US Supreme Court orders bail in NVIDIA case, allowing shareholder lawsuit to proceed

US Supreme Court It was rejected NVIDIA’s case previously agreed to be heard as “spontaneously granted.” In other words: “Oops, we should never have taken that.” The decision allows most of the lawsuits filed by shareholders against the chip manufacturer to continue.

An investment firm and a pension fund have filed the case against NVIDIA, claiming the company misled investors about its reliance on the cryptocurrency mining industry. The lawsuit alleges that NVIDIA previously concealed its reliance on the market 2018 crash That sank the chip maker’s stock prices. (For better or worse, the cryptocurrency has rebounded, and… Bitcoin recently crossed the $100,000 plateau for the first time.)

The court’s unanimous decision reflects its apparent aversion to hearing the complex technical details of the case. “certiorari is denied because it was improperly granted” is all the decision said. That language was remarkably identical to its counterpart the chapter In a case SCOTUS heard last month against Meta, which it also accused of deceiving investors.

The Washington Post Reports That the justices made hints about NVIDIA’s dismissal when they heard arguments in mid-November. Justice Elena Kagan reportedly said: “It becomes less and less clear why we took this case…and why she should win it.” New York Times He says Members of the court from across the ideological spectrum appeared frustrated by these arguments. “This is a very technical topic,” Justice Samuel Alito once said. “It seems to me that you are asking us to engage in a kind of analysis that we were not good at and that we did not expect when we took up this issue,” Kagan said.

Because AI is thorny and high-risk Legal and ethical questions loomWe can take comfort in the fact that the highest court of the most powerful country in the world seems…totally uninterested in delving into the technical details of big tech companies that often raise eyebrows. At least the risks are much lower in this case, and only affect the finances of a very wealthy company and a group of (potentially wealthy) investors on Wall Street.