Concern over the arrival of powerful and cheap Chinese artificial intelligence (AI) software triggered a record selloff in the U.S. stock market on Monday.
Shares of Nvidia Corp., a semiconductor maker, plunged more than 16 percent Monday. This wiped out about $465 billion from the company’s market capitalization. “That eclipsed the previous record — a 9% drop in September that wiped out about $279 billion in value — and was the biggest in US stock-market history,” Bloomberg reported.
Moreover,
The drop rippled through the rest of the market due to how much weight Nvidia has in major indexes. Including Monday’s slump, Nvidia selloffs have caused eight of the top ten biggest one-day drops in the S&P 500 Index, based on market value.… The S&P 500 fell as much as 2.3% early Monday and the Nasdaq 100 tumbled as much as 3.6% before paring the drop.
Concern over the arrival of powerful and cheap Chinese artificial intelligence (AI) software triggered a record selloff in the U.S. stock market on Monday.
Shares of Nvidia Corp., a semiconductor maker, plunged more than 16 percent Monday. This wiped out about $465 billion from the company’s market capitalization. “That eclipsed the previous record — a 9% drop in September that wiped out about $279 billion in value — and was the biggest in US stock-market history,” Bloomberg reported.
Moreover,
> The drop rippled through the rest of the market due to how much weight Nvidia has in major indexes. Including Monday’s slump, Nvidia selloffs have caused eight of the top ten biggest one-day drops in the S&P 500 Index, based on market value.… The S&P 500 fell as much as 2.3% early Monday and the Nasdaq 100 tumbled as much as 3.6% before paring the drop.
