{"id":143386,"date":"2025-11-20T11:02:08","date_gmt":"2025-11-20T11:02:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/il\/143386\/"},"modified":"2025-11-20T11:02:08","modified_gmt":"2025-11-20T11:02:08","slug":"nvidias-lion-buy-omission","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/il\/143386\/","title":{"rendered":"Nvidia\u2019s lion buy omission"},"content":{"rendered":"

Unlock the Editor\u2019s Digest for free<\/p>\n

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.<\/p>\n

Nvidia beat, the planet is saved<\/a>.<\/p>\n

Away from the company\u2019s spectacular revenue growth \u2014 you can sell the pickaxes and shovels before people find the gold \u2014 the company made an interesting presentational adjustment in its latest results.<\/p>\n

Singapore has been a sore spot for Nvidia lately. The Lion City (state) grew to be the chipmaker\u2019s second-biggest billing location last year:<\/p>\n

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In its full-year results, the company caveated the figures thusly:<\/p>\n

Singapore represented 18% of fiscal year 2025 total revenue based upon customer billing location. 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.<\/p>\n

After its Q1 \u201cGeographic Revenue based upon Customer Billing Location\u201d results showed Singaporean billing had climbed further \u2014 to cover a fifth of all total revenues \u2014 the company offered some more details:<\/p>\n

Singapore represented 20% of the first quarter of fiscal year 2026 total revenue based upon customer billing location. Customers use Singapore to centralize invoicing while our products are almost always shipped elsewhere. Over 99% of controlled Data Center compute revenue billed to Singapore was for orders from U.S.-based customers.<\/p>\n

And after its Q2 \u201cGeographic Revenue based upon Customer Billing Location\u201d results showed a continued increase, Nvidia offered\u2026 about the same amount of detail:<\/p>\n

Singapore represented 22%, and 21% of the second quarter and first half of fiscal year 2026 total revenue based upon customer billing location, respectively. Customers use Singapore to centralize invoicing while our products are almost always shipped elsewhere. Over 99% of controlled Data Center compute revenue billed to Singapore was for orders from U.S.-based customers for the second quarter and first half of fiscal year 2026.<\/p>\n

It\u2019s certainly a surprising way to handle billing. Could something else be going on? <\/p>\n

Yes, something else could. As Bloomberg reported in January<\/a>:<\/p>\n

US officials are probing whether Chinese AI startup DeepSeek bought advanced Nvidia Corp. semiconductors through third parties in Singapore, circumventing US restrictions on sales of chips used for artificial intelligence tasks, people familiar with the matter said.<\/p>\n

And as the New York Times reported last month<\/a>: <\/p>\n

Commerce Department officials have been investigating whether [Singapore-based data center company] Megaspeed, which has close ties to Chinese tech firms, is helping companies in China sidestep American export restrictions\u2026<\/p>\n

Megaspeed illustrates the challenges facing U.S. government officials trying to keep China from accessing powerful A.I. chips. After splitting off from a Chinese gaming company in 2023, Megaspeed set up a subsidiary in Malaysia that quickly snapped up nearly $2 billion worth of Nvidia\u2019s most advanced products. Most of those chips came from the U.S. branch of a Chinese company that has already been sanctioned for providing technology to the Chinese military, according to records obtained through ImportGenius, a trade data platform.<\/p>\n

Given this backdrop, FT Alphaville was excited to see the \u201cGeographic Revenue based upon Customer Billing Location\u201d figures for Q3.<\/p>\n

Unfortunately, the whole table is gone, replaced by \u201cGeographic Revenue based upon Customer Headquarters Location\u201d. The first column now reads \u201cUnited States\u201d, \u201cTaiwan\u201d, \u201cChina (including Hong Kong)\u201d, and \u201cOther\u201d. <\/p>\n

Singapore, meanwhile, is nowhere to be seen. Shame.<\/p>\n","protected":false},"excerpt":{"rendered":"Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this…\n","protected":false},"author":2,"featured_media":143387,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[345,343,344,85,46,125],"class_list":{"0":"post-143386","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-artificial-intelligence","8":"tag-ai","9":"tag-artificial-intelligence","10":"tag-artificialintelligence","11":"tag-il","12":"tag-israel","13":"tag-technology"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/143386","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=143386"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/143386\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/143387"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=143386"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=143386"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=143386"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}