Nvidia slides after China says it's probing the AI chip company for violating anti-monopoly laws

📆 09/12/2024 17:41:00
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Shares of Nvidia slid early Monday after China said it is investigating the high-flying U.S. microchip company over suspected violations of Chinese anti-monopoly laws.

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Nvidia's shares have nearly tripled this year with the California company revenue and profit soaring on AI demand. According to data firm FactSet, about 16% of Nvidia's revenue comes from China, second only to its U.S.-generated revenue.release, Nvidia posted revenue of $35.08 billion, up 94% from $18.12 billion a year ago. Nvidia earned $19.31 billion in the quarter, more than double the $9.24 billion it posted in last year’s third quarter.

Last month, the Santa Clara, California-based tech giant replaced Intel on the Dow Jones Industrial Average, ending the pioneering semiconductor company's 25-year run on the index.

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