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Nvidia’s shares suffered an unprecedented sell-off on Tuesday, wiping $279 billion from its market capitalization — the biggest one-day loss in U.S. history — and exceeding the combined value of many large U.S. companies, including McDonald’s and Chevron. From CNN.
Nvidia shares fell more than 9% in regular trading in the U.S. and were down another 2% after the market closed. Subpoena Reporting According to Bloomberg, this is in relation to an antitrust investigation from the Department of Justice.
Related: Why are NVIDIA’s earnings so important? Experts say they could be a market mover
Nvidia CEO and largest individual shareholder Jensen Huang also took a personal hit, seeing his wealth fall by $10 billion.
NVIDIA CEO Jensen Huang – Photo: I-HWA CHENG/AFP | Getty Images
Stocks Increased by about 1% Wednesday afternoon, according to CNBC.
Nvidia holds about 80% of the AI ​​chip market. In response to the Department of Justice’s antitrust investigation, a company spokesperson told the outlet that Nvidia “won on merit, as reflected in our benchmark results and value to our customers, so they can choose the solution that’s best for them.”
Despite the loss, Nvidia is still up 118% year to date. From Reuters.
Related: Why NVIDIA’s billionaire employees work until 2 a.m.
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