Bessent knocks Lutnick on Megaspeed

Treasury Secretary Scott Bessent criticized Commerce Secretary Howard Lutnick on Friday for being too permissive regarding Nvidia's sales of advanced artificial intelligence chips to China. Bessent reported that the State Department sought to restrict a specific customer, Megaspeed, for months but was blocked by the Commerce Department's actions. The report highlights growing scrutiny from lawmakers, including…

President Donald Trump is publicly defending Commerce Secretary Howard Lutnick following the resignation of Nvidia CEO Jensen Huang, who stepped down after confessing to an affair with a woman suspected of being a Chinese spy. The report highlights allegations that Lutnick spent the past year working to "undo" internal administration efforts to hold Megaspeed, a Singapore-based Nvidia customer, accountable for…

Treasury Secretary Scott Bessent criticized the Commerce Department under Howard Lutnick for failing to add Megaspeed to the entity list, which would have prohibited US companies from working with the firm. While multiple government agencies reportedly favored the move for months, Bessent expressed frustration over internal delays that allowed Megaspeed to potentially smuggle high-specification Nvidia chips into…

Treasury Secretary Scott Bessent criticized the Commerce Department and Secretary Howard Lutnick for not taking action sooner against Singapore-based Megaspeed, which was accused of diverting sensitive Nvidia AI chips to China. Bessent told CNBC that his department, along with the Defense, State, and USTR departments, supported adding Megaspeed to the entity list but were blocked by the Commerce Department. Bessent…

US Treasury Secretary Scott Bessent publicly rebuked the Commerce Department on Friday for failing to blacklist Megaspeed, a Singaporean company suspected of routing over $4 billion worth of Nvidia chips to China. Bessent stated that the Treasury, Defense, Trade, and State departments had supported the move for months, but the Commerce Department failed to act on the request. The report highlights a specific angle…

Treasury Secretary Scott Bessent publicly accused Commerce Secretary Howard Lutnick of stalling an order to place Megaspeed, a Singapore-based data firm, on the government's Entity List. The dispute centers on an alleged Chinese espionage scandal involving former Nvidia CEO Jensen Huang, who was ousted following reports that a Megaspeed executive pressured him to loosen chip export restrictions. While the Treasury…

Treasury Secretary Scott Bessent expressed frustration on CNBC over the Commerce Department's delay in restricting the export of certain Nvidia chips to China. Bessent claimed that his department, alongside the State, Defense departments, and the U.S. Trade Representative, had supported adding these chips to an export control list for several months, but the Commerce Department, led by Under Secretary Alan Lutnick…

Treasury Secretary Scott Bessent publicly blamed Commerce Secretary Howard Lutnick for failing to blacklist Megaspeed, a company allegedly involved in a scandal regarding Nvidia CEO Jensen Huang and a suspected Chinese intelligence asset. Bessent reported that the Departments of Treasury, War, and State, along with the U.S. Trade Representative, supported the move for months, but the Department of Commerce held the…

This analysis explores the public conflict between Scott Bessent and Howard Lutnick amid a widening Nvidia scandal and its potential implications for Trump's involvement and national security. The piece examines the economic risks of the situation, including rising inflation and the political shift of Palantir head Alex Karp. It also reports on corporations severing ties with Donald Trump Jr. following recent…

U.S. Treasury Secretary Scott Bessent publicly rebuked Commerce Secretary Howard Lutnick for delaying the placement of Singapore-based Megaspeed International on an export control list. While the Treasury, State, and Defense departments have supported these restrictions for months, the Commerce Department holds the final authority over the internal process. The conflict centers on Megaspeed's purchase of over $4…

Treasury Secretary Scott Bessent publicly criticized the Commerce Department on Friday for failing to blacklist Megaspeed, a Singapore-based company suspected of diverting Nvidia’s advanced AI chips to China. While the Treasury, War, and State departments supported the move, the Commerce Department held the final authority to add the company to the export-control list. The report highlights a Cabinet-level dispute…