Bessent criticizes Commerce Department over Nvidia-linked Singapore firm

U.S. Treasury Secretary Scott Bessent publicly criticized the Commerce Department on November 13 for failing to add Singapore-based data center firm Megaspeed to an export control list, a company central to the scandal that led to former Nvidia CEO Jensen Huang's resignation. Bessent stated on CNBC that the Treasury, Defense Department, USTR, and State Department had pushed for months to place Megaspeed under export restrictions, but the Commerce Department held decision-making authority. He expressed frustration that Commerce failed to act despite President Trump's clear directive against providing China with Nvidia chips exceeding H100 performance. Megaspeed is suspected of diverting Nvidia semiconductors to China, with over $4 billion in transactions over two years. Former Megaspeed executive Alice Huang was reported this week as a suspected Chinese spy linked to Jensen Huang, who resigned November 12 after admitting an affair. Bessent argued the focus should be on Nvidia's accountability and export control loopholes.