Bessent Reportedly Pressed Lutnick Over Megaspeed Listing

Treasury Secretary Scott Bessent reportedly challenged Commerce Secretary Howard Lutnick at a White House meeting over why Singapore-based cloud computing company Megaspeed had not been added to the Commerce Department’s Entity List. The reported exchange, which people briefed on it said took place in the Situation Room on November 5, concerned allegations that Megaspeed helped divert advanced Nvidia chips to China. The Commerce Department denied the two secretaries had the conversation.

Commerce spokesperson Kristen Eichamer said Bessent and Lutnick had no such conversation. The reported account, based on people familiar with the meeting, says Bessent asked why Megaspeed was not on the list. Accounts differ on Lutnick’s response: one says he replied that he did not know and would look into it, while another says he did not commit to a specific action. A report also said Lutnick told Bessent the department could move quickly to impose restrictions.

U.S. authorities have investigated allegations that Megaspeed helped Chinese companies obtain advanced Nvidia processors in breach of export restrictions. Megaspeed has denied wrongdoing and said it is a compliant, legal company. The...