Megaspeed arranged nearly $12 billion in orders for Nvidia high-performance chips for Chinese companies between March 2024 and June 2025, according to documents reviewed by The Wall Street Journal. The orders covered several hundred thousand chips that US export controls sought to keep out of China. The report says Megaspeed shipped the chips to Chinese buyers with long-standing business ties to local technology companies.
Megaspeed is owned by Alice Huang, whom The Wall Street Journal identifies as a former partner of Jensen Huang. The report says Megaspeed had preferential access to scarce AI chips as an Nvidia cloud partner, apparently because Alibaba was a major client. The details reported do not establish that Nvidia knew where every chip would end up or that any company violated export rules.
What the figures show
Nvidia officially reported $12.4 billion in China revenue over six months, equal to 7 percent of its total revenue for that period. That figure is not directly comparable with Megaspeed’s nearly $12 billion in orders: the numbers cover different time spans and describe different things. Megaspeed’s figure refers to orders it arranged over 16 months, while Nvidia’s is company-reported revenue over six months.
Short-selling firm Culper Research has estimated that more than 20 percent of Nvidia’s revenue in its last fiscal year came from Chinese customers. The Decoder reports that some of that business may have moved through indirect channels, but the estimate is not an official Nvidia figure. The reported Megaspeed orders offer one example of how chip sales connected to Chinese buyers could pass through intermediaries. The available details do not say how many of the orders were ultimately delivered, or how much revenue Nvidia recognized from them.
Why it matters
For companies and officials tracking US chip export controls, the reported orders show how sales to Chinese buyers may involve intermediaries and cloud partners. The report does not establish that the transactions broke the rules, and it leaves unclear how many chips were delivered or how Nvidia accounted for the orders.
