Nvidia has denied a report that it received an antitrust subpoena from the United States Department of Justice (DOJ). Its share price rose slightly in after-hours trading.

“We have inquired with the US Department of Justice and have not been subpoenaed,” an Nvidia spokesperson told Cointelegraph, first reported by CNBC. “Nonetheless, we are happy to answer any questions regulators may have about our business.”

“Nvidia wins on merit, as reflected in our benchmark results and value to customers, and customers can choose whatever solution is best for them,” the spokesperson added.

In recent weeks, the DOJ has reportedly asked tech companies about Nvidia’s business practices, including how it bundles hardware, Reuters reported on Sept. 4, citing two sources familiar with investigator questions.

On Tuesday, Sept. 3, Bloomberg reported that the DOJ subpoenaed the chipmaker and other companies as part of a possible antitrust investigation.

The report, citing familiar sources, claimed that the government is concerned Nvidia is making it difficult for businesses to switch to other chip makers and has penalized buyers who do not exclusively use its artificial intelligence suite.

The report wiped $278 billion from Nvidia’s market capitalization on Tuesday, its biggest one-day loss ever. The company’s share price closed down 9.5% to $108.

Following its denial, Nvidia saw a 0.46% rise to $106.70 at the close of after-hours trading, which briefly spiked to over $111, according to Google Finance.

Nvidia’s share price climbed slightly on Wednesday in after-hours trading. Source: Google Finance

Related: Bitcoin price targets include $50K as Nvidia crash shakes Nikkei, gold

Nvidia has fallen over 17% in the last five trading days but is still up 120.5% in 2024.

It hit an all-time high of $131.88 in June, bolstered by increased chip demand for AI applications.

Nvidia also faces a possible revived class lawsuit in the US Supreme Court. The lawsuit alleges that it hid over $1 billion in graphics processing unit sales made to crypto miners and that its CEO, Jensen Huang, downplayed the amount it sold to the sector.

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