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There are plenty of other comments citing Nvidia statements, so I don't think I need to address this.

Certainly the tendency for people here to reach for the most conspiratorial theories is bizarre to me.

"Bill to" vs "ship to," as Nvidia claims, doesn't explain why Singapore's share of revenue increased from 9% to 22% in two years, unless you think that American multinational companies didn't bill to Singapore until two years ago, and suddenly all switched — which there is no evidence for. Coincidentally, "two years ago" lines up with when the Hopper chip ban went into effect. That's obviously sketchy, which is why people are suspicious.

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