The Supreme Court in prior rulings has limited the authority of the Securities and Exchange Commission, the federal agency that polices securities fraud. Its rulings in the Facebook and Nvidia cases - expected by the end of June - now could make it tougher for private litigants to hold companies liable for such conduct.

The case, which is in an early stage, accused the giant technology company of misleading investors about its exposure to the cryptocurrency industry.

The justices heard arguments in Nvidia's appeal of a lower court's decision allowing a 2018 class action to proceed.