Nvidia no longer world's most valuable company after short run as top stock

Shares of the semiconductor giant have fallen 6.7% in the last two days, erasing over $220 billion in market capitalization and dragging the company from its place as the world’s top stock. Nvidia’s market cap was about $3.1 trillion on Friday, lower than Apple at $3.2 trillion and Microsoft at $3.3 trillion.

Some whipsawing in the short-term was expected by some. In a June 19 note, analysts led by Vivek Arya at Bank of America said that Nvidia’s"steep climb makes it vulnerable to profit taking, but we argue any volatility likely to be short-lived." The group reiterated its buy rating, $150 price target and top pick status on the shares.

"In fact, one could argue that Nvidia should absorb an even larger portion of the enterprise application software market cap as profits transfer to their stack."

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