Nvidia's stock has seen a significant downturn following reports that the US Department of Justice (DOJ) issued an antitrust subpoena to the company.
On September 3, Nvidia’s shares dropped by 9.5%, closing at $108, which resulted in a reduction of approximately $278 billion from its market capitalisation. This marks the largest single-day loss for any US-listed stock, according to Google Finance data.
In after-hours trading, Nvidia's shares continued their decline, dropping another 2% to $105.
Nvidia fell 9.5% on Sept. 3, closing the day at 8. Source: Google Finance
The DOJ's subpoena represents a more formal step in the ongoing investigation into Nvidia's potential violation of US antitrust laws.
Previously, the DOJ had sent non-binding questionnaires to gather information from Nvidia, but the subpoena legally compels the company to provide the requested documents.
This move indicates that the government may be considering a formal complaint against the chipmaker.
Antitrust officials are investigating concerns that Nvidia may be restricting businesses from switching to other AI and computer chip providers, and possibly penalising those who don't exclusively use its AI services.
Nvidia has stated that it competes on merit, emphasising that its success is reflected in its benchmark results and the value it provides to customers. The company asserts that its customers are free to choose the best solutions for their needs.
CEO Jensen Huang defended Nvidia's practices, stating that the company prioritises customers who use Nvidia products in ready-to-go data centres. Huang argues this approach prevents stockpiling and accelerates the deployment of Nvidia's technology.
related reading：Huawei Unveils AI Chip to Rival Nvidia's Market Leader
Founded in 1993, Nvidia has quickly become the world's largest manufacturer of computer chips, especially those used in AI processes. Its dominance in the AI sector has allowed it to significantly outperform competitors, including Intel and AMD.
As of now, Nvidia's market cap stands at $2.65 trillion, making it considerably larger than its rivals.
related reading：Nvidia supplier SK Hynix Reports Record Second-Quarter Profit Amid AI Memory Chip Demand
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