Nvidia's recent SEC filings reveal that Singapore accounted for 18% of the company's total revenue for fiscal year 2025, based on customer billing location. This marks a notable increase from 5% two years ago, rising to 16% in the most recent fiscal year. However, shipments to Singapore represented less than 2% of total revenue, indicating that the actual goods are shipped elsewhere despite the billing location. Concerns have been raised regarding the implications of this billing strategy, with some analysts questioning the transparency of Nvidia's revenue sources, particularly in relation to Taiwan, which is also used as a billing location. Additionally, Super Micro Computer (SMCI) disclosed that a new customer, referred to as “Customer G,” is responsible for 31% of its revenue in fiscal Q2 2025.