Nvidia's shares experienced a significant drop on Monday, marking its worst day since the 2020 coronavirus pandemic sell-off. The decline, attributed to fears surrounding America's leadership in AI and a broader tech stock sell-off, resulted in a loss of over $520 billion in market value. This drop pushed Nvidia's value below $3 trillion, allowing Apple to reclaim its position as the world's most valuable company.
With Monday’s losses, Apple has retaken the title of world’s most valuable company and Nvidia’s value sank to around $2.8 trillion.Shares of chipmaker Nvidia plunged Monday, for its worst day since the global market selloff in March 2020 that the coronavirus pandemic triggered.
Shares of the chipmaker, one of the primary beneficiaries of the artificial intelligence boom in tech stocks, plummeted as much as 18%. That pushed Nvidia's market value below $3 trillion. Still, shares of the firm are up more than 480% over the last two years. For some perspective, the amount of market value lost by Nvidia on Monday is more than the entire market value of Exxon Mobil, Costco, Home Depot, or Bank of America.
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