C4ADS published a report on September 9, 2026, identifying three likely pathways for restricted Nvidia chips to reach Chinese end users: purchases by universities and research institutions, shipments routed through Southeast Asia, and opaque corporate ownership. Its findings cover different kinds of activity, from institutional chip purchases to regional shipments and one company’s hardware imports.
Research institutions procured at least 56 chips
C4ADS reported that Chinese universities and research institutions procured at least 56 restricted Nvidia chips worth $1.7 million from July 2025 through January 2026. The purchases were the institutional route identified in the report.
Fifty shipments passed through Southeast Asia
C4ADS identified 50 export shipments worth about $13.4 million during 2023–2025. The shipments involved restricted Nvidia GPUs routed through Vietnam, India and Malaysia to Hong Kong and China.
Megaspeed’s imports totaled $4.6 billion
C4ADS reported that Megaspeed International Pte. Ltd. imported $4.6 billion in Nvidia hardware from 2022 to 2025. The report said the company’s ultimate beneficial ownership may have ties to China.
Records and end-user checks
C4ADS based its findings on Chinese government records, Southeast Asian trade data and corporate data. It says the findings likely understate total diversion: its government-record review covered a six-month window, and its count included only chips explicitly named in the records and trade data.
C4ADS recommends end-user checks beyond restricted-party screening, including on-the-ground due diligence, corporate ownership tracing and post-shipment verification.
