Sen. Elizabeth Warren and 10 progressive groups sent a letter to the Justice Department to launch an antitrust investigation against AI chip giant Nvidia over its business practices.
Nvidia is facing calls for an antitrust investigation from Sen. Elizabeth Warren, D-Mass., and several progressive groups that take issue with the artificial intelligence powerhouse's dominance of the AI chip market. The AI giant controls about 80% of the market share and surging demand for AI pushed its market cap above $3 trillion for a time this summer.
As Moore’s law was coming to an end, we created an entirely new computing model, and invited researchers and scientists, developers, ecosystem partners, customers, and employees to explore what was once a zero-billion-dollar market with us," the company said. "When we launched DGX1 and delivered the first AI supercomputer to OpenAI in 2016, few understood why we spent billions developing it." "Today, accelerated computing is sustainable computing.
report by Reuters from June indicated that U.S. regulators reached a deal in which the Justice Department would oversee potential antitrust investigations of Nvidia, while the Federal Trade Commission would look at Microsoft and OpenAI. Nvidia's stock fell by more than 6% by early afternoon Thursday amid the news and a more modest selloff across the market that pared the S&P 500 by about 1.5%. Despite those headwinds, Nvidia's stock is up over 127% year to date.
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