The U.S. Commerce Department's Bureau of Industry and Security is investigating Singapore-based Apex Logistics, a wholly owned subsidiary of Swiss shipping group Kuehne+Nagel, over allegations that it helped transport Nvidia-powered AI servers to China in violation of export controls. The inquiry involves 47 shipments handled in 2024 and could become the first U.S. enforcement action against a transportation company for participating in illegal semiconductor trade. Two former Apex employees allegedly used false shipping codes to classify controlled hardware as exempt from restrictions. Apex said it was cooperating with authorities and committed to compliance, while Kuehne+Nagel said its subsidiary was cooperating but that the parent company had not been contacted. Potential consequences include civil penalties, a temporary denial order blocking access to U.S.-origin goods, and criminal referrals. Kuehne+Nagel shares fell as much as 4.2% on Aug. 27, 2026, as investors assessed the risks to a business that handled more than 420,000 tons of airfreight in 2024. The probe comes as Kuehne+Nagel considers strategic options for Apex, including a possible 20% stake sale and Hong Kong listing, and as U.S. authorities expand export-control scrutiny from chip makers and distributors to freight intermediaries.