AI tokens rally as Nvidia refutes DOJ subpoena reports
Key Takeaways
- AI tokens experienced a significant surge after Nvidia denied reports of receiving a DOJ antitrust subpoena.
- Nvidia’s stock shows resilience with a slight rise amid subpoena rumors.
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Several artificial intelligence (AI) tokens have bounced back following Nvidia’s denial of reports that it had received a subpoena from the Department of Justice (DOJ) over antitrust concerns.
Top AI tokens by market cap, including Near Protocol (NEAR), Render (RENDER), and Internet Computer (ICP), have rallied over 5% each in the last 24 hours, recovering from their losses yesterday, according to data from CoinMarketCap.
Injective (INJ) has shown impressive recovery with a 14% surge over the past 24 hours. The crypto plunged from around $17.3 to $15.3 after Nvidia antitrust subpoena news broke. Its price hit $17.5 after Nvidia addressed claims.
Meanwhile, the prices of Bittensor (TAO) and Artificial Superintelligence Alliance (ASI), which Crypto Briefing noted were the hardest hit yesterday, have risen 3.8% and 1.4%, respectively.
Despite the resurgence, most AI tokens still record 7-day losses with the general market slump.
Nvidia (NVDA) shares also saw a slight surge, per Google Finance’s data. NVDA tumbled 9.5%, erasing about $278 billion from the company’s market cap after a Tuesday report revealed that the DOJ had served Nvidia with antitrust subpoenas as part of an ongoing investigation.
While the reason for the claimed investigation is unclear, Nvidia’s recent dominance in the artificial intelligence chip market is believed to be a factor. With over 80% of the market share, Nvidia has faced little competition from AMD and Intel until recently.
Nvidia officially addressed recent rumors on Wednesday, denying receiving an antitrust subpoena from the DOJ.
“We have inquired with the US Department of Justice and have not been subpoenaed,” stated an Nvidia spokesperson, as reported by CNBC. “Nonetheless, we are happy to answer any questions regulators may have about our business.”
The company maintained that its success is due to the quality of its products and the value they provide to customers. They also noted that customers have the freedom to choose the best solution for their needs.
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Author: Vivian Nguyen
