Key points
- What Megaspeed's new statement promises US investigators
- What Megaspeed's new statement leaves out
- How fast Megaspeed's revenue grew, per Singapore records
Megaspeed, the Singapore data center company at the center of the scandal around Jensen Huang, pledged on Thursday to cooperate with US investigators. The company posted the new statement on its homepage in place of a December 2025 statement that said inspections had found no evidence it broke the law.
Nvidia (NVDA) announced the same day that Huang had resigned as chief executive, and named finance chief Colette Kress interim CEO. Nvidia shares were at $162.14 at 9:53 a.m. ET on Thursday, down 6.7% from Wednesday's close of $173.73.
Megaspeed says it hired a US law firm to count its GPUs
The statement is dated Nov. 12 and signed by Tan Yong Pong, Megaspeed's chairman and CEO. It says Megaspeed "has cooperated with inspections by the U.S. Department of Commerce's Bureau of Industry and Security (BIS) and stands ready to cooperate fully with any other relevant U.S. government authority."
Megaspeed also says it "has retained a leading U.S. law firm to lead a comprehensive census of its graphics processing units (GPUs) and independently verify its export control compliance practices." The statement doesn't name the firm or say when the census will be finished. It doesn't mention Huang, Nvidia, or Alice Huang, the former Megaspeed executive at the center of the scandal. The Associated Press described it as Megaspeed's first statement since the scandal broke.
The December statement said inspections found "no evidence"
The homepage previously carried a statement dated Dec. 23, 2025, written in response to a Bloomberg article. It was still there on Nov. 9, according to the Internet Archive's copy of the page. That statement said Megaspeed had undergone "multiple on-site inspections and reviews by key institutions" over the prior six months, including the Bureau of Industry and Security, Malaysia's trade ministry, and Nvidia. It said those reviews "confirmed that there has been no evidence of any violations concerning the illicit transfer of chips or any illegal activities."
The new statement says Megaspeed cooperated with the Commerce inspections but doesn't say what they found. It also drops the references to Malaysia, Nvidia, and Bloomberg, which the December statement said Megaspeed might sue.
The offer to cooperate isn't new. Before the statement, a Megaspeed representative told The New York Times for a Nov. 9 report that the company was conducting an internal investigation and that its repeated offers to cooperate with the US government had gone unanswered.
Megaspeed faces a US criminal inquiry
The Justice Department is conducting a criminal inquiry into Megaspeed, the Times reported. The department asked Commerce to pause its own work on the case in late 2025, according to the Times and Bloomberg. US officials suspected Megaspeed of smuggling Nvidia AI chips into China, according to the Times.
The Times reported on Oct. 29 that US officials suspected Alice Huang of spying for China. Jensen Huang acknowledged an affair on Nov. 8 without naming the woman, and the Times reported that it was Alice Huang. The two aren't related.
Singapore said on Thursday that its own criminal probe into server shipments is still going, NBC News reported.
Megaspeed's revenue went from zero to $294 million in a year
Megaspeed had no revenue in 2023 and more than $294 million in 2024, according to Singapore corporate records described by the AP. Its total assets rose about 90-fold from late 2023 to 2024, to almost $3 billion.
We're tracking each development on our Jensen Huang scandal timeline.
