Nvidia’s shares nosedive to wipe $430 billion off its value
CNN
Nvidia has lost its briefly worn crown as the world’s most valuable listed company after its stock plunged almost 13% in the past week.
Nvidia has lost its briefly worn crown as the world’s most valuable listed company after its stock plunged almost 13% in the past week. The US chipmaker’s market capitalization hit $3.34 trillion on June 18 to surpass Microsoft’s but has since shed $430 billion. Now worth $2.91 trillion, Nvidia has fallen into third place globally, behind Microsoft (MSFT) and Apple (AAPL), which have a market cap of $3.33 trillion and $3.19 trillion respectively. Shares in Nvidia (NVDA) tumbled 6.7% Monday, marking its third-straight day of declines and signaling that investors’ excitement over the crucial role the company is expected to play in the artificial intelligence revolution may be cooling after eye-popping gains in the stock. “While we do believe in AI, there have been signs of overexuberance in the US market over the last month,” Jim Reid, a research strategist at Deutsche Bank, wrote in a note Monday. Nvidia’s stock has been on a tear, soaring almost 139% over the past year. The company’s chips power AI systems, including generative AI, the technology behind OpenAI’s ChatGPT that can create text, images and other media. “What we see with Nvidia is typical volatility, which is expected when a stock rises as quickly as Nvidia’s did,” Jochen Stanzl, chief market analyst at trading platform CMC Markets, told CNN. “A lot of good news has been priced in. Now investors have started to take profits and they seem to prefer selling stocks with the best year-to-date performance.”
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