Nvidia's Vanishing Singapore Revenue Deepens Megaspeed Questions

what happened

According to The Wall Street Journal, revenue tied to Singapore reached $10.2 billion, or 22% of Nvidia's total, in the quarter that ended in July 2025. In the following quarter the chip maker changed how it breaks down revenue by geography and stopped showing that line. The switch came after Nvidia placed Megaspeed on an internal block list, though the company has not said whether the two moves are connected.

Nvidia began assigning revenue based on the location of customers' headquarters instead of their billing location. Restated figures suggest most revenue previously billed through Singapore was moved into the U.S. category, while China and Taiwan were revised higher. Nvidia's spokesperson declined to say which category included sales to Megaspeed under either method.

The company's explanation also has a gap. One quarter before the change, Nvidia said customers used Singapore to centralize invoicing while its products were almost always shipped elsewhere. A customer's headquarters does not show where chips physically go either, so investors have lost the ability to see how much of the company's sales were tied to Singapore.

why it matters

For investors, this is a transparency question layered on top of turmoil at the top of the company. The WSJ reported that Nvidia's board is preparing to oust CEO Jensen Huang, and the board is investigating reports that he was the target of a foreign intelligence effort. Without clear geographic data, it is harder to judge export-control risks and how much hardware reaches China through intermediaries.

market impact

Nvidia: opaque sales reporting and leadership uncertainty weigh on sentiment around the stock

• ▼Nvidia shares pressure down — leadership uncertainty and opaque reporting of Singapore revenue

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