Singapore authorities have filed additional charges against three men in a widening investigation into server fraud, which may involve AI chips, court documents revealed on Thursday.
The suspects are accused of deceiving tech firms Dell and Super Micro by falsely representing the final destination of the servers they purchased.
Officials have stated the servers could contain Nvidia chips but have not confirmed whether they fall under US export controls.
The case is part of a broader probe involving 22 individuals and companies suspected of fraudulent transactions. US authorities are also investigating whether Chinese AI firm DeepSeek has been using restricted American chips.
Singapore has confirmed that some servers were sent to Malaysia, where authorities are now examining if any laws were violated.
Two suspects, Aaron Woon and Alan Wei, face additional fraud charges, while a third, Li Ming, had his earlier charge updated to include an alleged offence dating back to 2023.
Lawyers representing the men have either declined to comment or stated that the case is complex due to its international scope.
Meanwhile, Singapore police have seized 42 electronic devices and are analysing bank statements as they work with foreign law enforcement to trace the movement of funds.
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Microsoft has reportedly scaled back parts of its agreements with cloud computing provider CoreWeave due to delivery issues and missed deadlines, according to the Financial Times.
Despite maintaining several contracts worth billions, the tech giant has moved away from certain deals, though the decision is said to be unrelated to any broader changes in its data centre strategy.
CoreWeave, backed by Nvidia, specialises in providing high-powered AI computing resources and competes with major cloud providers like Microsoft Azure and Amazon AWS.
The company is preparing for a major initial public offering (IPO) in New York, aiming for a valuation exceeding $35 billion and seeking to raise over $3 billion.
The cloud provider recently expanded its capabilities by acquiring AI developer platform Weights & Biases for an undisclosed sum.
Neither Microsoft, CoreWeave, nor Nvidia have responded to requests for comment regarding the report.
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The United States has indicted ten individuals, including employees of the Chinese tech company i-Soon, for their involvement in a years-long cyber espionage campaign that targeted various US government agencies and organisations worldwide.
The campaign allegedly stole sensitive data from entities such as the US Defense Intelligence Agency, the Department of Commerce, and foreign ministry of Taiwan. The hackers, associated with i-Soon, were reportedly hired by Chinese intelligence agencies to breach email systems for substantial payments.
Along with the indictments, the US Treasury Department has imposed sanctions on Shanghai-based Heiying Information Technology and its founder, Zhou Shuai, accusing them of selling stolen data and providing access to compromised networks.
The data reportedly included information from US critical infrastructure networks. Some of this stolen data was later acquired by a previously sanctioned Chinese hacker, Yin Kecheng.
The Chinese embassy in Washington responded by condemning the sanctions and stating that it would take necessary actions to protect Chinese companies and citizens.
The US government’s aggressive stance is part of an ongoing effort to curb Chinese cyber espionage activities and defend its digital infrastructure.
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Nvidia’s shares plummeted nearly 9% on 3 March following an announcement by US President Donald Trump confirming new tariffs on imports from Canada and Mexico, set to take effect on 4 March. The decline contributed to a broader market downturn, with the Dow Jones falling by 800 points and the Nasdaq dropping by over 3%. Nvidia’s market value took a sharp hit, losing around $265 billion and falling to $2.79 trillion, a steep drop from its previous $3 trillion valuation.
Despite reporting strong earnings, with revenue surging 78% year-over-year to $39.33 billion, Nvidia’s stock has lost 13% since 26 February. The 25% tariffs could affect the company’s operations, particularly as some of its systems are manufactured in the US and Mexico. However, CEO Jensen Huang remains optimistic, highlighting Nvidia’s AI advancements and the upcoming Blackwell chips, which he says will drive strong performance in the next quarter.
Nvidia also plans to play a key role in Taiwan Semiconductor’s $100 billion expansion in the US, a project mentioned by Trump. While the company faces short-term market volatility and policy challenges, its long-term strategy remains focused on technological growth and innovation.
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Google has urged the Trump administration to reconsider efforts to break up the company as part of ongoing antitrust lawsuits.
The meeting with government officials took place last week, according to a source familiar with the matter. The United States Department of Justice (DOJ) is pursuing two cases against Google, focusing on its dominance in search and advertising technology.
Executives at Google have expressed concerns that proposed remedies, including the potential divestment of the Chrome browser and changes to search engine agreements, could negatively impact the American economy and national security.
The DOJ has not yet commented on the discussions. A trial to determine appropriate remedies is set for April, with a final ruling expected in August.
President Trump’s administration is expected to take a softer approach to antitrust enforcement compared to his predecessor.
Industry experts believe this could lead to adjustments in the DOJ’s stance on breaking up Google, potentially reshaping the legal battle over its market power.
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Malaysian authorities are investigating whether local laws were breached in the shipment of servers that may have contained advanced AI chips subject to U export controls.
The case is linked to a fraud investigation in Singapore, where three men were recently charged over transactions involving servers supplied by US firms. The equipment was allegedly transferred to Malaysia and may have included Nvidia’s artificial intelligence chips.
The Malaysian government confirmed it is working closely with the United States and Singapore to determine whether US-sanctioned chips were involved. Authorities aim to find effective measures to prevent such transactions from violating trade regulations.
Singapore has not specified whether the chips in question fall under US export restrictions but acknowledged they were used in servers that passed through Malaysia.
US officials are also examining whether DeepSeek, a Chinese AI firm whose technology gained attention in January, has been using restricted US chips.
Washington has tightened controls on AI chip exports to China, and any unauthorised shipments could lead to further scrutiny of supply chains in the region.
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US District Judge Yvonne Gonzalez Rogers ruled that Musk did not meet the high standards required to block the move. However, the judge indicated that she would expedite a trial on the matter, which is expected to take place later this year.
Musk, who co-founded OpenAI in 2015 but left before its major success, argued that OpenAI had initially sought his charitable funding to create AI for the public good, but has since shifted its focus towards making profits.
His lawyer, Marc Toberoff, expressed satisfaction that the judge had agreed to a swift trial, claiming that the case involves urgent public interest concerns.
OpenAI, which is seeking to become a for-profit entity to attract the necessary capital for its AI projects, welcomed the court’s decision.
The company emphasised that its goal is to develop advanced AI models to benefit society. Musk’s legal action, which also includes antitrust claims, stems from his frustration with OpenAI’s shift in direction since he departed from the organisation.
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CoreWeave, backed by Nvidia, announced on Tuesday that it is acquiring AI developer platform Weights & Biases as part of its efforts to expand its cloud platform ahead of its upcoming IPO. The deal will merge CoreWeave’s infrastructure and managed cloud services with Weights & Biases’ AI model training and monitoring tools, which are used by major tech companies such as OpenAI and Meta.
While the financial terms of the deal were not disclosed, technology news site The Information reported that it could be valued at approximately $1.7 billion. CoreWeave, based in Roseland, New Jersey, has seen significant growth, with an eight-fold increase in revenue forecast for 2024.
CoreWeave, whose customers include companies like Meta, Microsoft, and hedge fund Jane Street, is aiming for a valuation exceeding $35 billion in its IPO later this year. The acquisition is seen as a move to strengthen CoreWeave’s position in the competitive AI market ahead of its New York listing.
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Donald Trump has called for the repeal of the CHIPS and Science Act, a key piece of legislation passed in 2022 to support semiconductor manufacturing in the US.
Trump criticised the law during a speech to Congress, describing it as a waste of hundreds of billions of dollars and suggesting the funds should instead be used to reduce national debt. His remarks mark his most forceful criticism of the act to date.
The CHIPS Act, signed by President Joe Biden, allocated $39 billion in subsidies for US semiconductor production and related industries, along with $75 billion in government-backed loans.
The initiative was part of a broader strategy to reduce reliance on foreign-made chips and address national security concerns.
Trump argued that rather than offering financial incentives, the government could avoid imposing tariffs to encourage semiconductor companies to build factories in the US.
However, the program has garnered support from officials, including Commerce Secretary Gina Raimondo, who played a key role in securing investments from leading global semiconductor firms like Samsung, Intel, and TSMC.
New York Governor Kathy Hochul defended the CHIPS Act, emphasising its role in bringing significant investment and job creation to the state, including Micron’s $100 billion investment in Central New York.
Trump’s comments have raised concerns about the future of these grants and the potential impact on such developments.
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China is set to release new guidance aimed at promoting the use of open-source RISC-V chips nationwide, a move that signals the country’s growing efforts to reduce its reliance on Western technology. The policy, which could be unveiled as early as this month, is being developed by several government bodies, including the Cyberspace Administration of China and the Ministry of Industry and Information Technology. The final release date remains uncertain as discussions continue.
RISC-V, an open-source chip design technology, has gained popularity in China, particularly among state entities and research institutes, due to its lower cost and geopolitical neutrality. It is seen as a viable alternative to more established, proprietary chip architectures, such as those from Intel and AMD, and is gaining traction in various industries, including AI and mobile technology. This shift has raised concerns in the United States, where lawmakers are wary that China may be leveraging RISC-V’s open-source nature to boost its semiconductor sector.
The growing adoption of RISC-V has sparked a positive movement in the Chinese stock market, with shares of local chip design firms such as VeriSilicon and ASR Microelectronics experiencing significant gains. Industry leaders point out that RISC-V’s potential to reduce costs for smaller companies looking to implement AI, particularly with the rise of technologies like DeepSeek, could further drive its adoption.
As tensions between the US and China over technology intensify, the development of China’s semiconductor industry using RISC-V may become a critical aspect of its strategy to become less dependent on foreign chipmakers, while also advancing its own technological ambitions.
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