截至去年夏季，新加坡仍是新显科技（Nvidia）最大的市场之一，贡献了该芯片制造商收入的22%。随后，该公司的财务披露中几乎瞬间消失了新加坡的数据。
As recently as the summer of last year, Singapore was officially one of Nvidia’s biggest markets, generating 22% of the chip maker’s revenue. Then, practically overnight, it disappeared from the company’s financial disclosures.
投资者有权知道原因，而新显科技需要开始解释，无论是否在黄仁勋（Jensen Huang）掌舵之下。
Investors deserve to know why, and Nvidia needs to start explaining, with or without Jensen Huang at the helm.
时间线显示，新显科技在将Megaspeed International列入内部封锁名单后，对收入的地理分布报告方式进行了调整。两者是否相关尚不明确，但该调整导致新显科技销售与新加坡的关联缺乏可视性。而Megaspeed正是该公司所在的云计算公司，正卷入一起涉及性与间谍活动的丑闻，这一丑闻已波及新显科技及其首席执行官。
The timeline indicates that Nvidia altered its methodology for reporting the geographic breakdown of its revenue shortly after placing Megaspeed International on an internal block list. It isn’t clear if the two are related, but the shift had the effect of removing visibility into Nvidia’s sales tied to Singapore. That is the home to Megaspeed, the cloud-computing company embroiled in a sex-and-espionage scandal that has engulfed Nvidia and its chief executive.
新显科技董事会本周表示，正在调查有关黄仁勋“成为外国情报机构目标”的报告。黄仁勋在给员工的致歉信中承认不忠于妻子。当地时间周三，《华尔街日报》报道称，新显科技董事会正准备罢免黄仁勋。
Nvidia’s board this week said it is investigating reports that Huang was “the target of a foreign intelligence effort.”Huang apologized in a message to employees and said he was unfaithful to his wife. On Wednesday, The Wall Street Journal reported that Nvidia’s board is preparing to oust Huang.
丑闻的核心人物——Megaspeed一名高层执行官——被美国政府怀疑为中国情报机构工作。与此同时，新显科技发言人本周称，该公司于2025年6月将Megaspeed列入“封锁名单”，该名单禁止进一步销售或发货，且自愿终止至今仍在执行。
The woman at the center of the scandal, who was a top executive at Megaspeed, is suspected by the U.S. government of working for Chinese intelligence. Additionally, an Nvidia spokesman this week said the company placed Megaspeed on its “block list” in June 2025, which it says prohibited further sales or shipments, and that the voluntary cutoff remains in place.
新显科技最后一次报告与新加坡相关的收入数据是截至2025年7月的财政季度，即封锁实施后的下一个月。公司表示，新加坡收入为102亿美元，占总收入的22%，同比增长81%。两年前，新加坡仅占新显科技收入的8%。
The last period for which Nvidia reported revenue tied to Singapore was the fiscal quarter that ended in July 2025, the month after Nvidia instituted the block. It said revenue from Singapore was $10.2 billion, or 22% of total revenue, up 81% from a year earlier. Two years earlier, Singapore accounted for just 8% of Nvidia’s revenue.
下一财政季度，于2025年10月结束，Nvidia更改了报告方式。它开始按“客户总部所在地”来报告地理收入，而不是此前的“客户账单地点”。此举发生在美政府对是否通过海外中介将受限人工智能芯片输送至中国的情况下展开强烈审查之际。
The next fiscal quarter, which ended in October 2025, Nvidia switched reporting methods. It began reporting geographic revenue “based upon the location of the customers’ headquarters,” rather than “customer billing location” as it previously had done. The change came amid intense scrutiny from the U.S. government over whether restricted artificial-intelligence chips were being routed to China through overseas intermediaries.
在旧方法下，Nvidia的报告显示收入来源包括美国、新加坡、台湾、中国（含香港）以及“其他”。在新方法下，Nvidia停止报告与新加坡相关的收入，并继续展示其他地理类别。随后重新披露将前期结果进行调整的情况显示，Nvidia将大部分新加坡计费收入重新分类为与美国相关的收入，同时上调了中国和台湾的收入。
Under the former methodology, Nvidia’s breakdown showed revenue from the U.S., Singapore, Taiwan, China (including Hong Kong), and “other.”Under the new methodology, Nvidia stopped reporting revenue tied to Singapore and continued to show the other geographic lines. Subsequent disclosures recasting prior-period results indicate that Nvidia reclassified the bulk of the Singapore-billed revenue as U.S.-related, while revising revenue higher for both China and Taiwan.
为何此变动导致新加坡从地理细分中消失尚不清楚，且Nvidia尚未说明在任何方法下包含Megaspeed收入的类别。
It isn’t clear why the change caused Singapore to disappear from the geographic breakdown. Nor has Nvidia said which category included revenue related to Megaspeed under either method.
Nvidia发言人Patrick Rutherford拒绝回答关于在旧和新报告体系下这些销售如何分类的问题，以及停止报告新加坡是否与公司决定终止Megaspeed的决定相关。
Nvidia spokesperson Patrick Rutherford declined to answer questions on where those sales were classified under the old and new reporting regimes, and whether the decision to stop breaking out Singapore was related to the company’s decision to cut off Megaspeed.
此外，许多买家将Nvidia硬件以服务器系统的形式购买，这些系统由美国公司如Dell Technologies或Super Micro Computer生产。无论Nvidia在任何方法下将此类交易计为美国收入，无论其产品最终落地何处，这仍是公司尚未解答的众多问题之一。
Adding to the opacity, many buyers acquire Nvidia hardware bundled inside server systems made by U.S.-based companies, such as Dell Technologies or Super Micro Computer. Whether Nvidia booked such transactions as U.S. revenue under either methodology, regardless of where its products eventually ended up, is among the many questions the company has yet to answer.
若 Nvidia 保持其报告方法不变，可能出现新加坡计价收入突然大幅下滑引发投资者审查，同时也会让黄仁勋在是否因切断 Megaspeed 导致下滑而面临尴尬问题。或者，如果新加坡销售保持高位，则可能引发对 Nvidia 控制措施有效性的质疑。
Had Nvidia left its reporting methodology intact, it is possible that a sudden plunge in Singapore-billed revenue would have triggered scrutiny from investors, along with awkward questions for Huang if cutting off Megaspeed had caused the drop. Alternatively, if Singapore sales had stayed elevated, that might have raised questions about the efficacy of Nvidia’s controls.
确凿的是，从公开文件无法得知 2025 年 10 月季度及之后新加坡数字的具体情况，尤其是 Nvidia 尚未说明 Megaspeed 销售的分类方式。明确的是，这一转变使得比较转变前后的期间变得更加困难。
To be sure, there is no way to know from the filings what the Singapore numbers would have looked like for the October 2025 quarter or afterward, especially since Nvidia hasn’t said how Megaspeed sales were classified. What is clear is that the shift has made it harder to compare the periods before and after the Megaspeed block.
在 2025 年 10 月季度的报告中，Nvidia 表示该变更“提供了更准确的收入地理分布表现”。但其解释存在重大漏洞。
In its report for the October 2025 quarter, Nvidia said the change “provides a better representation of the geographic profile of our revenue.”But its explanation had a big hole in it.
Nvidia 称客户账单地点“常常反映客户的集中计费地点，尽管我们的产品几乎总是发往其他地方”。事实上，就在上一季度，Nvidia 曾表示“客户使用新加坡集中计费，而我们的产品几乎总是发往其他地方”。然而，客户的总部地址并不反映芯片实际发货地点，这使得用一种行政地址替换另一种行政地址被视为改进显得并不明确。
Nvidia said customer billing locations “often reflected a customer’s centralized invoicing location, even though our products were almost always shipped elsewhere.”Indeed, just one quarter earlier, Nvidia said that “customers use Singapore to centralize invoicing while our products are almost always shipped elsewhere.”Yet a customer’s headquarters doesn’t reflect where chips are physically shipped, either, leaving it unclear why substituting one administrative address for another was an improvement.
实际上，这一转变的一个不可否认的结果是：投资者不再能看到 Nvidia 销售中有多少与新加坡相关，与此同时，其与 Megaspeed 的关系正在幕后加剧审查。随着 Nvidia 开始整理丑闻带来的后果，它有义务向公众提供完整的芯片销售去向及当前去向说明。
In practice, the switch had one undeniable result: Investors could no longer see how much of Nvidia’s sales were tied to Singapore, just as scrutiny of its relationship with Megaspeed was intensifying behind the scenes. As Nvidia begins to pick up the pieces from the scandal, it owes the public a full accounting of where its chip sales were going, and where they go now.