Bessent blames Lutnick’s U.S. Commerce Department for not restricting Nvidia chips to China

Summary

• Treasury Secretary Scott Bessent expressed frustration with the Commerce Department's delay in implementing export controls on specific Nvidia chips to China.
• Bessent stated that multiple agencies favored adding Singapore-based Megaspeed to an export control list months ago, but the Commerce Department holds authority over the process.
• Bessent emphasized President Trump's directive that China should not receive Nvidia chips exceeding the H100 model.
• Nvidia CEO Jensen Huang resigned following revelations of an affair with Alice Huang, a former Megaspeed executive suspected by U.S. intelligence of being a Chinese spy.
• Commerce Secretary Howard Lutnick faces scrutiny for his reported close relationship with Huang & for allegedly resisting stricter limits on advanced chip sales to China.
• The New York Times reported that Chinese firms accessed Nvidia chips through intermediaries like Megaspeed.
• Megaspeed previously faced accusations of illicitly shipping advanced chips to China last year but denied the claims & maintained its commitment to complying with U.S. export laws.
• The Commerce Department did not immediately respond to requests for comment.