Records seen by The Wall Street Journal show that Megaspeed, a Singapore-based company, arranged to send nearly $12 billion worth of top-of-the-line Nvidia chips to companies in China between March 2024 and June 2025, the WSJ reported on 14 November. That is about 2.5 times the more than $4.8 billion of Nvidia’s advanced AI chips that a letter from Senators Elizabeth Warren and Christopher Coons says Megaspeed has purchased since June 2024, by our arithmetic.
The gap between the two figures is about $7.2 billion, by our arithmetic, and they measure different things over different windows: orders arranged for buyers in China, and chips purchased. The WSJ wrote that the records “don’t show how much of the hardware was actually delivered or where it originated”. Megaspeed said on 15 November that recent media reports about its business are “not supported by verifiable evidence”.
Business Pill · GPUs Explained
A one-minute explainer of what GPUs are and why AI training depends on them. It teaches the general idea only and does not discuss Megaspeed, the senators’ letter or this report.
The key insight: As we read the two documents, Megaspeed now has two dollar figures on the record that do not reconcile on their face: nearly $12 billion of orders arranged for companies in China in 16 months, per records seen by the WSJ, and more than $4.8 billion of Nvidia chip purchases since June 2024, per the senators’ letter, about 2.5 times apart by our arithmetic.
The WSJ figure covers 16 months, March 2024 to June 2025, or $0.75 billion a month, by our arithmetic. The WSJ wrote that the records show “orders for several hundred thousand chips” and that the orders were for “the very ones that the U.S. wanted most to keep out of Chinese hands through export controls”. Our report on the WSJ records sets out the rest of that article.
The letter is dated 11 November and was posted by the Senate Banking Committee. It is addressed to Commerce Secretary Howard Lutnick, Secretary of State Marco Rubio and White House Chief of Staff Stephen Miller, and asks them to preserve records on exports of Nvidia’s advanced AI chips. It describes Megaspeed as “a Singapore-based computing company that has purchased more than $4.8 billion of NVIDIA’s advanced AI chips since June 2024”.
The footnote to that sentence cites a New York Times report of 8 November; we have not read that report, so the $4.8 billion is the letter’s figure as stated. Our piece on the senators’ letter lists what else it asks for.
Two reported Megaspeed figures: nearly $12 billion of Nvidia chip orders arranged for companies in China, March 2024 to June 2025 (records seen by the WSJ), and more than $4.8 billion of Nvidia’s advanced AI chips purchased since June 2024 (letter from Senators Warren and Coons, 11 November 2026), with Nvidia’s fiscal 2025 revenue from China-headquartered customers for scale (10-K). The 2.5 times ratio and the $7.2 billion gap are our arithmetic; the figures cover different windows and measures.
Why the Two Numbers Differ
The windows differ. The letter’s figure starts in June 2024, three months after the WSJ window opens, and the letter gives no end date for it. The WSJ window closes in June 2025.
The measures differ too. The WSJ figure counts orders Megaspeed arranged to send to companies in China; the letter’s figure counts Nvidia chips Megaspeed purchased. Neither source, as we read them, says how much of the $12 billion was bought from Nvidia itself or whether the $4.8 billion sits inside it.
For scale, Nvidia’s 10-K puts revenue from customers headquartered in China, including Hong Kong, at $25,048 million in fiscal 2025. The letter’s $4.8 billion equals about 19% of that and the WSJ’s $12 billion about 48%, by our arithmetic. The 10-K says “The end customer and shipping location may be different from our customers’ headquarters location”.
What Megaspeed and Officials Have Said
In a statement reported by Reuters, Megaspeed said: “Megaspeed is aware of recent media reports containing assertions about our business, supply chain and global operations that are not supported by verifiable evidence.” The company said it conducted “legitimate and lawful business” and had retained external legal counsel to conduct a “thorough internal investigation”, Reuters reported.
In the statement shared with CNBC, Megaspeed said it “designs and maintains its global operational and supply-chain control frameworks to comply with all applicable laws and regulatory regimes, including United States export control requirements”. The WSJ wrote that “Nvidia says it works to prevent smuggling”.
The Commerce Department is working on rules that would add Malaysia, Indonesia and Singapore to a group of countries subject to export restrictions, people familiar with the matter told the WSJ. Malaysia said on 13 November that it was investigating Megaspeed and its Malaysian affiliate over any possible re-export of AI chips, the WSJ reported, and Singapore police are still investigating Megaspeed, as our piece on the Singapore probe sets out. Our Nvidia hub tracks each step.
The Structural Read
As we read the sources, the gap of about $7.2 billion could reflect the different windows, orders that were not filled or hardware not bought from Nvidia directly; neither the WSJ nor the letter says which applies.
As we read the letter, the $4.8 billion is the figure lawmakers put in an official request for records, and its footnote cites a New York Times report of 8 November for it.
Megaspeed, statement reported by Reuters, 15 November 2026
“Megaspeed is aware of recent media reports containing assertions about our business, supply chain and global operations that are not supported by verifiable evidence.”
Three Implications
FOR NVIDIA SHAREHOLDERS The letter’s $4.8 billion equals about 19% of Nvidia’s $25,048 million fiscal 2025 revenue from China-headquartered customers, and the WSJ’s $12 billion about 48%, by our arithmetic; the figures measure purchases and orders, not Nvidia revenue.
FOR LAWMAKERS AND REGULATORS The letter asks Commerce, State and the White House to preserve records on exports of Nvidia chips; it is a request for records, not a finding.
FOR EXPORT-CONTROL WATCHERS The records do not show how much hardware was delivered or where it originated, the WSJ wrote, so the $12 billion measures orders arranged, not chips shipped.
The framework says: “Layer 9 answers to geopolitics, not to engineering.”
As we read it, the two Megaspeed figures are that layer at work: a newspaper’s records and a congressional letter now frame how chip flows are judged, and the framework does not discuss Megaspeed, the letter or this report.
What Is Not Established
Overlap: the WSJ and the letter do not say whether the $4.8 billion of purchases is part of the $12 billion of orders, so the 2.5 times ratio compares two reported figures, not two parts of one ledger.
Delivery and origin: the records do not show how much hardware was delivered or where it originated, the WSJ wrote, and the buyers in China are not named. FourWeekMBA has not seen the records or the New York Times report the letter cites, and did not contact the companies for this piece.
Legality: neither the WSJ article nor the letter states a finding that any order or purchase broke US export law. The letter asks for records to be preserved; it is a request, not a finding.
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The WSJ’s nearly $12 billion of Megaspeed orders for companies in China, March 2024 to June 2025, is about 2.5 times the more than $4.8 billion of Nvidia chip purchases since June 2024 that the senators’ letter cites, a gap of about $7.2 billion, by our arithmetic. The two figures cover different windows and measures, and Megaspeed says reports about its business are “not supported by verifiable evidence”.
A note on sourcing. The $12 billion figure and the order records come from the Wall Street Journal’s report of 14 November 2026, which we read in full; we have not seen the records. The $4.8 billion figure is the one stated in the 11 November 2026 letter from Senators Warren and Coons, posted by the Senate Banking Committee, which cites a New York Times report we have not read.
Megaspeed’s 15 November statements are as reported by Reuters and CNBC. Nvidia’s revenue by customer headquarters comes from its fiscal 2026 Form 10-K on SEC EDGAR. The ratio, the gap, the monthly figure and the percentages are our arithmetic. FourWeekMBA did not contact Megaspeed, Nvidia or the senators’ offices for this piece.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
