Nvidia extends slide, enters correction territory
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The news: Nvidia has seen around USD430 billion ($646 billion) shaved off its valuation as it extended a three-day rout to 13%, crossing the technical threshold of a correction, Bloomberg reported.
The numbers: Shares in the AI chipmaker slumped 6.7% overnight, and lost a further 1.3% in after-hours trade on the Nasdaq. It was Nvidia's third straight negative session and biggest single-day percentage drop since April.
The tech company's market capitalisation lost USD430 billion, the biggest three-day value loss for any company in history, according to data compiled by Bloomberg.
The context: Nvidia’s decline has seen its valuation return below the USD3 trillion threshold, and back beneath Microsoft and Apple, having briefly become the world's largest stock last week.
However, Nvidia is still up nearly 140% this year, making it the second-best performer in the S&P 500 Index, behind only Super Micro Computer.
The source: Bloomberg
