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.

Investors deserve to know why, and Nvidia needs to start explaining, with or without Jensen Huang at the helm.

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.

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.

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.

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.

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.

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.

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 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.

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.

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.

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.

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 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.

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.