Nvidia denied receiving an antitrust subpoena from the U.S. Department of Justice, and its stock price rose slightly in after-hours trading, Cointelegraph reported.
An Nvidia spokesman said the company had not received a subpoena but was willing to answer any questions from regulators. Nvidia stressed that its products win by performance and customer value, and customers are free to choose the best solution.
The Justice Department has reportedly recently asked tech companies questions about Nvidiaâs business practices, including hardware bundling, following reports that the department had subpoenaed Nvidia and other companies in its investigation.
The report caused Nvidia's market value to evaporate by $278 billion, and its stock price fell 9.5% to $108, the largest single-day drop. The next day, Nvidia's stock price closed down 1.66% to $106.21, but rose 0.75% to $107.01 in after-hours trading.
Nvidia shares have fallen more than 17% in the past five trading days, but are still up 120.5% this year. In June, Nvidia's stock hit an all-time high of $131.88, driven by increased demand for its artificial intelligence chips.