Nvidia stock suffered an unprecedented plunge on Tuesday, losing $279 billion in market value, the biggest single-day loss in U.S. history. The loss is value greater than all the stocks of many major U.S. firms, including McDonald’s and Chevron. in accordance with CNN.
Nvidia shares fell over 9% in regular U.S. trading and continued their downward trend by one other 2% in after-hours trading after a Reporting a summons by the Justice Department in reference to an antitrust investigation, in accordance with Bloomberg.
Related: Why are Nvidia’s earnings so vital? They might be a “market driver,” says an authority
Jensen Huang, CEO and largest individual shareholder of Nvidia, also suffered a private blow, along with his fortune shrinking by $10 billion.
Nvidia CEO Jensen Huang – Photo by I-HWA CHENG/AFP | Getty Images
The shares were by about 1% Wednesday afternoon, in accordance with CNBC.
Nvidia holds about 80% of the AI ​​chip market. In response to the U.S. Department of Justice’s antitrust investigation, an organization spokesperson told the newspaper that Nvidia “wins on performance, as reflected in our benchmark results and the value to customers who can choose the solution that’s best for them.”
Despite the losses, Nvidia continues to be up 118% year-to-date. per Reuters.
Related: Why millionaire Nvidia employees still work until 2 a.m.
