Nvidia shares shed 10%, shaving off at least $200 billion

Nvidia shares fell by 10% in the last day, resulting in the company losing at least $200 billion

April 20, 2024 12:47 pm | Updated 12:47 pm IST

Nvidia’s stock price is still up by 172.82% in the past year [File]

Nvidia’s stock price is still up by 172.82% in the past year [File] | Photo Credit: REUTERS

Nvidia shares fell by 10% in the last day, sending shockwaves through the tech sector as the company lost over $200 billion in value.

Analysts pointed to pressure on the semiconductor industry, upcoming earnings reports, and a fall in stock prices of Nvidia vendor Super Micro Computer, as possible factors behind Nvidia’s own falling stock value.

However, Nvidia’s stock price is still up by 172.82% in the past year.

CEO Jensen Huang is optimistic about the generative AI industry and Nvidia’s position in it. He went so far as to claim during a summit in February that kids shouldn’t have to learn how to code anymore.

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“Everybody in the world is now a programmer. This is the miracle of artificial intelligence,” he said at the time.

Apart from Nvidia, a few other major tech companies also saw plunging stock prices this week, as Apple fell by 5.39% in the past five days, while Tesla dropped by 12.24% in the same period, and Microsoft fell by 4.18% in the past five days.

In late May last year, Nvidia became a $1 trillion company as the generative AI boom triggered both businesses and giants in the sector to invest in the high-end hardware and chips required to power the computing processes underlying popular large language models like ChatGPT.

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