On September 3rd local time, Bloomberg cited unnamed sources as saying that the US Department of Justice has issued subpoenas to the world's leading chip manufacturer Nvidia and several other companies, seeking evidence of the company's alleged violation of antitrust laws. This move marks a new stage in the US government's investigation into Nvidia.
The report stated that the US Department of Justice had previously sent a survey questionnaire to the relevant companies, and the issuance of the subpoena is seen as an escalation of the investigation. Antitrust investigators are concerned that Nvidia may be abusing its market dominance by increasing the difficulty for customers to switch to other suppliers and punishing buyers who do not fully use its artificial intelligence (AI) chips.
According to sources, the investigation by the Department of Justice is led by its San Francisco office and focuses on Nvidia's $700 million acquisition of AI management company RunAI. Regulatory authorities are concerned that the transaction may further limit market competition, making it more difficult for buyers to find alternatives to Nvidia chips.
Nvidia spokesperson John Rizzo responded to Forbes' inquiry by stating that the company is "always committed to providing customers with the most suitable solutions for them" and emphasizing that the company's value is reflected in its results and contributions to customers, but this statement failed to quell market concerns.
On September 3rd local time, Nvidia's stock price closed down 9.53% to $108, and fell more than 2% at one point after the market closed. In the past five trading days, the company's stock price has cumulatively fallen by nearly 15%.
Nvidia is not the only tech giant under investigation by the US Department of Justice, and the collaboration between Microsoft and OpenAI is also under investigation. According to reports, Nvidia's AI chip market share is estimated to be between 70% and 95%, with customers including Microsoft, Meta, Amazon, and Google's parent company Alphabet.
The upgrade of this survey comes at a time when investor sentiment in the AI field is becoming more cautious, and the market is beginning to reassess the speed of investment returns on AI technology. This change in investors has brought new challenges to Nvidia and the entire technology industry.