Megaspeed faces US scrutiny over $3 bn asset jump

Megaspeed, a Singapore-based Nvidia customer, reported assets of $3bn in 2024 as US authorities look into Nvidia CEO Jensen Huang’s affair with Chinese businesswoman Alice Huang, a November 10 Channel NewsAsia article said.

Business filings cited by Reuters show Megaspeed’s assets rose from $33 million in 2023, while revenue reached $294 million from zero, sharpening scrutiny of AI-chip access through Singapore.

Singapore’s Ministry of Home Affairs said last month it had not investigated Alice Huang after Wall Street Journal remarks that Singapore was concerned about her ties to Jensen Huang. “We would like to make clear that neither the Singapore Government nor its officials said this. And there were no such investigations conducted in respect of Alice Huang,” the ministry said, while adding that investigations into Megaspeed continue.

Megaspeed has faced US scrutiny over suspicions that it helped Beijing gain access to Nvidia’s advanced artificial-intelligence chips, whose export to China is restricted. Singapore police said last October they were investigating Megaspeed over “suspected breaches of our domestic laws” after a US senator asked the Commerce Department to examine whether the company had diverted Nvidia chips.

Business filings cited by Reuters show Megaspeed was incorporated in 2015 as 7Road International and changed its name to Megaspeed International in March 2023. The company is wholly owned by Singapore-registered Swiftdata, which was incorporated in October 2023 and lists hosting services by non-data centres as its principal activity.

Two Singapore citizens are listed as officers of both companies. Tan Yong Pong became a Swiftdata director on October 31, 2023, and a Megaspeed director less than two weeks later. Ng Wei Shi Khloe is listed as company secretary of both firms, and Swiftdata shares an address with her.

Huang Le, identified in the report as Alice Huang’s Chinese name, ended an eight-month tenure as Megaspeed managing director in the same month, media said.

Megaspeed’s website says it is an Nvidia Cloud Partner in the Asia-Pacific region and offers access to Nvidia’s GB200 NVL72 and HGX H100 systems. Its filings show an after-tax loss of $20 million in 2024, compared with a loss of $21,283 in 2023. Its cash-flow statement showed $844,555 went to investing activities in 2024, after financing activities brought in $10 million the previous year.

The case puts Singapore’s role in semiconductor trade under closer attention. Singapore has become a base for Chinese firms seeking to domicile operations in the trade-focused city-state to reduce exposure to China-US tensions, a practice described as “Singapore-washing.” Singapore has said it does not enforce “unilateral export controls imposed by other countries,” but acts “firmly against companies and individuals who violate our laws and are engaged in fraudulent and dishonest practices.”

Reuters said it could not immediately contact Swiftdata, and Megaspeed did not respond to a request for comment. Singapore’s home affairs ministry did not immediately respond to a request for further comment on Tuesday. Singapore is also investigating four other people charged with chip fraud in an unrelated case.