Nvidia's shares nosedive to wipe US$430 billion off its value

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Nvidia has lost its briefly worn crown as the world’s most valuable listed company after its stock plunged almost 13 per cent in the past week.

A piece of equipment with the Nvidia logo seen in Taipei, Taiwan, in June 2024. The US chipmaker’s market capitalization hit US$3.34 trillion on June 18 to surpass Microsoft’s but has since shed US$430 billion. Now worth US$2.91 trillion, Nvidia has fallen into third place globally, behind Microsoft and Apple, which have a market cap of US$3.33 trillion and US$3.19 trillion respectively.Shares in Nvidia tumbled 6.

“What we see with Nvidia is typical volatility, which is expected when a stock rises as quickly as Nvidia’s did,” Jochen Stanzl, chief market analyst at trading platform CMC Markets, told CNN. “A lot of good news has been priced in. Now investors have started to take profits and they seem to prefer selling stocks with the best year-to-date performance.

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