Regulators are investigating monopolization concerns surrounding the tech giant’s business practices with buyers.

The U.S. Department of Justice has reportedly sent subpoenas to Nvidia Crop. and other companies as part of an antitrust investigation into the company that appears to be ramping up.

Nvidia shares rose about 1% on Wednesday. The stock dropped nearly 10% during regular trading on Tuesday, wiping $279 billion off the chipmaker's market cap. Shares fell further in premarket trading after Bloomberg reported that the company received a subpoena from the Department of Justice as part of an antitrust investigation.

"Nvidia wins on merit, as reflected in our benchmark results and value to customers, who can choose whatever solution is best for them," Nvidia said.

Nvidia confirmed on Wednesday that it has not received a subpoena from the U.S. Department of Justice (DOJ) over antitrust concerns, despite reports to the contrary. Addressing the matter, a company representative stated,

This modest rise offered relief after Nvidia experienced its most significant single-day loss of $278 billion.

Nvidia Corp. has responded to a Bloomberg News report about the US Department of Justice sending out subpoenas as part of an antitrust probe. The chipmaker said it has been in contact with the government agency but hasn't been subpoenaed.