KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
Nvidia Corp. CEO Jensen Huang saw his net worth plummet by $10 billion, the largest single-day drop in his wealth since the Bloomberg Billionaires Index began tracking it in 2016. This decline, bringing Huang's fortune down to $94.9 billion, came after Nvidia’s shares fell 9.5% on Tuesday, triggered by a broad selloff in chip stocks and news of a U.S. Department of Justice (DOJ) subpoena as part of an expanding antitrust investigation.
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Key Points:
Antitrust Probe Escalation: The DOJ has issued subpoenas to Nvidia as it investigates whether the company’s market practices make it difficult for buyers to switch to alternative suppliers and whether it penalizes customers who do not exclusively use its AI chips. This move brings the government closer to potentially launching a formal complaint against the chipmaker.
Impact on Huang's Wealth: Despite the sharp drop, Jensen Huang remains the world’s 18th richest person, with a year-to-date wealth increase of $51 billion, prior to this setback. Huang, who co-founded Nvidia in 1993, has seen his company grow into the third-largest by market value globally, driven by the success of its products and the struggles of rivals to field competitive alternatives.
Nvidia's Response: Nvidia attributes its market dominance to the superior quality and faster performance of its products. The company declined to comment further on the DOJ investigation. The recent developments underscore Nvidia's pivotal role in the global tech supply chain and the challenges it faces amid heightened regulatory scrutiny.
The DOJ’s investigation into Nvidia, coupled with the sharp stock decline, marks a critical juncture for the company and its CEO, as they navigate growing antitrust concerns while maintaining their leadership in the AI chip market.
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