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.

(For top technology news of the day, subscribe to our tech newsletter Today’s Cache)

“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.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.