Nvidia’s October 2025 revenue report removed Singapore as a standalone geography one quarter after the company reported $10.2 billion there—22% of total sales—renewing scrutiny of Megaspeed.

Nvidia said in its October report that it now assigned revenue according to the “location of the customers’ headquarters,” replacing “customer billing location.” The resulting table listed four markets: United States, Taiwan, China and Other. Singapore’s absence does not establish that sales ended; the market lost its separate heading under the revised method.

Cofounder Jensen Huang stepped down as chief executive on Thursday after revelations of an affair with former Megaspeed executive Alice Huang. Huang, who is not related to Jensen, was suspected of being an operative for China. Chief financial officer Colette Kress will serve as interim CEO.

Why did Singapore disappear from Nvidia’s revenue table?

Singapore had been one of Nvidia’s five reported geographies, alongside the United States, Taiwan, China and “Other.” The sequence of changes was:

• June 2025: Nvidia added Megaspeed to its internal block list, prohibiting sales to the company, according to The Wall Street Journal.
• Quarter ended July 2025: Nvidia disclosed $10.2 billion of Singapore revenue, equal to 22% of total revenue and up 81% from a year earlier.
• Three months ended October 2025: Singapore disappeared from the geographic table, leaving the four-market format.

The apparent reporting shift came around the same time as the block-list decision: Nvidia still quantified Singapore in its July report, then omitted the category in October.

Earlier earnings reports stated that “customers use Singapore to centralize invoicing while our products are almost always shipped elsewhere.” That distinction matters because the previous table reflected billing addresses rather than headquarters and could group centralized invoicing under Singapore without identifying final shipping destinations.

Nvidia did not respond to Fortune’s request for comment, including on whether the reporting change was connected to Megaspeed’s block-list treatment.

What is at stake in the Megaspeed allegations?

Megaspeed, based in Singapore, was one of Nvidia’s largest buyers in Asia. It has been suspected of diverting advanced chips to China in violation of U.S. export laws, and The Information reported that Megaspeed and its Malaysian subsidiary Speedmatric moved at least $7.5 billion in Nvidia chips to China.

Singapore authorities said on Thursday they began investigating Megaspeed and Alice Huang in February 2025 and found insufficient evidence of espionage, but barred her from re-entering Singapore. The United States is also investigating Megaspeed for export-control violations.

Jensen Huang previously said, “There is no evidence of Nvidia chips being smuggled to China,” and Megaspeed denied wrongdoing.

How will auditors and regulators test the disclosures?

Columbia Business School accounting and auditing professor Shiva Rajgopal said correlation does not establish causation, and public information cannot show whether export-control concerns or Alice Huang’s alleged espionage caused Nvidia’s reporting change. “The timing is curious,” he said. “Even if it is not curious, people are going to raise questions given all this information now.”

Rajgopal said the filing changes will likely form part of U.S. Department of Justice and Department of Commerce probes into Nvidia’s export-control compliance. Auditors are likely to examine:

• What Nvidia knew about the final destinations of Megaspeed chips.
• How Nvidia checked and documented customers’ end use.
• Whether Huang’s affair was related to Nvidia’s business with Megaspeed.
• Whether investors received an accurate picture of smuggling risk in China and Southeast Asia.

Kress faces scrutiny as chief financial officer over Nvidia’s public disclosure, but public filings contain no evidence that she knew whether the reporting change could relate to Megaspeed. Rajgopal said he could not conclude that Kress had to have known and noted that the statements had been disclosed.

Rajgopal said finance executives who take interim chief executive roles in technology companies rarely stay because they lack the technology community’s buy-in. He argued Kress’s priorities will shift from sustaining current financial momentum to recreating or building on Huang’s forward vision, a different job for a finance chief.

Nvidia’s revised disclosures now sit at the center of questions over export-control compliance, investor risk and Kress’s interim leadership.