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Bessent said the Commerce Department controls whether Megaspeed is added to a U.S. export-control list.
Treasury Secretary Scott Bessent said several agencies had supported listing Megaspeed for months, but the Commerce Department had authority over the decision. Howard Lutnick agreed to testify before the Senate Banking Committee as lawmakers scrutinized chip export controls and the department’s handling of Megaspeed.
What the reports agree on
- Bessent said several government agencies had supported adding Megaspeed to a U.S. list, while the Commerce Department had authority over the decision. Axios, BBC Tech, CBS News, The Hill
- Megaspeed is a Singapore-based company. Axios, CBS News
- U.S. officials suspected Megaspeed of directing or diverting advanced Nvidia chips to China in violation of restrictions. Axios, BBC Tech, CBS News
- Lutnick agreed to testify before the Senate Banking Committee. The Hill, CBS News
Where reports differ
- Al Jazeera reported that Scott asked Lutnick to testify at a public hearing on December 3. Al Jazeera
- CBS News reported that Lutnick agreed to testify on December 10. CBS News
Reported by one outlet
- The Hill reported that Commerce Department spokesperson Kristen Eichamer announced Lutnick’s agreement to testify. The Hill
- BBC Tech reported that Bessent said President Donald Trump had directed that China should not receive Nvidia chips more advanced than the H100. BBC Tech
- Al Jazeera reported that Huang resigned as Nvidia’s CEO amid revelations about alleged extramarital affairs. Al Jazeera
The original reports
- The Hill Bessent: Treasury pushed to blacklist Megaspeed, but ‘Commerce has the pen’
- CBS News Lutnick agrees to testify as Bessent blames him for chip sales
- BBC Tech Bessent blames Lutnick's Commerce Department for failing to block Megaspeed
- Axios Bessent puts Megaspeed heat on Lutnick: "Commerce has the pen"
- The Hill Lutnick agrees to testify before Congress amid bipartisan concerns
- Al Jazeera Nvidia’s Huang, Lutnick summoned to testify to US Senate