the company, as reported by the Wall Street Journal. Meanwhile, Nvidia ceased listing revenue from Singapore, one of the five previously specified geographic areas comprising its global revenue breakdown (U.S., Singapore, Taiwan, China, and Other). In the fiscal quarter ending in July 2025, Nvidia reported $10.2 billion in revenue from Singapore, accounting for 22% of its total revenue and representing an 81% year-over-year increase. However, in the next quarter's earnings report, covering the three months ending in October 2025, Singapore was no longer part of Nvidia's geographic revenue breakdown, which now listed only four markets: U.S., Taiwan, China, and Other. The October 2025 earnings report indicated that Nvidia had started separating markets based on \"the location of the customers’ headquarters\" rather than the \"customer billing location.\" This change was made despite the company previously stating that customers utilized Singapore to centralize invoicing while its products were almost always shipped elsewhere. The reasons behind Nvidia's decision to conceal revenue from Singapore remain unclear. While some experts argue that there is no direct connection between the earnings report alteration and the addition of Megaspeed to the block list, others speculate that concerns over Megaspeed's adherence to export control regulations or Alice Huang's alleged espionage may have influenced the decision. Regardless, the timing of the change has raised questions about Nvidia's potential motivations, particularly in light of ongoing investigations into its export control compliance. Auditors will scrutinize whether Nvidia had sufficient knowledge about the eventual destinations of Megaspeed's chips, the measures taken to verify and document customer end-use, and whether Huang's personal affairs had any bearing on Nvidia's business dealings with Megaspeed. Moreover, investors will be keen to understand whether the unreported Singapore revenue accurately reflected the risks associated with potential chip smuggling activities in China and Southeast Asia. While Kress's role in disclosing the financial statements will undoubtedly be under intense examination, the current evidence does not suggest that she was aware of any potential correlation between the earnings reporting change and Nvidia's relationship with Megaspeed.",
  "summary": "“The timing is curious,\" one financial audit expert told Fortune. “Even if it is not curious, people are going to raise questions.”",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}