Nvidia Rejects Claims of Receiving DOJ Antitrust Subpoena

Nvidia has refuted claims that it was served an antitrust subpoena by the U.S. Department of Justice (DOJ), as initially reported by CNBC. Following the denial, Nvidia’s stock saw a slight increase in after-hours trading.

An Nvidia representative clarified, “Upon inquiry with the US Department of Justice, we can confirm that we have not received a subpoena. We remain open to discussing our operations with regulators to address any concerns.”

The spokesperson emphasized Nvidia’s competitive merit, stating, “Our products win based on their performance and the value they offer to customers, who are free to choose the best solutions for their needs.”

Recent inquiries by the DOJ into Nvidia’s business strategies were highlighted by Reuters on September 4, noting investigations into how the company packages its hardware offerings. This follows a Bloomberg report from September 3, which suggested that the DOJ issued subpoenas to Nvidia and other firms over potential antitrust issues.

The speculation caused Nvidia’s market value to plummet by $278 billion in a single day, marking its largest ever one-day decline, with shares dropping to $108. Despite this, the company’s shares partially recovered to $106.70 after the denial, peaking briefly above $111.

Despite a 17% decrease over the past week, Nvidia’s stock is still up by 120.5% for the year, reaching a record high of $131.88 in June due to surging demand for AI chips.

Additionally, Nvidia faces renewed legal challenges as the U.S. Supreme Court considers reinstating a class-action lawsuit alleging the company concealed over $1 billion in GPU sales to cryptocurrency miners, a charge Nvidia’s CEO, Jensen Huang, is accused of downplaying.

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