Nvidia Dropped Singapore From Its Revenue Breakdown After a $10.2 Billion Quarter, Months After Blocking Megaspeed

Nvidia used to tell investors how much money it made in Singapore. Then it stopped.

In the quarter ended July 2025, Nvidia reported $10.2 billion in Singapore revenue. That was 22% of total sales and an 81% jump from a year earlier. Two years before that, Singapore accounted for just 8%.

In the next earnings report, covering the quarter ended October 2025, the Singapore line was gone. The geographic breakdown, which had listed the U.S., Singapore, Taiwan, China and "Other," now showed four markets.

What changed in the accounting

Nvidia said it was now assigning revenue by the location of a customer's headquarters instead of the customer's billing location. The company said the change "provides a better representation of the geographic profile of our revenue."

That explanation sits awkwardly next to Nvidia's own earlier language. Prior filings stated that customers use Singapore to centralize invoicing while the products are "almost always shipped elsewhere." A headquarters address does not say where a chip ends up either.

Recast figures show most Singapore-billed revenue moving into the U.S. column, with China and Taiwan revised higher.

The Megaspeed timeline

Megaspeed International is a Singapore-based cloud company and was one of Nvidia's biggest buyers in Asia. An Nvidia spokesperson told the Wall Street Journal the company put Megaspeed on an internal block list in June 2025, barring further sales and shipments.

The Information has reported that Megaspeed and its Malaysian subsidiary, Speedmatric, moved at least $7.5 billion worth of Nvidia chips to China. That figure is the outlet's own reporting, not a government finding. Megaspeed has denied wrongdoing. The U.S. is investigating the company for export control violations. No charges have been announced.

Nvidia has not said where Megaspeed-related revenue was classified. Spokesperson Patrick Rutherford declined to answer questions about it. Nvidia also did not respond to Fortune's inquiry about whether the reporting change had anything to do with the block list.

Why the timing is not proof

The two events are separate on the calendar. The block list came in June 2025. The new reporting basis first appeared in the report for the quarter ended October 2025.

Shiva Rajgopal, a professor of accounting and auditing at Columbia Business School, told Fortune that correlation is not causation. Nobody outside Nvidia has produced a document or statement tying the disclosure change to Megaspeed. Nvidia's stated reason is that the new method better reflects where its customers are based.

Headquarters-based reporting is also a recognized way to break out revenue. Nvidia switched after years of using billing location, in a quarter when Singapore was growing faster than almost any other line.

Huang's exit and the espionage questions

Nvidia announced Thursday that Jensen Huang is stepping down as CEO. CFO Colette Kress will lead the company on an interim basis. The announcement followed reports of an affair between Huang and Alice Huang, a former Megaspeed executive with no family relation to him. Fortune reported that she is suspected of being an operative for China.

Singapore authorities said Thursday they investigated Megaspeed and Alice Huang starting in February 2025 and did not find sufficient evidence of espionage. They did bar her from re-entering the country.

Jensen Huang has previously said there is no evidence that Nvidia chips are being smuggled to China. He has not been accused of wrongdoing by any government agency, and no charges have been filed against him or the company.

What's still open

Export controls on advanced AI chips exist because Washington does not want them powering China's military and AI programs. Intermediaries in Singapore and Malaysia sit at the center of that fight, and both the billing location and the shipping destination of a chip bear on it.

The U.S. export-control investigation of Megaspeed is ongoing. Nvidia has not disclosed how much Megaspeed-related revenue was booked under which geography before and after the change. Until it does, investors cannot tell whether the 22% that once showed up as Singapore now sits in the U.S. line.