Malaysia’s NationGate shares nosedive 30% before rebounding amid Singapore’s Nvidia chip fraud probe
It clarifies that it is not involved in the ongoing Singapore investigation
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[KUALA LUMPUR] Malaysia’s NationGate was caught in the fallout of Singapore’s investigation into the alleged fraudulent transfer of Nvidia’s advanced artificial intelligence (AI) chips, sending its shares crashing nearly 30 per cent on Monday (Mar 3) before trading was halted for an hour on Tuesday.
Trading volume of the electronics manufacturing service provider, one of the most actively traded stocks on Bursa Malaysia, surged to nearly 49 million shares as investors rushed to offload the stock on Monday. The losses wiped out gains the counter made since December 2023 as it rode on the AI wave.
In response to an Unusual Market Activity query from Bursa Malaysia late Monday, NationGate distanced itself from the probe, clarifying that it it is not involved in the ongoing Singapore investigation concerning the alleged fraudulent movement of Nvidia chips.
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