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.”
Thanksgiving dinner will cost less this year than last but will still be 19% higher than before the pandemic, according to the American Farm Bureau Federation’s annual Thanksgiving survey out Wednesday.
Comcast is planning to spin off most of its cable television networks, including MSNBC and CNBC, into a separate publicly traded company, according to executives with knowledge of the plan.
Conspiracy theorist Alex Jones has sued a court-appointed bankruptcy trustee and the families of some of the Sandy Hook victims in an attempt to stop the sale of his media empire Infowars to the satirical news outlet The Onion.
The cat’s out of the bag: Jaguar has unveiled a new logo that emphasizes its posh pronunciation as it transitions into a “new era” that emphasizes its all-electric vehicle lineup.
Markets sold off Tuesday as geopolitical tensions escalated between Ukraine and Russia.
Protesters opposed to Tesla’s expansion of its plant near Berlin were holding out in trees Tuesday as German police sought to clear their forested camp.
Jersey Mike’s Subs is selling a significant stake to private equity giant Blackstone, ending its nearly seven-decade run as an independently owned business that transformed into a major competitor against well-entrenched competitors like Subway.
Walmart’s business is surging. Customers making more than $100,000 a year are fueling the growth.
The president-elect’s plan to deport millions of undocumented immigrations may backfire, driving up the cost of homebuying even further.
In the first quarter of this year, the price of bitcoin broke records in the wake of approval by the Securities and Exchange Commission for the first exchange-traded spot bitcoin funds. The cryptocurrency topped $70,000 in March, according to coinmarketcap.com.
Donald Trump is returning to the White House without many of the guardrails of his first term.