The Nvidia office raid comes from Fracne’s competition authority as it investigates potential anti-competitive practices. While France’s authorities haven’t confirmed that Nvidia is the graphics card company it raised, insiders claim that this was the case.
Investors in NVDA will note that France signaled plans to investigate possible anti-competitive practices in a report earlier this year. However, the agency didn’t name Nvidia as one of the companies it was planning to raid.
Charlotte Colin-Dubuisson, antitrust and foreign investment partner at law firm Linklaters, gave the following insight into the raid to Reuters:
“In terms of next steps after the initial raid, there will most likely be court proceedings against the raid itself and the order of the judge having authorised the raid.”
One thing worth keeping in mind about this news is Nvidia’s recent pushes in AI and cloud computing. This raid marks the first major action against the company as it expands further into these markets.
How This Affects NVDA Stock
Investors in NVDA stock aren’t taking the raid too seriously today. The company’s stock is still up 2% as of this morning despite the news. Adding to that, only about 15 million shares have changed hands, as compared to the company’s daily average trading volume of about 49.2 million shares.
Investors who are looking for even more of the most recent stock market stories worth reading about today are in luck!
We have all of the biggest stock market coverage that traders need to know about on Friday! A few examples of that include what’s happening with shares of airline stocks, a Nike (NYSE:NKE) earnings update and Fisker (NYSE:FSR) raising new funds. All of that news is available at the links below!
More Stock Market News for Friday
- Airline Stocks Alert: What a Government Shutdown Means for Air Travel
- NKE Stock Alert: 3 Key Reasons Nike Is Up 7% After Earnings
- FSR Stock Alert: Fisker Raises $150 Million
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.