NVIDIA’s stock continues to tumble following reports of a Chinese antitrust probe.
On Tuesday, NVIDIA shares fell 2.69% to $135.07 on the New York Stock Exchange, following a 2.55% drop the previous day.
Bloomberg reported on Monday that China’s State Administration for Market Regulation has launched an antitrust investigation into the tech giant.
In particular, Chinese authorities had previously approved NVIDIA’s acquisition of Israeli chipmaker Mellanox on the condition that NVIDIA would transfer technology to Chinese companies after a certain period of time.
The investigation was reportedly initiated due to NVIDIA’s alleged failure to meet this obligation.
NVIDIA acquired Mellanox for $6.9 billion in 2020 to bolster its data center business.
This recent development has contributed to NVIDIA’s ongoing stock decline, trimming its year-to-date gains to 172%.