Bessent blames Lutnick's Commerce Department for failing to block Megaspeed
bbc.com —
US Treasury Secretary Scott Bessent blamed the Commerce Department, led by Howard Lutnick, for failing to block chip firm Megaspeed from receiving advanced Nvidia exports, amid a widening scandal. Bessent told CNBC that several agencies supported adding Megaspeed to the entity list for months, but "Commerce has the pen." He expressed frustration over delays and chip leakage to China, saying it hurts US companies in the AI race. Megaspeed was investigated for allegedly smuggling chips into China but is not on the restricted list. Nvidia's Jensen Huang resigned after revelations of an affair with a former Megaspeed executive suspected of being a Chinese spy. Both Bessent and Lutnick face Senate testimony.