彭博对马来西亚与印尼海关资料的分析显示，Megaspeed 自 2023 年成立至 2025 年 11 月，进口至少 46 亿美元的 Nvidia 硬体，包含至少 136,000 颗 GPU，其中超过一半属于现世代 Blackwell。对比之下，知情人士称 Nvidia 人员近期在其资料中心只看到「数千颗」Blackwell GPU；Nvidia 告诉美方其在 8 家营运商（印尼 1、泰国 1、其余在马来西亚）处盘点到等同约 86,000 颗 GPU 的伺服器/机柜。另有落差是：价值约 24 亿美元、用于 GB200/GB300 的 Bianca 板卡在上述站点多数未被看到，之后才在独立仓库被确认存在。
财务与时点也被放大检视：Megaspeed 在 2023 年底仅有 570 万美元现金，但其后进口金额被描述为超过该现金水位的 1,000 倍；其采购高峰集中在 2025 年 5 月 15 日（原本美国准备对东南亚实施许可制度）前约 6 周。最新一笔「上月」进口至少 17,544 颗 GB300，约值 7.87 亿美元。调查结果与美国出口管制走向（包含川普近期对部分对华 GPU 出口的放行）可能改变中国企业在海外租用算力与区域资料中心扩张的趋势。
Singapore-based Megaspeed became Southeast Asia’s largest Nvidia chip buyer in under three years, but is now at the center of US concerns about chips leaking into China. US authorities are probing its ownership and potential smuggling; Singapore police confirmed an investigation, and Malaysia says compliance monitoring is ongoing. Megaspeed denies wrongdoing, while Nvidia says repeated site visits found no diversion and that Megaspeed has no China shareholders.
Customs-record analysis indicates that from its 2023 founding through November 2025, Megaspeed imported at least $4.6 billion of Nvidia hardware containing at least 136,000 GPUs, with more than half from the current-generation Blackwell line. Yet people familiar with Nvidia’s checks say only “a few thousand” Blackwell GPUs were seen in Megaspeed data centers; Nvidia told US officials it cataloged Megaspeed servers/racks equivalent to about 86,000 GPUs across eight operators (one in Indonesia, one in Thailand, the rest in Malaysia). Another gap: roughly $2.4 billion of Bianca boards for GB200/GB300 systems were mostly not observed at those sites, then later confirmed in separate warehouses.
The financial and timing profile adds pressure: Megaspeed had $5.7 million cash at end-2023, but subsequent imports were described as worth more than 1,000× that balance, with the bulk bought in the six weeks before May 15, 2025 (when a permit regime for Southeast Asia was set to begin). The latest “last month” shipment was at least 17,544 GB300 GPUs worth about $787 million. How the probe ends—and how US export rules evolve, including Trump’s recent approvals for certain China-bound GPUs—could shift demand between offshore chip-rental models and direct China sales.
