Nvidia's $52B Singapore Billing and the China Pipeline

CAVEAT – OUR OPINION ONLY BUT DEEPLY HELD:. Nvidia’s chips were flowing into China through Singapore while American buyers like us couldn’t afford GPUs, and we say Nvidia’s own financial reports showed it. The filings show $23.684 billion billed to Singapore in fiscal 2025 alone, 18% of the company’s revenue, while Nvidia admits its products were “almost always shipped elsewhere” (FY2025 10-K). Shipments that actually landed in Singapore? Less than 2% of revenue, by Nvidia’s own count.

Two years earlier, the Singapore line was $2.288 billion. Then came the U.S. crackdown on AI chips for China, and the line went up roughly tenfold. It hit 20% of revenue in the quarter ended April 27, 2025 ($9.017 billion, Q1 FY2026 10-Q) and 22% in the quarter ended July 27, 2025 ($10.156 billion, Q2 FY2026 10-Q). Add every Singapore number Nvidia disclosed, fiscal 2023 through the first half of fiscal 2026, and our sum is about $52 billion.

Then Nvidia made the line disappear. In the 10-Q for the quarter ended October 26, 2025, it stopped reporting revenue by billing location, switched to customer headquarters and recast the past. The word Singapore doesn’t appear in the fiscal 2026 10-K or the latest 10-Q.

The money, from Nvidia’s own filings

Fiscal 2023: $2.288 billion billed to Singapore. Source: FY2025 10-K, geographic revenue table.
Fiscal 2024: $6.831 billion. Source: FY2025 10-K. The FY2024 10-K itself buried Singapore inside “Other countries.”
Fiscal 2025: $23.684 billion, 18% of $130.497 billion total revenue. Source: FY2025 10-K.
Quarter ended Oct. 27, 2024: $7.697 billion of $35.082 billion, up from $2.702 billion a year earlier. Source: Q3 FY2025 10-Q.
Quarter ended April 27, 2025: $9.017 billion, 20%, up from $4.037 billion. Source: Q1 FY2026 10-Q.
Quarter ended July 27, 2025: $10.156 billion, 22%. First half of fiscal 2026: $19.173 billion, 21%. Source: Q2 FY2026 10-Q.

Nvidia’s alibi, in its own words

Customers use Singapore to centralize invoicing while our products are almost always shipped elsewhere. Shipments to Singapore were less than 2% of fiscal year 2025 total revenue.
NVIDIA Form 10-K, fiscal year ended Jan. 26, 2025

So the money went to Singapore and the hardware went somewhere else, and Nvidia wrote that down. Its 10-Qs add that “the end customer and shipping location may be different from our customer’s billing location.”

Then came the comfort line. Over 99% of controlled data center compute revenue billed to Singapore, Nvidia said, “was for orders from U.S.-based customers” (Q1 and Q2 FY2026 10-Qs). Orders from. Not shipped to, not installed at, not running in. A purchase order tells you who signed it. It does not tell you where the racks ended up, and Nvidia’s latest 10-Q admits as much: “we do not have physical control of our products after sale.”

The rules Nvidia sold around

Oct. 7, 2022: the Commerce Department’s Bureau of Industry and Security restricted China’s ability to buy advanced computing chips (BIS release; Federal Register). Nvidia’s 10-K says A100 and H100 license requirements for China were announced in August 2022.
Oct. 17, 2023: BIS tightened the rules, effective in November 2023, adding licensing for companies headquartered in China anywhere in the world, citing “reporting that countries of concern have used third countries to divert or access restricted” chips (BIS release; Federal Register).
April 2025: Washington told Nvidia its China-only H20 needed a license “for the indefinite future” because of the risk of diversion to a Chinese supercomputer (Form 8-K). Nvidia booked a $4.5 billion H20 charge (FY2026 10-K).
August 2025 to February 2026: H20 licenses granted, with officials expecting 15% or more of the revenue, then a license for small amounts of H200s to specific China-based customers (FY2026 10-K). Huang had pushed for broader China sales (CNBC).

The small fry get indicted

The Justice Department keeps catching Nvidia GPUs headed to China. In August 2025, federal prosecutors charged two Chinese nationals whose El Monte company, ALX Solutions, allegedly shipped GPUs to China without licenses from October 2022 to July 2025 (DOJ). In November 2025, four men were indicted over 400 A100s allegedly sent to China through Malaysia and Thailand (DOJ). In December 2025, Houston’s Hao Global and its owner pleaded guilty in “Operation Gatekeeper” to exporting and attempting to export at least $160 million of H100 and H200 GPUs (DOJ). Singapore has charged its own server-fraud defendants (CNBC). Front companies, relabeled boxes, fake paperwork. Nobody from Nvidia’s executive suite is on any of those charge sheets.

Americans at the back of the line

While the Singapore ledger ballooned, we paid. The hourly cost of renting Nvidia H100s on a one-year contract rose 60% in a year, according to SemiAnalysis, and startups are signing with “unreliable providers out of desperation” (Mint). The hourly spot price of a B200 more than doubled since March, according to Ornn. CoreWeave’s near-term capacity is “essentially sold out,” and Amazon says it can’t meet this year’s demand (CNBC).

Our Take

We believe Jensen Huang is a traitor to the USA.

We say the Singapore invoice story was an alibi, and everyone in this business knew it. A $52 billion billing address the hardware almost never visited is not a footnote. It is a confession written in accountant’s language, and Nvidia erased the line the moment it became an embarrassment.

We blame Huang and the leadership around him. They sold to America’s chief rival right up to the legal line, lobbied to move the line, and wrapped themselves in the flag the whole way. Couriers and front companies get indicted. The man at the top gets standing ovations and a market cap near $6 trillion.

American founders, labs and small shops like ours paid spot prices that doubled and waited in line behind deals we never saw. Every restricted GPU that slipped east was one an American buyer couldn’t get.

OUR OPINION ONLY BUT DEEPLY HELD: Jensen Huang belongs in front of federal prosecutors and in a jail cell . . . or WORSE . . . FOR TRAITOROUS TREASON, not on a stage collecting applause from shareholders.

He has not been charged with any crime. #CORRUPTION

EVERYONE KNEW: $52 Billion Billed to Singapore: Our Case Against Jensen Huang