Nvidia Stock Slips After Report of Justice Department Subpoenas

Shares of Nvidia slipped in late trading, extending losses from the regular session, as investors digested reports saying the chip giant had received subpoenas from the Justice Department as part of an antitrust investigation.

Bloomberg on Tuesday afternoon, citing people familiar with the investigation, reported that the government “sent subpoenas to Nvidia Corp. and other companies as it seeks evidence that the chipmaker violated antitrust laws, an escalation of its investigation into the dominant provider of AI processors.”

Shares of Nvidia (NVDA) were recently down about 1.6% in late trading. They were down more than 9.5% in Tuesday’s regular session as investors sold tech stocks broadly.

Despite the day’s downturn, Nvidia’s shares have more than doubled so far this year. Last week, the company reported its latest quarterly financial results, which showed the AI giant’s run of powerful growth continued but some investors raised questions about that growth’s sustainability.

“Nvidia wins on merit, as reflected in our benchmark results and value to customers, who can choose whatever solution is best for them,” a company spokesperson said via email when asked about the subpoenas. The Justice Department did not immediately respond to a request for comment.

The company is scheduled to appear at an investor event on Sept. 11.