Nvidia has dismissed claims that it received a subpoena from the US Department of Justice (DOJ) regarding an antitrust investigation.
A company representative clarified, "We have inquired with the US Department of Justice and have not been subpoenaed," speaking to CNBC on the issue.
The spokesperson further noted, "We are happy to answer any questions regulators may have about our business."
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Bloomberg reported on September 3 that the DOJ had subpoenaed Nvidia and other tech companies over concerns about Nvidia's business model, particularly its dominant position in the AI chip market, with allegations that the company penalizes customers who seek alternative suppliers.
The report caused a market reaction on the same day, leading to a $278 billion drop in Nvidia's market capitalization. Nvidia's stock (NVDA) dropped by 9.5%, closing at $108 — the company's largest single-day loss.
However, after Nvidia denied the subpoena, NVDA recovered, climbing by 0.46% to $106.70 in after-hours trading, according to Google Finance.
Despite the recent sell-off, Nvidia maintains a strong performance, as is stock has increased by 120.5% this year.
Overall, while Nvidia's response offers reassurance for now, the outcome of the DOJ's inquiries may yet bring further developments in the tech giant's regulatory battles.
In other news, Apple and Nvidia are in talks to join OpenAI's latest funding round, which could raise its valuation above $100 billion.
