By Investing.com — Nvidia (NASDAQ:NVDA) lost about about $263 billion in value on Tuesday after the artificial intelligence chip giant suffered a major selloff as investors hit pause on the AI trade.
Nvidia fell more than 9% on Tuesday, with other chip stocks including AMD (NASDAQ:AMD), Intel (NASDAQ:INTC) and Broadcom (NASDAQ:AVGO) also suffering major losses.
The selloff came ahead of reports after the closing bell that Nvidia has been subpoenaed by the U.S. Justice Department, seeking evidence that the chipmaker as well as others violated antitrust laws. The subpoenaed marked an acceleration into its probe of the Nvidia’s AI chip market dominance.
The DoJ has previously launched two separate investigations into the chipmaker amid antitrust concerns about the company’s AI business dealings.
