AI tokens rally as Nvidia refutes DOJ subpoena reports

AI tokens have rebounded after Nvidia dismissed rumors of receiving a subpoena from the Department of Justice (DOJ) over antitrust concerns. Tokens such as Near Protocol (NEAR), Render (RENDER), and Internet Computer (ICP) have all experienced a 5% increase in the last 24 hours, recovering from previous losses. Injective (INJ) has seen a particularly impressive recovery, surging by 14% in response to Nvidia’s denial. Bittensor (TAO) and Artificial Superintelligence Alliance (ASI), which were hit hardest by the news, have also seen modest gains of 3.8% and 1.4% respectively. However, despite the recent rally, most AI tokens still continue to show losses over a 7-day period due to the overall market slump. Nvidia’s stock (NVDA) also saw a slight surge in response to the development. The company’s shares had initially plunged by 9.5%, wiping out approximately $278 billion from its market cap, following reports of the antitrust subpoenas. Nvidia’s dominance in the AI chip market, with over 80% market share, is considered a factor in the investigation. However, Nvidia officially clarified on Wednesday that they had not received any antitrust subpoenas, although they are prepared to address any concerns regulators may have about their business. They attributed their success to the quality and value of their products, emphasizing that customers always have the freedom to choose the best solution for their needs.