Nvidia has suffered its biggest one-day loss in market capitalization, losing almost $280 billion in value after the United States Department of Justice (DOJ) reportedly issued it with an antitrust subpoena. Nvidia's stock price closed down 9.5% on Sept. 3 to $108, shaving $278 billion off its market cap in the largest single-day value wipeout for any stock in the history of the US stock market, according to Google Finance data.
The sharp decline came as the DOJ subpoenaed Nvidia and several other companies as the government hunts for evidence that the chipmaking giant violated US antitrust laws, Bloomberg reported on Sept. 3, citing sources familiar with the investigation. The DOJ had previously issued non-binding questionnaires to Nvidia to seek further information. The subpoena marks an escalation in this process, as the documents legally oblige recipients to hand over information.
This could mean the government is gearing up to issue a formal complaint against the chipmaker. US antitrust officials are reportedly worried that Nvidia is penalizing buyers that don't exclusively use its computer chips, a claim it has rebuffed. The historic one-day loss serves as a cautionary tale for investors in the cryptocurrency and tech sectors.
Source: https://cointelegraph.com/news/nvidia-biggest-single-day-market-cap-loss-antitrust-subpoena
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