A staff introduce Nvidia GeForce series equipment on display at Computex in Taipei, Taiwan June 5, 2024.Shares of AI heavyweight Nvidia tumbled 9.5 per cent on Tuesday in the deepest ever single-day decline in market value for a US company, as investors softened their optimism about artificial intelligence in a broad market selloff following tepid economic data.
Intel dropped nearly nine per cent after Reuters reported CEO Pat Gelsinger and key executives are expected to present a plan to the company's board of directors to slice off unnecessary businesses and revamp capital spending at the struggling chipmaker. At its July record high close, Nvidia had almost tripled in 2024. Its recent losses leave it up 118 per cent year to date.
However, minority expectations of a 50 basis point cut rose to 37 per cent from 30 per cent after data on Tuesday signalled activity in the manufacturing sector remains soft.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Australia Australia Latest News, Australia Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nvidia suffers record $279 billion loss in market value as Wall St drops:Shares of AI heavyweight Nvidia tumbled 9.5 per cent on Tuesday in the deepest ever single-day decline in market value for a U.S. company, as investors softened their optimism about artificial intelligence in a broad market selloff following tepid economic data.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Nvidia suffers record US$279 billion loss in market value as Wall St dropsShares of AI heavyweight Nvidia tumbled 9.5 per cent on Tuesday (Sep 3) in the deepest ever single-day decline in market value for a US company, as investors softened their optimism about artificial intelligence in a broad market selloff following tepid economic data.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Nvidia suffers record US$279 billion loss in market value as Wall Street dropsShares of AI heavyweight Nvidia tumbled 9.5 per cent on Tuesday (Sep 3) in the deepest single-day decline in market value for a US company, as investors softened their optimism about artificial intelligence in a broad market selloff following tepid economic data.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Stocks hammered by renewed growth concerns, Nvidia's selloffAsian shares and global stock futures tumbled on Wednesday (Sep 4), led by a heavy decline in technology names and as worries about the global growth outlook drove investors out of risky assets, while oil prices hit multi-month lows.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Nvidia, chip stocks waver after previous day's sell-offChip companies led by market cap leader Nvidia were set to extend losses on Wednesday after a bruising sell-off in the previous session, reflecting the growing concern on Wall Street over the stocks' lofty valuations as AI optimism cools. Nvidia fell 1.6 per cent in premarket trading after Tuesday's 9.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »