It’s been described as the most important company in the world at the moment. But new concerns surrounding Nvidia, the chipmaker powering the artificial intelligence revolution — and which this summer became America’s second-largest public company, behind Apple, when its valuation surpassed $3 trillion — have prompted a fresh global market sell-off. On Tuesday, Nvidia shares dropped 9.5%, erasing $278.9 billion from the company’s value — the biggest such single-day loss ever for a U.S. stock.
“It might, but when it does, perhaps we’ll call that a new technology, perhaps that will be another 10 years, and so on.” The skepticism has coincided with fresh economic warning signals. In the U.S., the labor market has begun to show unmistakable signs of weakness following the jobs boom that accompanied a broader economic recovery from the Covid pandemic. In China, problems in the housing sector have begun to weigh on consumption.