Nvidia (NVDA) is refuting media reports that it has received a subpoena from the U.S. Department of Justice over antitrust concerns.
Nvidia has stated: “We have inquired with the U.S. Department of Justice and have not been subpoenaed.”
Nvidia’s stock fell about 2% on Sept. 4 after multiple media outlets reported that Nvidia had received a subpoena as the Justice Department prepares to bring an antitrust case against the microchip company.
Nvidia is widely seen as a potential target of the Justice Department amid widening antitrust actions against big technology companies in America.
The U.S. Department of Justice recently won an antitrust case that it brought against Google parent company Alphabet (GOOG/GOOGL).
Nvidia currently controls about three-quarters (75%) of the global market for data centre artificial intelligence (A.I.) chips, according to industry estimates.
Some analysts have speculated that Nvidia’s dominance over the A.I. chip market makes it a target for antitrust scrutiny.
However, to date, no antitrust actions have been brought against Nvidia, and the company reiterated that it is business as usual at the chipmaker.
The stock of Nvidia has risen 120% so far this year and is currently trading at $106.21 U.S. per share following a 10-for-1 split executed in June.
