Key Takeaways
- Nvidia said that the company has not been subpoenaed by U.S. regulators.
- Reports on Tuesday indicated that the chipmaker received a subpoena from the Department of Justice as part of an antitrust investigation.
- Nvidia’s shares fell again Wednesday, extending a recent decline that has cut into the stock’s recent upward run.
Artificial intelligence (AI) chip maker Nvidia (NVDA) said Wednesday that it has not received a subpoena from the Justice Department, issuing a statement a day after reports that the government had reached out to the company as part of a potential antitrust investigation.
“We have inquired with the U.S. Department of Justice and have not been subpoenaed,” said a Nvidia spokesperson. “Nonetheless, we are happy to answer any questions regulators may have about our business”.
The reported investigation added to recent pressure on Nvidia’s shares, The shares finished today down 1.6%, extending the stock’s 9.5% decline on Tuesday that erased about $279 billion from Nvidia’s market capitalization.
The latest plunge comes after the chipmaker released fiscal second-quarter results that beat analysts’ estimates, but may have missed the market’s lofty growth expectations for investors’ AI darling.
Despite recent weakness, Nvidia shares have more than doubled year-to-date on surging demand for its AI chips.