Super Micro Computer (SMCI), and Dell (DELL) shares plunged Monday after Singapore said it’s investigating whether servers shipped to Malaysia containing chips barred from China ended up in the mainland.

Servers used in a fraud case that Singapore announced last week were supplied by U.S. firms and may have contained Nvidia's advanced chips, a government minister said on Monday.

Singapore authorities have initiated an investigation into potential fraudulent activities related to the shipment of Nvidia Corp. (NASDAQ: NVDA) chips. The chips, which are banned in China, were reportedly shipped to Malaysia via servers from Dell Technologies Inc.

The US and China are important partners of Singapore, but political and trade relations between the two countries are at their lowest points in years, said MP Poh Li San. Speaking in parliament on Monday (Mar 3),

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Singapore stands at a pivotal moment in its foreign relations, particularly in balancing its ties with the US and China, said MP Rachel Ong. As a small nation reliant on global stability, Singapore must carefully navigate the intensifying competition between these two major powers,

A spate of drills by China’s military in the Indo-Pacific is testing the Trump administration’s commitment to regional security soon after its actions raised doubts about its alliances with European nations.

Iron ore futures prices fell on Friday and were set for monthly losses, pressured by U.S. tariff concerns and mounting trade frictions against Chinese steel exports.