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Nvidia says it has not been subpoenaed by the DoJ

Nvidia says it has not been subpoenaed by the DoJ

CryptopolitanCryptopolitan2024/09/04 16:00
By:By Jai Hamid

Share link:In this post: Nvidia says it hasn’t received a DOJ subpoena, despite reports suggesting otherwise. Bloomberg’s report caused Nvidia’s stock to drop sharply, with concerns about a potential antitrust investigation. The DOJ might be looking into Nvidia’s recent acquisitions, but no formal action has been confirmed yet.

Nvidia has shot down rumors that it got a subpoena from the Department of Justice (DOJ) over antitrust concerns.

On Wednesday, the company clarified the situation after Bloomberg reported it. A representative said:

“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.”

The Bloomberg report caused Nvidia’s stock to tumble in after-hours trading after an almost 10% decline during the regular trading session.

The report didn’t specify why the DOJ might be interested in Nvidia, but it said that the company’s dominant position in the AI chip market could be a factor. 

Nvidia has been leading in this area, especially in data center AI chips, far ahead of competitors like AMD and Intel, which have only recently begun to catch up. According to industry estimates, Nvidia controls more than 80% of this market.

In its denial, Nvidia reiterated its commitment to transparency, emphasizing that it “wins on merit,” as reflected in its performance benchmarks and customer satisfaction.

While Nvidia insists it hasn’t received a subpoena, Bloomberg’s follow-up on Wednesday evening quoted an anonymous source claiming that the DOJ had indeed issued a civil investigative demand to Nvidia. 

See also Crypto scammers use AI deepfakes aggressively in 2024

This kind of demand is less formal than a subpoena but still requires the company to provide certain documents or information. The specific focus of the DOJ’s interest wasn’t detailed, but reports say that the department’s lawyers are also looking into Nvidia’s recent acquisition of Run:ai. 

The company reported record quarterly revenue of $30 billion for Q2 fiscal 2025, up 122% year-over-year. This was driven by strong demand for their data center chips, with data center revenue reaching a record $26.3 billion, up 154% from a year ago.

Gaming revenue was also up, reaching $2.9 billion, a 16% increase year-over-year. Nvidia announced new RTX and DLSS gaming titles and technologies like ACE for digital humans and Project G-Assist for AI-powered gamer assistance.

For the quarter, GAAP EPS was $0.67, up 168% from a year ago. Non-GAAP EPS was $0.68, up 152%. Nvidia returned $15.4 billion to shareholders through buybacks and dividends in the first half of fiscal 2025.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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