Nvidia Corp’s CEO, Jensen Huang, experienced a significant drop in his net worth, marking the most substantial decline in his financial fortune to date. This sharp fall follows a broad sell-off in chip stocks and the news that the U.S. Department of Justice (DOJ) has intensified its antitrust investigation into Nvidia. Huang’s wealth plummeted by nearly $10 billion in a single day, reducing his net worth to $94.9 billion—a record drop since the Bloomberg Billionaires Index began tracking his wealth in 2016.

The decline was largely driven by a 9.5% drop in Nvidia’s stock price, which significantly impacted the company’s market value. Nvidia’s dominance in the chip manufacturing industry, particularly in AI chips, has drawn the attention of antitrust regulators as competitors struggle to keep up with its technology. The DOJ has escalated its investigation, issuing subpoenas that suggest the government may be inching closer to filing a formal complaint. Regulators are concerned that Nvidia’s practices could be stifling competition, potentially harming both competitors and consumers in the long run.