Fastrack · Bessent Says Treasury Pushed Megaspeed Blacklist, Blames Commerce

Treasury Secretary Scott Bessent said Friday that several agencies favored blacklisting Megaspeed for months. He said the Commerce Department controls that decision.

$4.8 billion: what Megaspeed reportedly paid for Nvidia chips over two years.
Treasury, State, War and USTR backed an entity listing, Bessent said.
Jensen Huang resigned Thursday after reports of an affair with a Megaspeed executive.
US authorities suspect the executive, Alice Huang, of spying for China.

Why it matters: The entity list restricts US exports to listed firms. Bessent said President Trump ruled out selling China Nvidia chips above the H100.

Bessent said Nvidia should answer whether it vetted buyers that were pass-through shell companies.
Megaspeed says it takes US export control laws extremely seriously.

The story so far

22 steps · since Nov 5

Nov 5–11
Nov 112:39 PMLutnick Reportedly Stalled Trump Crackdown on Nvidia Chips to China59 sources
Nov 124:27 AMNvidia CEO Jensen Huang Exits Amid China Spy Scandal121 sources
Nov 12
Nov 121:53 PMNvidia's Huang Scandal Widens Over Alleged Chinese Spy Mistress133 sources
Nov 125:31 PMHuang, Lutnick Set to Testify Before Senate Over Chip Concerns40 sources
Nov 12–13
Nov 139:55 AMBessent Says Treasury Pushed Megaspeed Blacklist, Blames CommerceYou are hereLatest

How 18 sources split on this story

Source landscape

Factuality

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Strong LeftLeftLean LeftCenterLean RightRightStrong Right

Political Bias

Coverage by lean% of 18 sources

18 sources · 19 articles · 50% Center coverage

Where they split: Coverage differs on emphasis: whether the story is Commerce's delay under Lutnick or Nvidia's vetting of its own customers.

Center coverage, 9 sources: The center frames it as an interagency process dispute, with Bessent also pointing at Nvidia's customer vetting.

Yahoo News10hBessent says Treasury favored limits on Megaspeed Associated Press7hBessent blames Lutnick’s Commerce Department for not restricting Nvidia chips to China CTV News7hBessent blames Lutnick’s U.S. Commerce Department for not restricting Nvidia chips to China Fortune4hScott Bessent says Treasury wanted to blacklist Megaspeed 'for months,' blaming Howard Lutnick as Nvidia fallout widens: 'Commerce has the pen' | Fortune IBTimes5hBessent Calls Out Commerce Over Megaspeed Scandal as Nvidia Faces Congressional Scrutiny NOTUS7hBessent Blames Lutnick’s Commerce Department for Delaying Nvidia Export Controls - The Washington Sun PBS NewsHour7hBessent blames Lutnick's Commerce Department for not restricting Nvidia chips to China Semafor3hBessent knocks Lutnick on Megaspeed The Hill9hBessent: Treasury pushed to blacklist Megaspeed, but ‘Commerce has the pen’

Left coverage, 4 sources: The left frames it as Lutnick's Commerce Department failing to stop Nvidia chips from reaching China.

The Independent8hBessent blames Commerce's Lutnick for not restricting Nvidia chip exports to China Business Insider7hBessent blames Commerce Department for not cracking down on Megaspeed The Boston Globe8hNvidia fallout: US Commerce Secretary accused of lax export controls The New York Times8hBessent Faults Commerce Dept. for Failing to Blacklist Megaspeed

Right coverage, 5 sources: The right frames it as Bessent assigning blame to Commerce, amid fallout from Jensen Huang's personal conduct.

Washington Examiner8hBessent blames Commerce Department for not putting Megaspeed on blacklist Just the News5hBessent blames Commerce Department for handling of Nvidia as scrutiny over sales to China grows Newsmax9hBessent Blames Commerce's Lutnick for Not Restricting Nvidia Chip Exports to China The Daily Caller6hBessent Throws Lutnick Under The Bus On Trump’s Chip Export Fiasco The Daily Wire1dBessent Calls Out Lutnick’s Department As Nvidia Scandal Grows

What’s next: Lutnick has agreed to testify before the Senate Banking Committee on Dec. 10.

Jensen Huang agreed to a closed-door congressional briefing by Thanksgiving.
Bessent said the FTC could add Megaspeed to its own restrictive list.
Why has Commerce not added Megaspeed to the entity list?
Did Alice Huang act as a Chinese intelligence asset? The Justice Department has not concluded.
Did Megaspeed actually ship advanced Nvidia chips into China?