September 4, 2024
Nvidia recorded a historic one-day loss after being subpoenaed over antitrust issues in the U.S.
Nvidia has recorded the largest one-day loss, with over $280 billion in market capitalization wiped out as its stock fell 9.5% to $108 on September 3, setting a record for the biggest single-day value decline in the U.S. stock market. The U.S. Department of Justice (DOJ) has issued a subpoena to investigate allegations that Nvidia is violating antitrust laws, after previously sending non-binding questionnaires to gather more information from the company. This subpoena could potentially lead to a formal complaint against the chipmaking giant.
Amid Nvidia's legal challenges and steep market decline, the ripple effects could impact various companies in the tech and cryptocurrency sectors. AXS, Saga, and io may experience diverse effects based on their ties to Nvidia and market dynamics. Below is a brief analysis of the potential repercussions for each coin.
Impact on AXS (Axis): If AXS operates in the blockchain or gaming sector, Nvidia's decline might create a negative sentiment across the entire tech and cryptocurrency industry. If AXS relies on GPU technology for its operations, Nvidia's market value drop could affect costs and access to technology.
Impact on Saga :If Saga has partnerships or investments with Nvidia, the uncertainty from the legal issues could affect investor and partner confidence. Nvidia's situation could influence investor sentiment in the sector where Saga operates, leading to changes in stock prices or investment behavior.
Impact on io (Input Output): If io is related to technologies provided by Nvidia, such as AI or machine learning, Nvidia's decline could impact project development timelines and costs. Should Nvidia struggle, competitors may seize the opportunity to increase market share, which could positively impact io if the company has a strong competitive position.
