On Thursday, SkyBridge Capital founder Anthony Scaramucci questioned Commerce Secretary Howard Lutnick’s alleged resistance to cracking down on suspected Nvidia Corp. 
NVDA chip-smuggling networks.
Scaramucci Questions Lutnick’s Nvidia Export Controls
In a post on X, Scaramucci said that President Donald Trump approved a crackdown on companies suspected of diverting Nvidia chips to China in May, but Lutnick repeatedly delayed its implementation.
He pointed to Nvidia previously reporting approximately $10.2 billion in quarterly revenue from Singapore, representing 22% of its total revenue, before the geographic revenue category disappeared from subsequent filings.
“Incompetence is random. This broke the same way every time: for Nvidia, and for Beijing,” Scaramucci wrote.
Adding, “Lutnick had the spy memo and sat on the crackdown three times. Where did the chips go? Release the memo. Release the licenses.”
Trump approved a smuggling crackdown in May. Lutnick stalled.
Meanwhile $10.2 billion a quarter, 22% of Nvidia’s revenue, was booked to Singapore. A city-state of 6 million. Then that line vanished from Nvidia’s filings.
Incompetence is random. This broke the same way every…
Lutnick Allegedly Delayed China Chip Smuggling Crackdown
According to an Axios report, Trump authorized a crackdown on suspected chip-diversion networks for the third time last week, after consulting billionaire Tesla Inc. 
TSLA CEO Elon Musk.
However, Lutnick allegedly resisted implementing the measures.
During a Situation Room meeting, Treasury Secretary Scott Bessent reportedly confronted Lutnick over his department’s resistance to export controls.
Singapore Probe Adds to Nvidia Controversy
Meanwhile, Singapore’s government said Thursday that it seized the passport of Alice Huang, a Chinese businesswoman linked to the controversy surrounding Jensen Huang, Reuters reported.
The move came in 2025 as authorities investigated suspected irregularities involving AI server transactions. Authorities also said they received limited assistance from the U.S. during the investigation.
Singapore has come under international scrutiny, particularly from U.S. authorities, over its role as a major billing center and potential transit point for Nvidia chips allegedly diverted to China through Southeast Asia.
Price Action: Nvidia shares gained 0.99% in after-hours trading to $167.84, according to Benzinga Pro.
Benzinga Edge Stock Rankings rank Nvidia in the 12th percentile for Momentum and the 98th percentile for Growth, while its short-, medium- and long-term price trends remain negative.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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