US Treasury Secretary Bessent says it was clear China shouldn’t receive any chips more advanced than H100s (NVDA); Treasury has been pushing for export controls and for Megaspeed to be added to the Entity List for months;

• Commerce Department needs to be asked about the blacklisting.
• Chip exports have a lot of leaks.
• Questions whether Nvidia (NVDA) knew its clients and whether it tried to stop leaks.

Remarks of this kind from a sitting Treasury Secretary signal the direction of policy rather than policy itself; the operative decisions on Entity List additions and chip licensing sit with Commerce, which is why the deflection to that department matters for sequencing. Export control episodes on advanced semiconductors have followed a consistent pattern: tightening rounds compress the range of sellable product to China, prompt design-around SKUs from the affected vendors, and then invite another tightening round when those workarounds surface, which is the 'leaks' complaint being aired here. The more pointed element is the questioning of what the vendor knew about its end customers; in past enforcement cycles, know-your-customer scrutiny of the chipmaker itself has preceded compliance actions or informal pressure that broadens beyond the named third party. Megaspeed's prospective listing follows the standard Entity List playbook, where designation cuts off US-origin supply and has historically been telegraphed by months of interagency advocacy before formal announcement. The worth-watching follow-ons are whether Commerce acts on the listing, whether licensing guidance tightens around the current compliant product tier, and whether the vendor's commentary on China revenue exposure shifts accordingly. Treasury pushing publicly suggests internal debate has not fully resolved, which is typically when timelines stretch.