Malaysia’s AI darling NationGate sees shares tumble after it got raided in a scrap metal smuggling probe

Shares of NationGate Holdings, Nvidia’s only manufacturing partner in Southeast Asia, took a beating this week after the company disclosed a raid into one of its subsidiaries by Malaysian authorities.

On Tuesday, Nationgate admitted that the Malaysian Anti-Corruption Commission (MACC) raided the premises of NationGate Solution, a wholly-owned subsidiary, as part of an ongoing investigation into scrap metal smuggling. 

Nationgate’s shares fell 14% on Tuesday to reach 1.45 Malaysian...