KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
Nvidia Corp clarified its position in response to a Bloomberg News report regarding an antitrust investigation by the US Department of Justice (DOJ), stating that it has not been formally subpoenaed.
Key Points:
No Formal Subpoena: Nvidia confirmed that while it is in contact with the DOJ, it has not received a subpoena. The DOJ commonly issues requests for information via a "civil investigative demand," which functions similarly to a subpoena. A request for information was sent to Nvidia concerning its acquisition of RunAI and its chip business.
Nvidia's Stance: The company maintains that its market dominance in AI computing is due to the superiority of its products. Nvidia stated, "We have inquired with the DOJ and have not been subpoenaed. Nonetheless, we are happy to answer any questions regulators may have about our business."
DOJ's Concerns and Ongoing Investigation: The investigation, led by the DOJ's San Francisco office, focuses on whether Nvidia is making it difficult for customers to switch to other suppliers or if it penalizes those who don't exclusively use its AI chips. Regulators are also examining the impact of Nvidia's acquisition of RunAI, a company that develops software for managing AI computing, to determine if it restricts competition.
Regulatory Scrutiny on Nvidia's Market Practices: The probe looks into whether Nvidia offers preferential supply and pricing to customers who exclusively use its technology or buy its complete systems. Nvidia has been under regulatory scrutiny since becoming the world’s most valuable chipmaker, benefiting significantly from the AI spending boom.
Nvidia remains cooperative with the DOJ and insists that its market success results from the quality of its products rather than any restrictive business practices.
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