Nvidia slides as oil, 10-year yield rise and DOJ probes Groq

Nvidia shares fell more than 2% on Thursday, extending a two-day losing streak as higher oil prices, a jump in the 10-year Treasury yield and a Justice Department probe weighed on technology and semiconductor stocks.

The Dow Jones Industrial Average lost about 258 points, the S&P 500 fell roughly 0.5% and the Nasdaq Composite slipped about 0.4%. West Texas Intermediate crude for October rose above $100 a barrel and Brent for November topped $105 as the conflict between the U.S. and Iran entered its seventh month. The rise in oil pushed the 10-year Treasury yield above 4.9%, its highest level since November 2023.

Higher yields hit high-beta technology names and semiconductor firms. Intel shares tumbled around 6% and Micron fell roughly 4%, intensifying sector selling and adding pressure on Nvidia’s stock.

The U.S. Justice Department opened an inquiry into a December agreement between Nvidia and AI startup Groq. The probe is examining whether the deal was structured to avoid conventional antitrust review. Under the arrangement Nvidia obtained rights to Groq’s technology while Groq remained an independent company; Groq’s chief executive and chief operating officer later joined Nvidia. Some lawmakers described the pact as limiting competition. Federal regulators are also reviewing licensing-and-hiring arrangements across the AI industry that can give large firms access to talent and technology without triggering merger filings. The probe is ongoing and could close without enforcement action. Groq did not file its licensing agreement for antitrust review.

Separately, Nvidia announced a collaboration with Palantir Technologies to build a ‘sovereign AI’ system for critical supply chains. The project pairs Nvidia’s Nemotron open models with Palantir’s Foundry and AIP platforms and uses Palantir’s Ontology system to provide real-time visibility into manufacturing and logistics constraints. The system will first run inside Nvidia’s own operations and later be offered to other industries. Customers will retain control of their data and will not be required to route information through a shared commercial AI model.

Trading on Thursday reflected higher oil, rising Treasury yields and regulatory scrutiny of technology deals.