Nvidia shed $128 billion in market cap on Friday, the largest drop on record for the company.
Shares of the semiconductor maker fell 5.6% to $875.28 on Friday, erasing gains it had notched earlier in the session. It was the largest percentage decrease for shares since May 31, 2023, when they fell 5.7%. The drop comes a day after Nvidia helped push the S&P 500 to a new closing high.
Friday’s…
shed $128 billion in market cap on Friday, the largest drop on record for the company.
Shares of the semiconductor maker fell 5.6% to $875.28 on Friday, erasing gains it had notched earlier in the session. It was the largest percentage decrease for shares since May 31, 2023, when they fell 5.7%. The drop comes a day after Nvidia helped push the
to a new closing high.
Friday’s performance snaps a six-day winning streak for Nvidia stock and pauses a spectacular run that has seen shares quadruple in value over the past 12 months.
Nvidia’s market value now stands at $2.188 trillion. The company ended Thursday at $2.2 trillion.
Wedbush Securities analyst Matthew Bryson, who rates Nvidia as a Buy, told Barron’s that Nvidia’s fall came as chip names dropped across the board. “It’s broader than Nvidia,” he said.
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Broadcom managed to beat earnings expectations Thursday, but shares nevertheless fell after investors were disappointed with the outlook.
closed down 7%. The stock his up 17% this year.
also presented a weaker-than-expected outlook on Thursday after fourth-quarter earnings matched Wall Street estimates. Marvell shares fell 11%.
declined 1.9%, while
dropped 4.7%.
Nvidia shares have risen 76% this year. That compares with a 7.4% jump in the
and an increase of 7.2% for the
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Write to Brian Swint at brian.swint@barrons.com and Angela Palumbo at angela.palumbo@dowjones.com
