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Nvidia suffers record $279 billion loss in market value as Wall St drops

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:Shares of AI heavyweight Nvidia tumbled 9.5 per cent on Tuesday in the deepest ever single-day decline in market value for a U.S. company, as investors softened their optimism about artificial intelligence in a broad market selloff following tepid economic data.

Nvidia lost $279 billion in market capitalization, a major indication that investors are becoming more cautious about emerging AI technology that has fueled much of this year's stock market gains.The latest jitters about AI come after Nvidia last Wednesday gave a quarterly forecast that failed to meet the lofty expectations of investors who have driven a dizzying rally in its stock.

Worries about slow payoffs from hefty AI investments have dogged Wall Street's most valuable companies in recent weeks, with shares of Microsoft and Alphabet trading lower following their quarterly reports in July. Tuesday's weakness in chip stocks accompanied wide declines on Wall Street, with the Nasdaq dropping 3.3 per cent and the S&P 500 down 2.1 per cent.

Investors will get a host of data on the labor market this week, culminating in Friday's key government payrolls report.

 

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