Yahya 
Against previous claims that resulted in a significant decline in the company’s price, Nvidia has denied getting an antitrust subpoena from the U.S. Department of Justice (DOJ). After the refusal, Nvidia’s share price saw a little increase in after-hours trading, regaining 0.46% to $106.70 after momentarily jumping to over $111.
A Nvidia spokesman told CNBC on Sept. 4, “We have inquired with the U.S. Department of Justice and have not been subpoenaed.” The corporation further underlined that it is ready to answer any regulatory inquiries in cooperation. The spokesman said, “Nvidia wins on merit, as reflected in our benchmark results and value to customers, who can choose whatever solution is best for them.”
According to sources from Bloomberg and Reuters, the DOJ had sent subpoenas to Nvidia and other businesses as part of an antitrust probe; the rejection follows The probe supposedly focuses on Nvidia’s hegemony in the chipmaking industry and if it penalizes consumers for not just adopting its artificial intelligence technologies. On Tuesday, the announcement erased $278 billion from Nvidia’s market value, the worst day loss ever.
Though the first market response is negative, Nvidia’s stock is up 120.5% this year thanks in great part to growing demand for its processors, especially in artificial intelligence uses. Benefiting from the AI surge, Nvidia reached an all-time high in June at $131.88.
Still, Nvidia is also under legal hot fire, including a possible class-action case before the U.S. Supreme Court. According to the complaint, CEO Jensen Huang minimized the importance of graphics processing unit (GPU) sales to cryptocurrency miners while Nvidia hid nearly $1 billion in sales to those miners.
Though for now the firm’s price has found some stability after the rejection of the subpoena allegations, the DOJ apparently probing Nvidia’s business methods might cause further scrutiny of the company.
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.