Bessent Reportedly Confronted Lutnick Over Why Megaspeed Is Not on the Entity List; Commerce Denies Any Clash
Axios first reported on November 11, and CNN independently confirmed the same day citing two people familiar with the matter, that Treasury Secretary Scott Bessent confronted Commerce Secretary Howard Lutnick at a White House Situation Room meeting on Thursday, November 5, the Thursday after the midterm elections, asking why Singapore-based Nvidia customer Megaspeed was still not on the Commerce Department's Entity List despite long-standing U.S. concerns that it funnels advanced Nvidia chips to China. According to a person briefed on the meeting quoted by Axios, Bessent asked, 'How come Megaspeed isn't on the entities list?' and Lutnick replied, 'I don't know. I'll look into it,' without committing to specific action.
Attendees reportedly also included War Secretary Pete Hegseth, Trade Representative Jamieson Greer and Secretary of State Marco Rubio. Axios reported that Lutnick has cited fears that restrictions would start a trade war with China. The Commerce Department has added no company to the Entity List in more than a year. Megaspeed, formerly 7Road International, founded in 2015, has bought more than $4 billion worth of Nvidia chips by analyst estimates.
The Commerce Department denied that the confrontation took place. Spokesperson Kristen Eichamer told Axios and The New York Times that the account was false and that Secretaries Bessent and Lutnick had no such conversation. When CNN published, the Treasury and Commerce departments had not immediately responded to it. Allegations concerning Megaspeed executive Alice Huang rest on U.S. intelligence suspicions; Megaspeed denies wrongdoing and calls itself a compliant and legal company, and China's foreign ministry has previously called the claims groundless speculation. GSM presents each side's account as its own and does not state the allegations as established fact.
Since GSM began following this matter, the newsroom has written to Nvidia's media department for comment and had not received a formal reply as of publication. GSM will continue to follow official developments.
Related: Shareholders Sue Nvidia and Jensen Huang, Alleging Megaspeed Dealings Misled Investors
Senators Warren and Coons Ask Three Senior Officials to Preserve All Nvidia China-Export Records
Huang's Reply Deadline Passes as Committee Chair Raises the Prospect of a Subpoena
(Source: Axios)
Source: Axios
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