Nvidia Dropped Singapore From Its Revenue Disclosures After Blocking Megaspeed

In the quarter that ended in July 2025, Nvidia reported $10.2 billion of revenue from Singapore, 22% of its total and up 81% from a year earlier. Its filings then broke revenue into five areas: the US, Singapore, Taiwan, China and "Other". In the report for the quarter that ended in October 2025, Singapore was gone. Nvidia said it now grouped revenue by the "location of the customers' headquarters" rather than by "customer billing location".

The timing matters because Megaspeed sits at the centre of the scandal that ended Huang's tenure. The Wall Street Journal reported that Nvidia added Megaspeed to its internal block list in June 2025, prohibiting sales to the company. Huang resigned after reports of his relationship with Alice Huang, a former Megaspeed executive whom US authorities suspect of spying for China. The new method also makes it harder for investors to compare Nvidia's geographic sales before and after the block.

Nvidia had long said that Singapore's large share reflected invoicing rather than where chips ended up. Earlier filings said customers "use Singapore to centralize invoicing while our products are almost always shipped elsewhere." Nvidia did not respond to Fortune's request for comment, including on whether the reporting change was related to the Megaspeed block.

Megaspeed was one of Nvidia's largest buyers in Asia. The Information has reported that Megaspeed and its Malaysian subsidiary, Speedmatric, moved at least $7.5 billion of chips to China. The US is investigating Megaspeed for possible export control violations, and Singapore authorities, who began looking at the company and Alice Huang in February 2025, found too little evidence of espionage but barred her from re-entering the country. Megaspeed has denied wrongdoing, and Huang has said there is no evidence that Nvidia chips were smuggled to China.

Shiva Rajgopal, a professor of accounting and auditing at Columbia Business School, told Fortune that public information cannot show whether Megaspeed or the espionage allegations prompted the switch. "The timing is curious," he said. He expects the change to become part of any Justice Department or Commerce Department review of Nvidia's export control compliance.

The question also reaches Colette Kress, Nvidia's chief financial officer, who was named interim chief executive when Huang left. Rajgopal cautioned against assuming she knew of any link. "I wouldn't say Kress must have known," he said. "These are just financial statements. Nothing is illegal. It's disclosed." He was more sceptical about the arrangement at the top of the company, telling Fortune that "a CFO running a tech company is not a good idea" and that finance chiefs who step in as interim heads of technology groups rarely stay.

Nvidia reports fiscal third-quarter results on November 17, its first earnings call with Kress in the interim role, where analysts are likely to press for an explanation of the change.