Nvidia’s stock suffered an unprecedented decline on Tuesday, wiping $279 billion off its market value, the biggest one-day loss in US history. The loss is more important than all the shares of many large US companies, including McDonald’s and Chevron, according to CNN.
Shares of Nvidia fell more than 9% in regular US trading and extended the market’s decline after falling an additional 2%, after the report of a subpoena from the Department of Justice related to the antitrust investigation, according to Bloomberg.
Related: Why Are Nvidia Profits So Important? They can be ‘Market Movers,’ says an expert
Jensen Huang, CEO and leading shareholder of Nvidia, was also affected by the drop in his $10 billion fortune.
Nvidia CEO Jensen Huang – Photo by I-HWA CHENG/AFP | Getty Images
Shares were up about 1% Wednesday afternoon, according to CNBC.
Nvidia has about 80% of the market for AI chips. In response to the DOJ’s antitrust investigation, a company spokesperson told the outlet that Nvidia “wins on merit, as reflected in our benchmark results and value to customers, who can choose whichever solution is best for them.”
Despite the loss, Nvidia is up 118% year to date, per Reuters.
Related: Why Millionaire Nvidia Employees Still Work Until 2 AM
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