Lutnick agrees to testify as Bessent blames him for not banning Nvidia chip exports to China-linked firm

Senate scrutiny grows

A U.S. official said Lutnick agreed to testify on Dec. 10 before the Senate Banking Committee. His planned appearance comes as attention intensifies on the Commerce Department’s oversight of powerful AI chip exports, following Nvidia CEO Jensen Huang’s resignation.

More Republicans are pressing Lutnick to explain why Megaspeed International was not added sooner to the government’s Entity List. Placement on that list would have limited the Singapore-based company’s ability to obtain advanced AI chips.

Megaspeed and export concerns

Megaspeed was formerly led by Alice Huang, whom the U.S. government suspects of spying for China. The article says she had an affair with Jensen Huang. U.S. officials suspect Megaspeed directed advanced Nvidia chips to China, bypassing a U.S. export ban. The scrutiny centers on whether earlier restrictions could have prevented the suspected transfers.

Bessent points to Commerce

On Friday, Treasury Secretary Scott Bessent said Treasury and other executive branch agencies had supported restrictions on Megaspeed for months. He said Commerce had authority over the listing decision.

Bessent told CNBC that Treasury, the War Department, the U.S. Trade Representative and the State Department backed adding Megaspeed to the Entity List. He directed questions about internal procedures to Commerce and declined to discuss reported friction with Lutnick.

Republican criticism and response

Sen. Jim Banks, an Indiana Republican on the Senate Banking Committee, said Thursday that Commerce appeared to have used loopholes to permit some chip sales. He said President Trump had instructed the administration and the department not to allow them.