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

📆 09/12/2024 17:33:00
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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.

In a brief press release with few details, Chinese regulators appear to be focusing on Nvidia's $6.9 billion acquisition of network and data transmission company Mellanox in 2019.Nvidia shares dipped 2.5% in morning trading Monday, falling below $140 each.

The earnings release did not break out revenue from China.The company's market value rocketed to $3.5 trillion recently, passing Microsoft and briefly overtaking Apple as the world's most valuable company.Nvidia’s invention of graphics processor chips, or GPUs, in 1999 helped spark the growth of the PC gaming market and redefined computer graphics.

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