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NVIDIA has denied receiving a subpoena from the U.S. Department of Justice following a significant stock drop on September 3. The company stated it has not been subpoenaed but is willing to cooperate fully with any questions regulators may have. More details are expected soon.
NVIDIA Denies DOJ Subpoena, Prompting Questions After $280 Billion Market Cap Loss on Speculation
NVIDIA has officially denied receiving the widely discussed subpoena following a significant drop in its stock during trading on September 3. This decline worsened after Bloomberg reported that the U.S. Department of Justice (DOJ) had subpoenaed the GPU manufacturer. NVIDIA responded that it had not received a subpoena but would cooperate with regulatory inquiries.
The company clarified its position in communications with various publications, saying, "We have inquired with the U.S. Department of Justice and have not been subpoenaed. Nonetheless, we are happy to answer any questions regulators may have about our business." However, this statement raises questions about why NVIDIA did not publicly address the situation earlier, as the company saw its market capitalization drop by over $280 billion on September 3, with losses seemingly driven by speculation from well-informed investors.
Some analysts argue that the losses were tied to broader economic factors than any specific investigation. Patrick Moorhead, CEO of Moor Insights, noted that institutional investors are generally only concerned once a formal ruling is issued. Still, NVIDIA's slow response to the controversy has left room for speculation. A subpoena could still be issued, with more details likely to emerge in the coming days.
DOJ Investigates NVIDIA's AI Practices and RunAI Acquisition Amid Concerns of Preferential Treatment
Bloomberg’s report suggested that DOJ investigators are probing whether NVIDIA provided preferential treatment in terms of pricing or supply to customers who exclusively use its AI processors or complete systems. CEO Jensen Huang has previously stated that NVIDIA prioritizes customers using its products in designated data centers, likely to prevent stockpiling. Additionally, the DOJ is reportedly investigating NVIDIA’s acquisition of RunAI, an AI computation software company, with concerns that the deal could hinder consumer choice in transitioning away from NVIDIA products.
According to Wccftech, NVIDIA is working to position itself as a comprehensive platform for AI services, aligning with CEO Jensen Huang's vision of the company as an "AI factory." This includes providing software for AI model training, specialized AI chips, and data center optimization services.
