Nvidia drops Singapore from revenue breakdown; professor calls timing ‘curious’

Nvidia stopped reporting Singapore as a separate market in its geographic revenue breakdown in late 2025, around the same time it added Megaspeed to an internal block list prohibiting sales to the company, according to the Wall Street Journal. Megaspeed, one of Nvidia’s largest buyers in Asia, has been suspected of diverting Nvidia’s advanced chips to China in violation of U.S. export laws. The Information has reported that Megaspeed and its Malaysian subsidiary Speedmatric moved at least $7.5 billion in Nvidia chips to China.

Singapore authorities said they investigated Megaspeed and its former executive Alice Huang beginning in February 2025 and did not find sufficient evidence of espionage, but barred Alice Huang from re-entering the country. The U.S. is also investigating Megaspeed for export control violations. Jensen Huang previously said there is no evidence of Nvidia chips being smuggled to China, and Megaspeed has denied wrongdoing.

In the fiscal quarter ending July 2025, Nvidia reported $10.2 billion in revenue from Singapore, 22% of the company's total revenue and an 81% year-over-year increase. In the next quarter's earnings report, for the three months ending October 2025, Singapore had disappeared from the breakdown, which now listed only four markets: U.S., Taiwan, China, and Other. Nvidia's filing explained it was now separating markets based on 'location of customers' headquarters' instead of 'customer billing location,' even though previous reports had stated that 'customers use Singapore to centralize invoicing while our products are almost always shipped elsewhere.'

Shiva Rajgopal, a professor of accounting and auditing at Columbia Business School, told Fortune that correlation is not causation, and it is impossible from public information alone to say whether concerns about Megaspeed’s export compliance led to the change. ‘The timing is curious,’ Rajgopal said. ‘Even if it is not curious, people are going to raise questions given all this information now.’ He said auditors will likely examine what Nvidia knew about where Megaspeed chips were ending up, how it checked and documented customer end-use, and whether investors were given an accurate picture of the risks associated with potential smuggling in China and Southeast Asia. Rajgopal noted that Colette Kress, now interim CEO, will have her role in public financial disclosures as CFO scrutinized, but based on public filings, ‘I wouldn’t say Kress must have known.’

Nvidia did not respond to a request for comment from Fortune.