Bessent Confronts Lutnick Over Megaspeed Entity-List Delay

Treasury Secretary Scott Bessent asked Commerce Secretary Howard Lutnick a single question inside the White House Situation Room the Thursday after the midterms, Axios reported: 'How come Megaspeed isn't on the entities list?'

Lutnick's answer: 'I don't know. I'll look into it.'

Megaspeed is the Singapore-based Nvidia customer that Trump officials have long suspected of funneling advanced chips into China. It was originally incorporated in 2015 as 7Road International, a Chinese video game developer, and by some analyst estimates has purchased more than $4 billion in Nvidia semiconductors, making it 'one of the largest buyers of Nvidia chips in Asia.' Treasury staff argued it belonged on Commerce's Entity List of China-connected companies that could pose national security risks. White House and intelligence officials have pressed Lutnick to act since the fall of 2025.

The Commerce Department has not added a company to the Entity List in more than a year. It also denied the Situation Room confrontation happened. Treasury, Commerce and the White House declined to comment to Axios.

The story lands in the middle of a separate Nvidia scandal: Jensen Huang admitted to an affair with Alice Huang, a Megaspeed executive suspected by intelligence officials of being a Chinese spy, a scandal that has already pushed three China chip-export bills into this year's NDAA debate. Megaspeed says it is a 'compliant and legal company.' China's Foreign Ministry called allegations against Alice Huang 'groundless speculation.'