U.S. Treasury Secretary Bessent says Treasury has for months advocated adding Megaspeed to the Entity List, blames Commerce Secretary Lutnick

U.S. Treasury Secretary Bessent said the Treasury Department, the Department of War, USTR and the State Department had for months supported adding cloud computing company Megaspeed to the Entity List, but the decision rests with Commerce Secretary Lutnick. Megaspeed is run by suspected Chinese spy Alice Huang, the other party in the affair controversy involving former Nvidia CEO Jensen Huang; according to The Information, the company and its Malaysian subsidiary Speedmatric shipped at least $7.5 billion of Nvidia chips to China within two years, and it is now under Justice Department investigation on suspicion of violating U.S. export controls. According to Axios, Lutnick has for months continued to roll back actions to hold Megaspeed accountable; The New York Times also reported that he objected to canceling Oracle's $7 billion deal to lease chips to Tencent, because it would halt 100,000 advanced Nvidia AI chips.