Nvidia NVDA.US denies receiving subpoena from the US Department of Justice amid antitrust probe

Market VisionWednesday, Sep 4, 2024 7:10 pm ET

1min read

On Wednesday, Nvidia (NVDA.US) denied reports that it had received a subpoena from the U.S. Department of Justice over antitrust issues.

A representative for the company said, "We have asked the Department of Justice and have not received a subpoena. Regardless, we would be happy to answer any questions regulators may have about our business."

The stock fell in after-hours trading on Tuesday after media reports said Nvidia had received the subpoena, which followed a nearly 10% drop in the chipmaker's shares during regular trading on Tuesday.

While the reports did not specify what regulators were interested in, Nvidia's recent rise is directly related to its dominance in the data center artificial intelligence chip market, a field that competitors AMD and Intel have taken more seriously for years.

Industry estimates put Nvidia's share of the data center AI chip market at over 80%.

Nvidia said in an interview that "our benchmark results and value to customers reflect Nvidia's strengths, where customers can choose the best solution for them."

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