Nvidia's $279 billion wipeout — the biggest in U.S. history — drags down global chip stocks

In the U.S., chipmaker Nvidia plunged more than 9% in regular trading, leading semiconductor stocks lower amid a sell-off on Wall Street. Economic data published Tuesday resurfaced jitters about the health of the U.S. economy. Nvidia shares continued sliding in post-market trading Tuesday, falling 2%, after Bloomberg reported that the company received a subpoena from the Department of Justice as part of an antitrust investigation.

manufactures Nvidia’s high-performance graphics processing units which power large language models — machine learning programs that can recognize and generate text. Taiwan’s Hon Hai Precision Industry — known internationally as Foxconn — lost nearly 3%. It has a strategic partnership with Nvidia. The selling in Asia filtered through to European semiconductor stocks. Shares of ASML, which makes critical equipment to manufacture advanced chips, fell 5% in early trade.

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Chip delays, AI demand in focus in Wednesday's market-moving Nvidia earningsEarnings from bellwether Nvidia could play a pivotal role in the ongoing AI narrative, and decipher where a volatile market goes from here.
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