Shares of AI heavyweight Nvidia tumbled 9.5% on Tuesday in the deepest ever single-day decline
Nvidia did not receive a U.S. Justice Department subpoena, a spokesperson said in a statement on Wednesday.
“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.”
Bloomberg News reported on Tuesday the Justice Department had sent a subpoena related to a potential antitrust investigation, which would signal an escalation in the probe. Bloomberg News said subpoenas had been sent to other companies in addition to Nvidia.
The Justice Department has been asking tech companies about Nvidia’s business practices in recent weeks, including questions about the company’s hardware bundling practices, two sources familiar with the questions investigators are asking told Reuters.
The Justice Department did not immediately respond to a request for comment.
In addition to questions about bundling, Justice Department officials are examining a recent acquisition of the Israel-based Run:AI for a reported $700 million in April, the sources also told Reuters. Officials are probing whether the purchase could further increase Nvidia’s grip on the artificial intelligence computing market.
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