With Monday’s losses, Apple has retaken the title of world’s most valuable company and Nvidia’s value sank to around $2.8 trillion.
Shares of chipmaker Nvidia plunged Monday, for its worst day since the global market selloff in March 2020 that the coronavirus pandemic triggered.
The plunge came amid a global tech stock sell-off over fears about America's leadership in the AI sector. Those fears were largely sparked by advances Shares of the chipmaker, one of the primary beneficiaries of the artificial intelligence boom in tech stocks, plummeted as much as 18%. That pushed Nvidia's market value below $3 trillion. Still, shares of the firm are up more than 480% over the last two years.
The drop accounted for more than $520 billion in lost market value though. If shares of the tech giant close at this level, it would be the biggest market value drop in U.S. stock market history, according to Bloomberg. And it would be nearly double the second worst drop in history, also seen by Nvidia shareholders in September 2024 when the company shed $279 billion in value.
Due to the AI-fueled surge in mega-cap tech stocks, Nvidia catapulted into the top 5 most valuable companies in the world in . The surge didn't stop there, with the company soaring past Alphabet, Microsoft and the most valuable company in the world: Apple. At its most recent peak, Nvidia reached a towering $3.7 trillion.
With Monday's losses, Apple has retaken the title of world's most valuable company and Nvidia's value sank to around $2.8 trillion.Nvidia's drop also pulled the Dow Jones Industrial Average lower by more than 130 points. Nvidia joined the prestigious 30-stock index The global sell-off in tech stocks also meant the S&P Technology sector fell into the red for the year so far, the only sector lower over that time.
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