U.S. authorities are investigating Apex Logistics, a Singaporean subsidiary of Swiss shipping giant Kuehne+Nagel, on suspicion of aiding the smuggling of NVIDIA AI chips to China, in violation of U.S. export controls. According to Bloomberg, citing sources, the U.S. Department of Commerce's Bureau of Industry and Security is reviewing 47 shipments by Apex in 2024, focusing on whether it transported Super Micro Computer servers containing NVIDIA chips from the U.S. to Southeast Asia, ultimately flowing into China via Hong Kong. Apex has acknowledged U.S. concerns regarding a "small number of shipments of materials and equipment that may have been ultimately destined for restricted locations" handled in 2024, and stated it is fully cooperating with the investigation. Following this news, Kuehne+Nagel's shares fell by as much as 4.2% in European trading on Thursday, marking their largest intraday drop in over three months.