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● LIVE Updated 1h ago · 14 sources tracked

US commerce department delays Megaspeed’s inclusion on trade blacklist

Treasury Secretary Scott Bessent publicly faulted Commerce Secretary Howard Lutnick on Friday for failing to place Singapore-based Megaspeed on a U.S. trade blacklist, revealing that four agencies had backed the designation for months. The delay comes amid reports that Nvidia intervened to halt a Commerce Department inquiry into Megaspeed over alleged chip smuggling, prompting the Justice Department to take over the probe. Bessent said Nvidia employees should be held accountable if they circumvented export controls. The Financial Times confirmed the Commerce Department has delayed Megaspeed's inclusion on the Entity List.

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⚡ Key Developments & Real-Time Context
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  • ✓ Treasury Secretary Scott Bessent said four agencies backed blacklisting Megaspeed for months but the Commerce Department has not acted.
  • ✓ The Commerce Department delayed Megaspeed's inclusion on the U.S. trade blacklist.
  • ✓ Nvidia intervened to halt a Commerce Department inquiry into Megaspeed over alleged chip smuggling.
  • ✓ The Justice Department took over the probe after Nvidia contacted federal investigators.
🛡️ Source Corroboration: 14 independent reporting domains (88% confidence) ⏱ Read time: ~3 min

What changed

Treasury Secretary Scott Bessent publicly blamed Commerce Secretary Howard Lutnick for stalling the Megaspeed blacklist despite backing from four agencies, and called for accountability for Nvidia employees.

Live updates

  1. Treasury chief accuses Commerce of stalling Megaspeed blacklist despite multi-agency push

    Treasury Secretary Scott Bessent publicly faulted Commerce Secretary Howard Lutnick on Friday for failing to place Singapore-based Megaspeed on a U.S. trade blacklist, revealing that four agencies had backed the designation for months. The delay comes amid reports that Nvidia intervened to halt a Commerce Department inquiry into Megaspeed over alleged chip smuggling, prompting the Justice Department to take over the probe. Bessent said Nvidia employees should be held accountable if they circumvented export controls. The Financial Times confirmed the Commerce Department has delayed Megaspeed's inclusion on the Entity List.

    Why it matters

    Megaspeed, a Singaporean firm and Nvidia customer, has been under scrutiny for potential diversion of advanced semiconductors to China. The public split between Treasury and Commerce exposes friction within the Trump administration over enforcement of chip export controls ahead of a planned Trump-Xi meeting at APEC. Nvidia's reported intervention in the investigation raises questions about corporate influence on national security decisions.

    What is confirmed

    • Treasury Secretary Scott Bessent said four agencies backed blacklisting Megaspeed for months but the Commerce Department has not acted.
    • The Commerce Department delayed Megaspeed's inclusion on the U.S. trade blacklist.
    • Nvidia intervened to halt a Commerce Department inquiry into Megaspeed over alleged chip smuggling.
    • The Justice Department took over the probe after Nvidia contacted federal investigators.
    • Bessent said Nvidia employees should be held accountable if they sidestepped export control laws.

    Still unconfirmed

    • Nvidia's board is set to oust CEO Jensen Huang over an alleged affair with Megaspeed executive Alice Huang.
    • Alice Huang was allegedly cooperating with China's Ministry of State Security.

    What to watch next

    • Commerce Department response to Bessent's criticism and timeline for Entity List decision
    • Justice Department investigation progress into Megaspeed and potential Nvidia involvement
    • Outcome of Trump-Xi meeting at APEC in Shenzhen next week regarding chip controls
    Sources used for this update (14)
    1. www.irishtimes.com — The Irish Times | Latest news and headlines - Irish news, world news ...
    2. www.globalbankingandfinance.com — Latest Banking & Finance News & Analysis
    3. gigazine.net — Headline news for October 8, 2026 - GIGAZINE
    4. www.cnbc.com — Oil today: Iran, US, crude, wti, brent, trump
    5. The New York Times — U.S. Commerce Dept. Inquiry Into Megaspeed Was Halted After Nvidia Intervention
    6. Bloomberg.com — Nvidia Intervened in US Probe of Megaspeed Chip Smuggling
    7. NBC News — Justice Department took over chip probe after Nvidia contacted federal investigators
    8. Financial Times — US commerce department delays Megaspeed’s inclusion on trade blacklist
    9. South China Morning Post — Singapore firm in Nvidia scandal, Bangladesh garment woes: 7 Asia highlights
    10. sinocism.com — Sharp China: The Jensen Firestorm; Megaspeed and Alice Huang Questions; APEC in Seven Days; Legislation That May Come Next
    11. cryptobriefing.com — Bessent says Commerce Department stalled Megaspeed blacklist despite backing from four agencies
    12. www.rediff.com — Nvidia-China chip row exposes Trump administration rift
    confidence 88%
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