New Street Research estimates that up to 10% of Nvidia’s revenue, or between $37 billion and $47 billion, may come directly or indirectly from China, against projected fiscal 2027 revenue of $411 billion. This exposure reflects the difficulty of tracing chips purchased by third-party customers overseas. The case of Alice Huang, a former Megaspeed executive in Singapore whom US intelligence agencies assess to have been a Chinese intelligence asset, led Nvidia’s board to launch an independent investigation on November 8, 2026. Megaspeed has bought nearly $5 billion worth of Nvidia AI chips and has been accused of circumventing US export rules. Nvidia shares fell as much as 8% before partially recovering, while investors await the investigation’s findings and any regulatory response.
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