Shares of the semiconductor giant have fallen 6.7% in the last two days, erasing over $220 billion in market capitalisation and dragging the company from its place as the world’s top stock.
It was a swift reversal from earlier in the week, when Nvidia rallied to overtake its megacap peers and claim the pole position. “It’s just the usual fluctuations in the stock market which, with such large companies, can wipe or add hundreds of millions or even billions of dollars to their market value,” said Russ Mould, investment director at AJ Bell.“Nothing has gone wrong at Nvidia.”In a 19 June note, analysts led by Vivek Arya at Bank of America Corp. said that Nvidia’s “steep climb makes it vulnerable to profit taking, but we argue any volatility likely to be short-lived.
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