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Nvidia’s French Offices Raided Over Antitrust Concerns, Report Says

Sep 28, 2023 - forbes.com
Nvidia's French offices were raided by the country's antitrust authority over suspicions of engaging in anticompetitive practices, according to unnamed sources cited by the Wall Street Journal. The French competition authority confirmed the raid but did not disclose the specific company or business practice under investigation, only revealing that it was in the "graphics cards sector." The raid followed a larger inquiry into the cloud-computing sector over concerns that dominant companies could use their resources to exclude competitors.

Nvidia, the leading producer of chip technology, has a market capitalization of $1 trillion as of Thursday, a significant increase from its $369 billion market cap in January. The company's stock has risen around 200% since the start of the year. Nvidia's clients include tech giants like Microsoft, Google, Facebook, and Amazon, with generative AI being a key reason for their hardware purchases from the chip maker.

Key takeaways:

  • France’s antitrust authority raided Nvidia’s French offices over suspicion of anticompetitive practices in the graphics cards sector.
  • The raid was part of a larger inquiry into the cloud-computing sector, with concerns that larger companies could use their resources to shut out competitors.
  • Nvidia, the leading producer of chip technology, has a market capitalization of $1 trillion as of Thursday, a significant increase from $369 billion in January.
  • Nvidia's stock is up around 200% since the start of the year, and the company expects $16 billion in sales during the current quarter.
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