Shares of Nvidia faced an unprecedented decline on Tuesday, wiping $279 billion off its market value, the biggest one-day loss in US history. The loss is worth more than all the shares of many major US businesses, including McDonald's and Chevron. for CNN.
Shares of Nvidia fell more than 9% in regular US trading and continued their aftermarket decline with an additional 2%, after a the report of a call by the Justice Department in connection with an antitrust investigation, according to Bloomberg.
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Jensen Huang, Nvidia's CEO and largest individual shareholder, also took a personal hit with a $10 billion drop in his fortune.
Nvidia CEO Jensen Huang – Photo by I-HWA CHENG/AFP | Getty Images
The shares were up to 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 newspaper that Nvidia “deservedly wins, as reflected in our benchmark results and value to customers, who can choose whatever solution is best for them.” .
Despite the losses, Nvidia is still up 118% year-to-date, for Reuters.
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