What the Senate hearings on Nvidia chips and Singapore's Megaspeed will examine

The US Senate Committee on Banking, Housing, and Urban Affairs has asked former Nvidia chief executive Jensen Huang and Commerce Secretary Howard Lutnick to appear at hearings on 3 and 10 December, according to Korean broadcaster SBS. The inquiry concerns how the Commerce Department oversaw sales of advanced Nvidia AI chips to Megaspeed International, a Singapore-based company suspected of passing some of that equipment to China.

Lutnick has agreed to testify on 10 December, CBS News reported, citing a US official. That leaves 3 December as the date sought for Huang, although no fetched source states this directly. The case matters outside Washington because it tests whether US export controls can stop restricted chips moving to China through third countries, and because it involves a company based in Singapore, a regional hub for technology trade.

Why Megaspeed is at the centre of the inquiry

The key question is the Entity List, a Commerce Department register of companies whose access to US technology is restricted. CBS reported that adding Megaspeed to the list would have restricted its ability to obtain advanced AI chips. It was not added.

Megaspeed bought more than $4 billion of advanced Nvidia equipment, according to SBS, and there are suspicions that some of it reached China by getting around US export controls. That has not been established in any of the sources reviewed for this article.

The company is linked to the Huang scandal through Alice Huang, a former senior Megaspeed executive. SBS described her as Jensen Huang's former partner and a suspected Chinese spy. CBS reported that President Donald Trump was briefed on intelligence suggesting she was a Chinese asset. No public finding has confirmed that, and she has not been charged in any of the reporting reviewed here.

What Commerce knew and when

Commerce's Bureau of Industry and Security (BIS), which enforces export rules, opened an investigation in 2024, under the Biden administration, into whether Nvidia chips sold to Megaspeed were being redirected to China, CBS reported. CBS, citing The New York Times, said the probe was later abruptly transferred to the Department of Justice. CBS also reported that Commerce has added no company to the Entity List since October 2025.

Accounts differ on how long the department was aware of the concerns. SBS reported that Commerce had known of the matter for two years. An expert quoted by CBS put it at as long as a year.

Treasury Secretary Scott Bessent placed responsibility on Commerce in a CNBC interview on Friday 13 November. CBS quoted him as saying the departments of Treasury, War (the Pentagon) and State and the US Trade Representative "were in favor of putting Megaspeed on the Entity List for months, but Commerce has the pen."

Questions about Lutnick

Critics are asking whether Lutnick's ties to Chinese companies and his friendship with Huang contributed to weak oversight of Nvidia chip sales, CBS reported. Before joining the administration, Lutnick ran Cantor Fitzgerald, an investment bank that CBS said, citing the Financial Times, held about $1.2 billion in Nvidia stock. These are questions raised by critics, not findings.

Senator Elizabeth Warren, the ranking Democrat on the Banking Committee, has called on Lutnick and his deputy, Jeffrey Kessler, to explain gaps in export controls, according to CBS, which reported that Kessler led the Megaspeed probe. Democratic Senator Mark Kelly said in remarks broadcast by SBS that Commerce allowed chips to go to entities linked to the Chinese government and that the secretary who made that decision must testify.

The Wall Street Journal and CNN have reported that senior White House officials are discussing whether Lutnick should step down, SBS said. That has not been confirmed by the White House in the sources reviewed.

Whether Huang will testify

This is unresolved. CBS has published a video titled "Former Nvidia CEO Jensen Huang willing to appear before Congress amid probe into alleged spy affair." The title does not say whether that refers to the Senate Banking hearing, and no fetched source confirms that Huang has formally accepted the committee's request.

Huang is no longer at Nvidia. The company announced on Thursday 12 November that he had resigned as president, chief executive and board member with immediate effect, according to its filing with the Securities and Exchange Commission. The filing's event date is 11 November. Chief Financial Officer Colette Kress is interim chief executive, and Harvey C. Jones was named the board's first chair. Nvidia's announcement gave no reason for the departure. CBS reported that he resigned as reports of a growing number of affairs emerged.

Timeline

• 2024: BIS opens its investigation into Nvidia chip sales to Megaspeed (CBS). The probe is later moved to the Justice Department (CBS, citing the NYT).
• October 2025: Last addition of any company to the Entity List, according to CBS.
• 11 November 2026: Event date on Nvidia's SEC filing on the chief executive change.
• 12 November: Nvidia announces Huang's resignation. Lutnick agrees to testify on 10 December, CBS reported, citing a US official.
• 13 November: Bessent blames Commerce in a CNBC interview.
• 17 November: Nvidia reports third-quarter fiscal 2027 results, with an earnings call at 2 p.m. Pacific time.
• 3 and 10 December: Requested Senate Banking hearings.

What to watch

The hearings are likely to test who at Commerce decided not to list Megaspeed and why the BIS investigation was moved. Nvidia's 17 November results will be its first scheduled public event under interim leadership. Any decision to add Megaspeed or related firms to the Entity List would affect how advanced chips can be sold through Singapore and other third countries.