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Supreme Court seems likely to allow class action to proceed against tech company Nvidia

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Technology Nyheter

Elena Kagan,Business,Washington News

The Supreme Court seems likely to keep alive a class-action lawsuit accusing Nvidia of misleading investors about its dependence on selling computer chips for the mining of volatile cryptocurrency.

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The justices heard arguments in the tech company's appeal of a lower-court ruling allowing a 2018 suit led by a Swedish investment management firm to continue.It’s one of two high court cases involving class-action lawsuits against tech companies.

The lawsuit followed a dip in the profitability of cryptocurrency, which caused Nvidia's revenues to fall short of projections and led to a 28% drop in the company's stock price. That chipmaking dominance has cemented Nvidia’s place as the poster child of the artificial intelligence boom -- what CEO Jensen Huang has dubbed “the next industrial revolution.” Demand for generative AI products that can compose documents, make images and serve as personal assistants has fueled sales of Nvidia’s specialized chips over the last year.

 

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