Super Micro Denies Megaspeed Link as GPU Export Probe Reaches Nvidia Partner

Super Micro Computer (NASDAQ:SMCI) closed at $26.865, down 6.07% in a week and 23.44% over the past month, after denying any commercial relationship with Megaspeed, the company at the center of a spreading export-control scandal that has also drawn scrutiny to NVIDIA (NASDAQ:NVDA).

"Megaspeed is not, and has never been, a Supermicro customer," a Super Micro spokesperson told Fortune on November 13. The denial matters because Super Micro builds the servers that carry NVIDIA's GPUs.

Who is investigating what?

The U.S. Attorney's Office in Manhattan is reportedly examining whether entities linked to Alice Huang, a former top Megaspeed executive, helped smuggle Super Micro hardware containing NVIDIA GPUs into China, according to Fortune. Neither Super Micro nor NVIDIA has been charged. NVIDIA shares fell 12.75% in the same week to $162.85.

The stakes for Super Micro are direct: its growth depends on steady access to NVIDIA GPUs and on customers trusting its export controls.

Did the company cooperate with regulators?

Super Micro says it "has been responsive to inquiries and has fully cooperated with U.S. and Taiwanese officials, while also voluntarily providing information and engaging with all requests from Singapore authorities to date."

Singapore's Ministry of Home Affairs tells a different story. The ministry said it received only "limited cooperation" and first raised the matter with U.S. authorities on July 7, 2025. The gap between the two accounts now forms part of the record investigators and investors must weigh.

What about the earlier smuggling case?

A separate case still hangs over the stock. In March, Super Micro co-founder Yih-Shyan "Wally" Liaw and two others were charged with allegedly routing about $2.5 billion in servers with NVIDIA H200 and B200 GPUs into China through a Southeast Asian front company. Liaw pleaded not guilty; his trial is set for March 2027.

Super Micro says it was a victim and that an internal investigation found no evidence current senior management knew of the scheme. That case is separate from the Manhattan inquiry. The company's own earnings release already warned that its board is conducting an independent review of certain export-control transactions that "could affect financial results."

What do the numbers say about the business?

CEO Charles Liang's most recent public framing came with fiscal Q4 2026 results: "We added several hundred enterprise and other customers in the past year, generated more than $60 billion in new orders, and booked record backlog entering fiscal 2027."

The reported figures backed part of that claim:

• GAAP gross margin expanded to 17.5% from 9.5% a year earlier
• Non-GAAP EPS of $1.70 beat the $0.9575 consensus
• Revenue of $11.12 billion rose 93.16% year over year but missed the $11.56 billion estimate

Liang credited "a richer enterprise customer mix" and "continued investment in technology leadership, manufacturing scale, and global compliance." That compliance line now carries the most weight.

What should investors track next?

The stock trades at roughly 5 times forward earnings, a multiple that already reflects heavy doubt. Key markers ahead include:

• Findings from the Manhattan inquiry
• New regulatory filings
• Updates from the board's export-control review
• Any change to financial guidance

Super Micro's denial addresses Megaspeed as a direct customer. Whether its hardware reached China through other channels is the question investigators still have to answer.