Nvidia denies DOJ subpoena

9/4/2024

Nvidia on Wednesday denied reports that it had received a subpoena from the Department of Justice regarding antitrust concerns.

"We have inquired with the U.S. Department of Justice and have not been subpoenaed," a representative from Nvidia told CNBC. "Nonetheless, we are happy to answer any questions regulators may have about our business."

On Tuesday, Bloomberg had reported that Nvidia was subpoenaed, leading to a drop in the company's stock during after-hours trading. Earlier in the day, Nvidia's shares had already declined by nearly 10%.

Although the report didn’t specify why regulators might be interested in Nvidia, the company’s rapid growth has been closely linked to its dominance in artificial intelligence chips for data centers, well ahead of competitors AMD and Intel.

Nvidia currently holds over 80% of the data center AI chip market, according to industry estimates.

Nvidia stated to CNBC, "Nvidia wins on merit, as reflected in our benchmark results and value to customers, and customers can choose whatever solution is best for them."

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