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Singapore Charges Three Men in Connection with Fraud Against Dell and Super Micro

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Singaporean authorities have added additional charges against three men involved in a larger investigation into server fraud, which may involve AI chips. The charges are related to fraudulent activities committed against tech companies Dell and Super Micro. According to court documents, the men allegedly misrepresented the destinations of the servers they purchased, falsely claiming that the servers would not be transferred to unauthorized third parties.

The police charge sheets indicated that the defendants made false representations regarding the ultimate consignee of the items, suggesting that they would not be diverted. Investigations revealed that the servers may contain Nvidia chips, though authorities have not confirmed if these chips are subject to U.S. export controls.

This case is part of an ongoing investigation in Singapore, which involves 22 individuals and companies accused of making false representations. Additionally, the United States is investigating whether DeepSeek, a Chinese company behind a highly publicized AI model, has been using U.S. chips prohibited from being sold to China.

The investigation also covers Malaysia, where the servers allegedly ended up, and authorities there are exploring whether any local laws were violated. Singapore has so far charged two suspects, Aaron Woon, 41, and Alan Wei, 49, with conspiring to defraud Super Micro in 2024. Their charges have been amended to include fraud against Dell. A third suspect, Chinese national Li Ming, 51, was also charged with defrauding Super Micro in 2023.

Authorities seized 42 devices, including phones, computers, and laptops, which are being analyzed by forensic experts. The investigation is still in its early stages, with prosecutors seeking bank statements to trace the movement of funds and planning to work with international law enforcement.

Super Micro to File Delayed Annual Report by February Deadline, Shares Rise

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Super Micro Computer (SMCI.O) announced on Tuesday that it expects to file its delayed annual and quarterly reports with the U.S. Securities and Exchange Commission (SEC) by the February 25 deadline, leading to an 8% surge in its shares after hours. The server maker had previously missed the deadline for its 10-K report after receiving subpoenas from the U.S. Department of Justice and the SEC, following short-seller Hindenburg Research’s allegations of “accounting manipulation” in August. Super Micro confirmed that it is cooperating with the authorities’ requests for documents.

The company, based in San Jose, California, also reduced its revenue forecast for fiscal 2025 due to delays in the availability of Nvidia’s (NVDA.O) Blackwell processors, a key component for its AI server systems. While the delay in filing the report was a “distraction,” Super Micro’s financial chief, David Weigand, explained that the primary issue was the delay in technology availability. Despite the challenges, Super Micro announced the full production availability of its AI server systems powered by Nvidia’s Blackwell chips last week.

Super Micro, a beneficiary of the growing demand for advanced data center infrastructure to support generative AI, now faces increasing competition from rivals like Dell (DELL.N) and HP Enterprise (HPE.N). The company has revised its fiscal 2025 net sales forecast to a range of $23.5 billion to $25 billion, down from its previous projection of $26 billion to $30 billion. The midpoint of this forecast, $24.25 billion, falls below analysts’ expectation of $24.92 billion.

For the third quarter, Super Micro is projecting net sales of $5 billion to $6 billion, lower than analysts’ estimate of $6.09 billion. In December, the company was removed from the Nasdaq-100 Index after missing its initial deadline for filing the 10-K report, though it received an extension until February 25.

Chipmakers Surge on Optimism Fueled by AI Demand

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Shares of chipmakers saw significant gains on Monday, driven by optimism surrounding strong AI-driven demand. Microsoft’s plan to invest $80 billion in AI-enabled data centers in fiscal 2025 sparked expectations that semiconductor demand will remain robust. Micron (MU.O) led the charge with a 10.6% rise in its stock, while other key players like Applied Materials (AMAT.O), Lam Research (LRCX.O), and KLA Corp (KLAC.O) saw increases between 5.1% and 5.5%.

The Philadelphia Semiconductor Index (.SOX) surged 3.9%, reaching its highest point since mid-October, and has risen over 19% in 2024. The broader Nasdaq (.IXIC) also advanced, leading Wall Street’s major indexes higher, while semiconductor stocks in Europe and South Korea saw similar gains.

Citigroup noted that while Microsoft’s spending plan was in line with analysts’ expectations, it was seen as a “modest positive” for the sector, alleviating concerns about a potential drop in capital expenditure.

“AI data centers are very chip hungry, that’s why you have people running towards the chip sector right now,” said Michael Matousek, head trader at U.S. Global Investors.

The strong demand for AI servers, evidenced by Foxconn’s (2317.TW) record revenue for Q4, further fueled the sector’s positive momentum. Nvidia (NVDA.O), a key Foxconn customer, added 5.1%, with CEO Jensen Huang scheduled to deliver a keynote speech at the CES trade show later in the day. AI server manufacturer Super Micro Computer (SMCI.O) saw a 10.3% surge.

Although Nvidia’s quarterly results in November pointed to a slowdown in revenue growth, the surge in demand for the company’s AI chips, which dominate the market, has mitigated those concerns.