Nvidia Corp. saw its shares fall into correction territory on Monday as continuous selling pressure led to a substantial decline in value for the AI-focused chipmaker. The stock experienced a 6.7% drop, marking its third consecutive negative session and the largest one-day percentage decline since April.
Within three days, Nvidia’s market capitalization plummeted by approximately $430 billion, setting a new record for the largest three-day value loss in corporate history.
Over the span of the three-day period, the shares declined by 13%, surpassing the 10% threshold that typically signifies a correction.
Following this drop, Nvidia’s valuation dipped below the $3 trillion mark, positioning the company below both Microsoft Corp. and Apple Inc. in terms of size. Just last week, Nvidia briefly held the title as the world’s largest stock.
Despite this recent downturn, Nvidia has maintained a year-to-date increase of nearly 140%, securing its position as the second-best performer among the components of the S&P 500 Index, behind Super Micro Computer Inc., another prominent player in the field of artificial intelligence.
