Megaspeed: Singapore Cloud Firm and Nvidia Customer Under US Investigation
By Xinghui Kok
US Scrutiny and Singapore's Role in the Megaspeed Investigation
SINGAPORE, Nov 10 (Reuters) - Singapore-based cloud computing firm Megaspeed faces renewed scrutiny as the United States looks into Nvidia CEO Jensen Huang's affair with Chinese businesswoman Alice Huang, alleged to be a spy for Beijing.
Background and Company Details
Here are details of Megaspeed, where Huang used to be an executive.
What is Megaspeed?
Megaspeed, an Nvidia customer, was incorporated in 2015 as 7Road International before changing its name to Megaspeed International in March 2023, its business filings showed.
It is wholly owned by Singapore-registered Swiftdata incorporated in October 2023, which says providing hosting services by non-data centers is its principal activity.
Leadership and Corporate Structure
Two Singapore citizens are listed as officers of both companies. Tan Yong Peng was appointed a director of Swiftdata on October 31, 2023, before becoming a director of Megaspeed less than two weeks later.
The same month, Huang Le ended an eight-month tenure as managing director of Megaspeed, media said. Huang Le is Alice Huang's Chinese name.
Swiftdata also shares an address with Ng Wei Shi Khloe, who is listed as company secretary of both companies. Tan and Ng are the only listed officers of the two firms in their business filings.
Reuters could not immediately contact Swiftdata, and Megaspeed did not respond to a request for comment.
US Scrutiny and Allegations
Megaspeed has faced US scrutiny over suspicions that it helped Beijing gain access to Nvidia's advanced AI chips whose export to China is restricted.
On its website, it says it is an Nvidia Cloud Partner in the Asia-Pacific region and offers access to the company's GB200 NVL72 and HGX H100 systems.
Financial Performance
Megaspeed's assets increased sharply to $3 billion in 2024 from $33 million in 2023, its business filings showed.
It reported after-tax loss of $20 million in 2024, versus a loss of $21,283 a year earlier, while revenue jumped to $294 million from zero.
Its cashflow statement showed $844,555 went to investing activities in 2024, after financing activities brought in cash of $10 million the previous year.
Singapore's Response and Broader Context
Singapore's Role
Last October Singapore police said they were investigating Megaspeed over "suspected breaches of our domestic laws" after a US senator requested the Commerce Department to investigate whether Megaspeed had diverted Nvidia chips.
Last month, the home affairs ministry responded to remarks in the Wall Street Journal that Singapore was concerned about Alice Huang's ties to Jensen Huang, with authorities separately investigating her alleged links to Chinese intelligence.
Official Statements
"We would like to make clear that neither the Singapore Government nor its officials said this. And there were no such investigations conducted in respect of Alice Huang," it said, while adding that investigations into Megaspeed continue.
The ministry did not immediately respond to a request for further comment on Tuesday.
Singapore as a Hub for Chinese Firms
The wealthy city-state has become a key site for Chinese firms to set up offices in recent years, in efforts to "Singapore-wash", or domicile in trade-focused Singapore to reduce risks from China-US tension.
Singapore has said it does not enforce "unilateral export controls imposed by other countries," but it acts "firmly against companies and individuals who violate our laws and are engaged in fraudulent and dishonest practices".
It is currently investigating four other individuals charged with chip fraud in an unrelated case.
(Reporting by Xinghui Kok; Editing by Miyoung Kim and Clarence Fernandez)
