Nvidia’s stock dips after China opens probe of the AI chip company for violating anti-monopoly laws
The Hindu
Shares of Nvidia have slipped after China said it is investigating the U.S. microchip company.
Shares of Nvidia fell 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 news 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 fell about 3% Monday. They are still up 179% so far this year.
Considered a bellwether for artificial intelligence demand, Nvidia has led the AI sector to become one of the stock market’s biggest companies, as tech giants spend heavily on the company’s chips and data centers needed to train and operate their AI systems.
Nvidia's shares have surged this year along with the California company's revenue and profit due to AI demand. According to data firm FactSet, about 16% of Nvidia's revenue comes from China, second only to its U.S.-generated revenue.
A spokesperson for the company based in Santa Clara, California, said in an emailed statement that Nvidia is “happy to answer any questions regulators may have about our business.”
In its most recent earnings 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. The earnings release did not break out revenue from China.
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