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稳健的老狗 : $NATGATE (0270.MY)$ (March 3): Singapore is investigating whether servers shipped by Dell Technologies and Super Micro Computer to Malaysia contain NVIDIA chips that are banned for import by China, highlighting the role of intermediaries in delivering high-end Semiconductors.
Local media reports that police have arrested several individuals suspected of violating USA sanctions related to the procurement and Transportation of NVIDIA chips. On Monday, the country's Minister of Justice outlined specific details of the investigation. Minister K Shanmugam told reporters that they are accused of misleading server suppliers and misrepresenting the actual end users of the Hardware, which was shipped from Singapore to Malaysia. He stated that authorities are currently investigating whether servers made by Dell and Super Micro have been diverted to other countries.
This case raises concerns about the role of Singaporean entities in transporting NVIDIA chips to China and Other countries that may be subject to USA restrictions. A few weeks ago, Bloomberg reported that the USA is investigating whether China’s AI sensation DeepSeek had bypassed US chip restrictions with the help of a third party in Singapore.
Shanmugam stated that Singapore has requested further information from Malaysia and the USA to determine the ultimate destination of the servers.
"The question is whether Malaysia is the final destination, or if the items went to Other places from Malaysia. Currently, we are not sure," he said.
Preliminary investigations found that the chips in these servers may subject these devices to USA export restrictions. "We assess that these servers may contain NVIDIA chips," Shanmugam said, but he did not confirm this.
NVIDIA relies on companies like Dell Technologies, Super Micro Computer, and HP Inc. to produce servers equipped with its coveted AI chips. These companies then sell the servers directly or through intermediaries to datacenter operators worldwide.
Companies like Super Micro and Dell have already come under scrutiny for the potential impact of NVIDIA chip inflow into China, which is subject to USA export control. The information magazine cited a person close to the USA Department of Commerce in December last year, stating that NVIDIA had asked Super Micro and Dell to audit Southeast Asian customers to verify if they still hold the NVIDIA servers they purchased.
Because the investigation is still ongoing, Shanmugam did not directly link this case to DeepSeek or any Chinese buyers.
He also stated that this case is not directly related to USA export controls and that the fraud investigation is an independent inquiry conducted by Singapore after receiving an anonymous report, rather than at the request of a sovereign state.
For years, Washington has been trying to curb China's ability to acquire restricted technology through third countries and has recently expanded semiconductor trade restrictions to most of the globe. The Trump administration is currently reviewing these latest regulations, which set the highest thresholds for AI computing capabilities that can be exported to regions such as Southeast Asia and the Middle East, with USA officials concerned about Beijing's influence in these areas.
Early signs indicate that the Trump administration will step up its efforts. USA Secretary of Commerce Howard Lutnick hinted that the Chinese AI startup DeepSeek has circumvented USA export controls to develop its R1 model and promised a "very strong" response. According to Bloomberg, Trump administration officials are currently investigating whether DeepSeek managed to obtain advanced NVIDIA chips through a third party in Singapore.
A senior official in Singapore stated last month that, although NVIDIA, headquartered in Santa Clara, California, sold over one-fifth of its sales to buyers in Singapore, the NVIDIA chips shipped to Singapore accounted for less than 1% of this USA giant's revenue.

Justin Porst :