Inside Megaspeed's Asia Web: Spy Claims, $3B Assets and a Singapore Probe

Megaspeed International is back in the hot seat. The Singapore-based cloud firm faces suspicions it facilitated billions of dollars of restricted Nvidia chips flowing to China, and its former managing director's ties to Nvidia CEO Jensen Huang sit at the center of it. According to The New York Times, U.S. intelligence identified Alice Huang, also known as Huang Le, as having been recruited by China's Ministry of State Security to gather information on Jensen Huang. The Information reported her relationship with him helped facilitate at least $7.5 billion in Nvidia chip shipments to Chinese firms, according to people who know her — a figure CNBC said it could not independently verify. Bloomberg reported she has returned to Beijing with the knowledge of Chinese security officials.

Nvidia's board has opened an investigation into whether its CEO was targeted by a foreign intelligence operation. The chipmaker says it has no reason to believe U.S. national security or Nvidia confidential information was compromised. Meanwhile, Jensen Huang has built ties with President Donald Trump and pushed for relaxed chip export controls to China, which has drawn Washington's attention to the case.

The paper trail around Megaspeed is strange. It was incorporated in 2015 as 7Road International and says it operates in Singapore and Indonesia, though its Collyer Quay office showed no signs of activity when local media visited in October 2025. It is wholly owned by Swiftdata, a Singapore entity incorporated in October 2023, and its director is Singapore citizen Tan Yong Pong, per corporate filings. Alice Huang served as managing director for eight months in 2023 — and received one Megaspeed share for 1 Singapore dollar on the day she stepped down.

The numbers moved fast. Megaspeed's assets hit about $3 billion in 2024, up from $33 million a year earlier and just $75 in 2022, while revenue climbed from zero in 2023 to $294 million in 2024 — alongside a loss of about $20 million. Singapore police opened an investigation into the company in October 2025 over suspected breaches of domestic law. The Wall Street Journal reported Singapore officials had investigated Alice Huang over alleged links to Chinese intelligence, but the Ministry of Home Affairs disputed that: “There were no such investigations conducted in respect of Alice Huang.”

In Malaysia, two entities reportedly linked to Megaspeed — Speedmatrix and MSFusion — list addresses in the same Iskandar Puteri development in Johor, according to The Edge Malaysia. Speedmatrix bought at least $4.8 billion of advanced AI equipment, including systems containing Nvidia chips, between June 2024 and February 2026, per trade records cited by the Times. It reported a loss of 103.2 million ringgit ($25 million) on revenue of 522.3 million ringgit in 2024. A U.S. trade official found boxes of unopened Nvidia chips during a 2025 visit to a Speedmatrix data center, per the NYT, fueling re-export suspicions — though officials lacked conclusive evidence of diversion at the time. Malaysia's Investment, Trade and Industry Minister Johari Abdul Ghani said Tuesday his ministry had not been shown evidence Speedmatrix broke Malaysian law and had not opened an investigation, pledging the country wouldn't become “a channel to circumvent export controls.”

Indonesia is murkier still. KumparanTEKNO reported the Jakarta-based company is active in cross-border trade, with customs data through June 2026 showing 242 transactions involving three suppliers and four buyers — including an import logged as “MODULE NVIDIA GPU H100 SINGLE.” The H100 has required U.S. export licensing for China since August 2022. Short seller Culper Research alleged in May that Megaspeed and Speedmatrix were “secretly financed by Alibaba via a series of apparent shell companies,” including through a large portion of a $4.2 billion tranche in March 2025. Megaspeed denies illegally transferring chips, saying in a December 2025 statement that inspections and reviews by the U.S. Commerce Department's Bureau of Industry and Security, Malaysia's MITI and Nvidia found no evidence of violations. “We operate fully within the bounds of all applicable export control regulations,” the company said.