Key Takeaways

Nvidia said that the company has not been subpoenaed by U.S. regulators.
Reports on Tuesday indicated that the chipmaker received a subpoena from the Department of Justice as part of an antitrust investigation.
Nvidia’s shares fell again Wednesday, extending a recent decline that has cut into the stock’s recent upward run.

Artificial intelligence (AI) chip maker Nvidia ( NVDA ) said Wednesday that it has not received a subpoena from the Justice Department, issuing a statement a day after reports that the government had reached out to the company as part of a potential antitrust investigation.

“We have inquired with the U.S. Department of Justice and have not been subpoenaed,” said a Nvidia spokesperson. “ Nonetheless, we are happy to answer any questions regulators may have about our business”.

The reported investigation added to recent pressure on Nvidia’s shares , The shares finished today down 1.6%, extending the stock’s 9.5% decline on Tuesday that erased about $279 billion from Nvidia’s market capitalization .

The latest plunge comes after the chipmaker released fiscal second-quarter results that beat analysts’ estimates, but may have missed the market’s lofty growth expectations for investors’ AI darling.

Despite recent weakness, Nvidia shares have more than doubled year-to-date on surging demand for its AI chips.