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Nvidia suffers record US$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 (Sep 3) in the deepest ever single-day decline in market value for a US company, as investors softened their optimism about artificial intelligence in a broad market selloff following tepid economic data.

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

Intel dropped nearly 9 per cent after Reuters reported CEO Pat Gelsinger and key executives are expected to present a plan to the company’s board of directors to slice off unnecessary businesses and revamp capital spending at the struggling chipmaker. At its July record high close, Nvidia had almost tripled in 2024. Its recent losses leave it up 118 per cent year to date.

However, minority expectations of a 50 basis point cut rose to 37 per cent from 30 per cent after data on Tuesday signaled activity in the manufacturing sector remains soft. Following Nvidia's quarterly report last week, the mean analyst estimate for annual net income through January 2025 has climbed to US$70.35 billion from about US$68 billion ahead of last week's report.

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