Singapore server fraud suspects granted bail as probe goes on
By: Gao Yuan and Josh Xiao
(Bloomberg) — A Singapore judge granted bail for the three men suspected of defrauding suppliers of server computers potentially containing Nvidia Corp. chips subject to US export curbs.
The two Singaporean men arrested last month got their bails set at S$800,000 ($600,000) and S$600,000, respectively, a judge ruled Thursday. The third man, a Chinese national, had his bail set at S$1 million. The next court hearing was scheduled for May 2.
If they post bail and are allowed to leave the jail, the men mustn't go near airports or other border checkpoints, and they aren't allowed to discuss the case. The Chinese man must wear an electronic tag. The hearing focused on the bail procedure, shedding little new light on the broader investigation.
The case centres on whether the trio played a role in misleading server suppliers, including by misrepresenting the actual end-user of the hardware. It is casting light on how advanced US chip technology subject to trade restrictions is channeled globally through regions such as Southeast Asia, and potentially finding its way to countries including China.
The prosecution says the monetary value involved in the Singaporeans' case is about $250 million, and in the Chinese man's case about $140 million.
Singaporean prosecutors initially charged the three men in late February. The city state's Law Minister K Shanmugam in March confirmed the servers were made by Dell Technologies Inc. and Super Micro Computer Inc. and they could contain Nvidia chips subject to US export controls. Authorities are trying to determine the final destination of the products after they've been shipped to Malaysia from Singapore, according to Shanmugam.
More stories like this are available on bloomberg.com
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Co-founder and CEO Jensen Huang is still leading the company, as I predicted in 2020. Nvidia's GPUs are still the gold standard for artificial intelligence (AI) training, as I predicted in 2020. Nvidia stock has "solidly outperformed the market" -- an understatement --- as I predicted in 2020. 10 stocks we like better than Nvidia › In March 2020, I outlined where I thought tech giant Nvidia's business and stock would be in five years, or in March 2025. It's now a little past the five-year mark, so how did I do? Overall, I'd give myself a B or a B+. I was mostly correct in my business predictions and accurate about what investors care about the most, the stock price: "I feel very comfortable predicting that Nvidia stock will solidly outperform the market over the next half decade," I wrote. Indeed, from March 1, 2020 (when my five-year predictions article published) through March 1, 2025, Nvidia stock's total return was 1,760% -- nearly 15 times the S&P 500's return of 118%. In other words, Nvidia stock turned a $1,000 investment into a whopping $18,600 over this five-year period. (Nvidia stock's five-year return through the date of this writing, June 4, is a little lower, as the chart below shows. Shares are up since March 1; it's the change in the 2020 start date that slightly lowers their current five-year return.) Nvidia stock's fantastic performance has largely been driven by the incredible demand for the company's graphics processing units (GPUs) and related technology that enable artificial intelligence (AI) capabilities. Status: Correct. In March 2020, I wrote that "as long as [Huang] stays healthy, the odds seem in favor of his still being at Nvidia's helm in five years." For context, Jensen Huang, who co-founded the company in 1993, turned 62 in February, according to public records. Nvidia investors should certainly hope that Huang remains the company's leader for some time. As I wrote in June 2024: Nvidia is many years ahead of the competition in AI-enabling technology thanks to Huang's foresight. Starting more than a decade ago, he began to steadily use profits from Nvidia's once-core computer gaming business to position the company to be in the catbird seat when the "AI Age" truly arrived. Status: Correct. Here's part of what I wrote in the March 2020 article: Nvidia dominates the market for discrete graphics processing units (GPUs) -- the key component in graphics cards for desktop computer gaming. In the fourth quarter of 2019, the company controlled 68.9% of this market. Nvidia has increased its leadership position over the last five years. In the fourth quarter of 2024, it had an 82% share of the desktop discrete GPU market, compared with longtime rival Advanced Micro Devices' 17% share, according to Jon Peddie Research. Intel, which entered this market in 2022, had a 1% share. Growth in Nvidia's gaming market platform will be covered below. Status: Correct. In March 2020, I wrote: "In 2025, the gaming market should be much bigger [relative to 2020]." By all counts -- the number of global gamers, total computer gaming market revenue, and computer gaming PC revenue -- the computer gaming market has grown solidly over the last five years. And Nvidia has benefited nicely from this growth. In fiscal year 2020 (ended late January 2020), the company's gaming market platform generated revenue of $5.52 billion. In fiscal 2025 (ended in late January), this platform's revenue was $11.35 billion. This increase amounts to a compound annual growth rate (CAGR) of 15.5%. This is strong growth for such a huge market. It might not seem so only because Nvidia's data center market platform's growth has been phenomenal over this same period. In fiscal 2020, gaming was Nvidia's largest platform, accounting for 51% of its total revenue. In fiscal 2025, gaming was its second-largest platform behind data center, contributing about 9% of its total revenue. Status: Correct. In March 2020, I wrote: The company's GPU-based approach to accelerating computing is considered the gold standard for DL [deep learning, the dominant type of AI] training, the first step in the two-step DL process. [The second step is inferencing.] This statement is extremely likely to hold true in 2025, in my opinion. Since 2020, both AMD and Intel have launched GPUs for AI-powered data centers, but Nvidia's grip on this market -- which is growing like wildfire -- remains tight. IoT Analytics, a technology market research firm, estimates Nvidia had a 92% share of the data center GPU market in 2024. As an added plus, since 2020, Nvidia's GPUs have gone from having very little share of the AI inferencing chip market to having the largest chunk of this market. Inferencing is the running of an AI application. 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In March 2020, I wrote: "Nvidia is incredibly innovative, so there seems a great chance that the company will introduce at least one major new technology that takes nearly everyone by surprise." Over the last five years, Nvidia has launched a good number of major new technologies that have likely taken most investors and Wall Street analysts by surprise. One example is its Omniverse platform, which launched in 2021. This is a simulation platform that enables the creation of virtual worlds and digital twins. It's been widely adopted by a broad industry range of large enterprise companies -- including Amazon, PepsiCo, and BMW Group -- for uses such as designing products and optimizing facility workflow. Status: Correct. Here's what I wrote in March 2020: It's impossible to predict a company's stock price in five years because so many unknowns ... can have a huge influence on the market in general. That said, given the projections made in this article, I feel very comfortable predicting that Nvidia stock will solidly outperform the market over the next half decade. Stay tuned. I'm planning on a predictions article similar to my 2020 one. Hint: It's going to be optimistic, as Nvidia's highly profitable strong revenue growth is far from over, in my opinion. Before you buy stock in Nvidia, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Nvidia wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $668,538!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $869,841!* Now, it's worth noting Stock Advisor's total average return is 789% — a market-crushing outperformance compared to 172% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 2, 2025 John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Beth McKenna has positions in Nvidia. The Motley Fool has positions in and recommends Advanced Micro Devices, Amazon, Intel, and Nvidia. The Motley Fool recommends Bayerische Motoren Werke Aktiengesellschaft and recommends the following options: short August 2025 $24 calls on Intel. The Motley Fool has a disclosure policy. Nvidia's Stock and Business: How Did I Do With My 5-Year Predictions Made in 2020? was originally published by The Motley Fool
