Jensen Huang, founder, president and CEO of Nvidia, will speak about the future of artificial intelligence and its impact on energy consumption and production on September 27, 2024 at the Bipartisan Policy Center in Washington, DC.
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Nvidia Stocks came under pressure on Monday after Chinese regulators announced they were investigating the semiconductor maker for possible violations of the country’s antitrust laws.
The stock price fell more than 2%.
The Chinese government announced on Monday that the State Administration for Market Regulation had opened an investigation into the chipmaker in connection with the acquisition of Mellanox and certain agreements made during the acquisition. In 2020, Nvidia acquired an Israeli technology company that develops networking solutions for data centers and servers.
“In recent days, in response to Nvidia’s alleged violation of China’s antitrust law and the State Administration of Market Regulation’s restrictive conditions on Nvidia’s acquisition of Mellanox shares, the State Administration of Market Regulation has launched an investigation against NVIDIA in accordance with the law. ” according to a statement translated by CNBC.
The news comes as competition between the United States and China for semiconductor manufacturing capacity intensifies, with the Biden administration announcing final restrictive measures targeting semiconductor manufacturing equipment makers on December 2nd. The news could also be a response to rising trade tensions as President-elect Donald Trump prepares to take office in January and promises to impose hefty tariffs on foreign goods.
The United States has tightened regulations on chip sales to China in recent years, banning Nvidia and other major chip makers from selling cutting-edge artificial intelligence chips, in an effort to limit China’s military buildup. The company has been working on developing new products for sale in China that comply with U.S. regulations.
More than two years after ChatGPT’s debut, the AI chip darling’s stock has outperformed this year, rising nearly 188% as investors ramp up their bets on the space. The stock price, along with the broader technology sector, also helped push the market to new highs.
Nvidia did not immediately respond to CNBC’s request for comment.
—CNBC’s Evelyn Cheng contributed reporting.
