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
Published by GSM · USA (original Chinese edition)
Photo: 图：美国商务部大楼（资料图）。照片为本站联邦固定图库藏图。 / Photo: The U.S. Department of Commerce building (file photo), from GSM's federal asset library.
- 2026-10-29A Bar Photo Fuels 'Spy' Buzz Online: Jensen Huang and Alice Huang Seen Together Twice in Taipei as Huang Calls the Dealings Normal
- 2026-10-30Nvidia Rejects Report of a Chinese Spy Near Jensen Huang, Saying Singapore Cloud Executive Had Only Ordinary Business Contact
- 2026-11-04Three House Committee Chairs Ask Nvidia's Jensen Huang to Give a Closed-Door Briefing on November 18 on His Contacts With Alice Huang
- 2026-11-08Jensen Huang Admits Infidelity to Staff as Nvidia Board Launches Independent Investigation
- 2026-11-08When a Founder's Private Life Becomes a Public Company's Business
- 2026-11-08Follow-Up: Rubio Oversaw Classified Memo Warning Top Officials About Jensen Huang's Close Ties to Alice Huang
- 2026-11-08Follow-Up: Trump Calls Nvidia's Huang an 'Honorable Guy,' Says He Has Not Discussed the Allegations With Him
- 2026-11-09Follow-Up: China's Foreign Ministry Dismisses "Chinese Spy" Claim Linked to Nvidia as a Baseless Smear
- 2026-11-09Follow-Up: Musk and Ackman Publicly Back Jensen Huang as Nvidia Shares Tumble More Than 6% in Frankfurt on Monday
- 2026-11-09Nvidia Closes Down 4.29% at $178.64, Falling Alone as Market and Chip Peers Rally
- 2026-11-09Follow-Up: With the November 11 Reply Deadline Near, Nvidia Has Yet to Confirm Whether Jensen Huang Will Attend the Closed Congressional Briefing
- 2026-11-09Follow-Up: Trump Says He Called Jensen Huang, Who Said He Had 'Absolutely No Idea' She Was a Spy: 'I Really Believe Him'
- 2026-11-10Nvidia Falls Another 5 Percent to About $168.89: Two-Day Slide Erases Roughly $470 Billion in Market Value
- 2026-11-10Sen. Kevin Cramer Calls on Jensen Huang to Resign, Citing Blackmail Risk; Schumer Demands Full Accounting on Chip Bills
- 2026-11-11Viral 'Letters' From Jensen Huang's Wife and Daughter Are Fabricated; Neither Has Made Any Public Statement
- 2026-11-11Follow-Up: Rep. Lieu Says Trump Administration '1,000 Percent' Too Deferential to Nvidia; Lofgren Sees Momentum to Curb Chip Sales to China
- 2026-11-11Asian American Journalists Association Criticizes Surname Punchlines in Jensen Huang Coverage, Naming The Economist and the New York Post
- 2026-11-11Baird Downgrades Nvidia to Neutral and Slashes Its Price Target to $200 From $500
- 2026-11-11Shareholders Sue NVIDIA and Jensen Huang in Class Action Alleging Misleading Statements on Megaspeed Ties
- 2026-11-11Follow-Up: As Jensen Huang's Reply Deadline Passes, a House Chair Says Subpoenas Are Likely If He Does Not Agree to a Closed-Door Briefing
- 2026-11-11New York Times Reports Nvidia Board Discussed Jensen Huang's Future
- 2026-11-11Times Names Nvidia VP Kimberly Powell in Huang Investigation; Board Reportedly to Meet on His Future
- 2026-11-11Follow-Up: Senators Warren and Coons Tell Three Top Officials to Preserve All Nvidia China Export Records
- 2026-11-11Bessent Reportedly Confronted Lutnick Over Why Megaspeed Is Not on the Entity List; Commerce Denies Any ClashThis story
