Nvidia has refuted claims that the U.S. Department of Justice (DOJ) issued a subpoena to the AI chip giant, a rumor that triggered a major selloff in the stock market yesterday. The speculation caused NVDA stock to decline by 10% on Tuesday, sparking investors’ concern. However, the denial from the chipmaker has fueled hope for a potential rebound in the stock price.
Nvidia Denies Claims Of Receiving DOJ Subpoena
According to a recent Reuters report, Nvidia has taken a bold step refuting rumors of receiving a DOJ subpoena, which surfaced following a Bloomberg report yesterday. The report showed that the agency has escalated its antitrust investigation into the firm, signaling heightened scrutiny of the firm’s business practices in the AI computing market.
However, the recent Reuters report contradicts the claims. The report cited a Nvidia spokesperson who clarified “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.” This statement directly contradicts the Bloomberg report that a subpoena has been issued, which has spooked the investors while triggering a massive selloff of the company’s stock.
Rupam Roy
Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.
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