WSJ: Huang personally built Asia route feeding Nvidia GPUs to China

Jensen Huang built a multibillion-dollar business feeding Chinese appetite for American chips by cultivating a network of Asian partners who could serve them far from Washington, the Wall Street Journal reports. Records reviewed by the paper show Megaspeed, the Singapore company at the center of the arrangement, coordinated the delivery of nearly $12 billion worth of advanced semiconductors to Chinese firms between March 2024 and June 2025.

The structure is legal on its face. "Data centers outside China can freely import Nvidia chips and rent the computing power to Chinese customers," the Journal writes. Megaspeed bought at least $4.8 billion of AI equipment in under two years, deploying it in Southeast Asian facilities and leasing the power remotely. Malaysia, where the buildout is concentrated, is now on track to become the second-largest data center hub in the world, after Virginia, atop roughly $34 billion in committed investments.

Not all the silicon stayed offshore. Documents reviewed by Bloomberg show that a Chinese company founded by Alice Huang, the Megaspeed executive suspected of passing sensitive Nvidia information to Beijing, obtained smuggled Nvidia chips that were put into service at a Shanghai data center connected to Megaspeed International. Her alleged affair with Jensen Huang forced his resignation last week. The hardware carried a combined value of 485 million yuan ($73 million) and included 52 Super Micro Computer servers fitted with H100 or H200 processors.

The United States and Singapore are now investigating Megaspeed over allegations that it rerouted Nvidia AI chips worth billions of dollars to China in violation of export restrictions. The company has denied the allegations. The story lands in a week when our chips tracker also logged a separate SemiAnalysis estimate tracing 1.5GW of banned Nvidia GPUs into China. Two reports, different holes, same sieve.