According to Cointelegraph, Nvidia has refuted claims that it received an antitrust subpoena from the United States Justice Department. The company's share price experienced a slight increase in after-hours trading following the denial.
An Nvidia spokesperson stated, 'We have inquired with the US Department of Justice and have not been subpoenaed. Nonetheless, we are happy to answer any questions regulators may have about our business.' The spokesperson further emphasized that Nvidia's success is based on merit, as demonstrated by their benchmark results and value to customers, who have the freedom to choose the best solutions for their needs.
In recent weeks, the Justice Department has reportedly been questioning tech companies about Nvidia's business practices, including hardware bundling, according to a Reuters report on September 4, citing sources familiar with the investigation. Bloomberg also reported on September 3 that the Justice Department had subpoenaed Nvidia and other companies as part of a potential antitrust investigation.
The initial report led to a significant drop in Nvidia's market capitalization, wiping out $278 billion on Tuesday, marking its largest one-day loss ever. The share price closed down 9.5% to $108. On Wednesday, September 4, Nvidia's share price closed down 1.66% to $106.21 but saw a 0.75% rise to $107.01 in after-hours trading, with a brief spike to over $111, according to Google Finance.
Despite the recent downturn, Nvidia's share price has climbed significantly this year, up 120.5%. The company reached an all-time high of $131.88 in June, driven by increased demand for chips used in artificial intelligence applications.
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