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Al Mayadeen's correspondent: Two were martyred in an initial toll of the Israeli drone strike that targeted the al-Asira neighborhood in the city of Baalbek, eastern Lebanon
Al Mayadeen's correspondent: An Israeli drone strike targeted the al-Asira neighborhood east of Baalbek, eastern Lebanon
Sheikh Naim Qassem to the pager attack survivors: You are the greatest resistance. Know that 'Israel' will fall because it embodies aggression, crime, and occupation; victory is truly yours
Sheikh Qassem to the pager attack survivors: The value of what you are doing despite your wounds is immense, and here you are, treading the path of the Master of Nation's Martyrs and the leaders
Sheikh Qassem to the pager attack survivors: You are moving forward with insight deeper than sight itself. The enemy sought to eliminate your role in the battle, yet you remain steadfast and continue the fight
Hezbollah Secretary-General Sheikh Naim Qassem to the pager attack survivors one year later: You are healing from your wounds and rising above them. You have successfully passed the test
Palestinian media: Reports of stabbing operation in occupied al-Quds.
Israeli media: Sirens blare in Arava in South, near Ramon Airport.
Egyptian PM Mostafa Madbouli: Egypt is targeted in plans to redraw regional map
AEOI Chief Mohammad Eslami: Our presence in IAEA General Council and fact-checking helped in preventing unilateral rhetoric that aims to portray Iran as an unregulated country

Nvidia suffers $279 billion loss in market value as Wall St. drops

  • By Al Mayadeen English
  • Source: Agencies
  • 4 Sep 2024 08:28
  • 1 Shares
3 Min Read

Nvidia's 9.5% plunge, marking the largest single-day loss in market value for a US company, reflects growing investor concerns about the sustainability of AI-driven stock gains.

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  • A person walks past a sign outside of a Nvidia office building in Santa Clara, Calif., on August 7, 2024. (AP)
    A person walks past a sign outside of an Nvidia office building in Santa Clara, California, on August 7, 2024. (AP)

Shares of AI giant Nvidia plunged 9.5% on Tuesday, marking the largest single-day loss in market value for a US company. 

Nvidia's $279 billion loss in market capitalization may signal a potential downfall in investor enthusiasm against emerging AI technology, which has fueled much of this year's stock market gains. 

The PHLX chip index plummeted 7.75%, marking its largest single-day drop since 2020.
The recent concerns about AI follow Nvidia's quarterly forecast last Wednesday, which fell short of the high expectations set by investors who had fueled a remarkable rally in its stock.

"Such a massive amount of money has gone to tech and semiconductors in the last 12 months that the trade is completely skewed," said Todd Sohn, an ETF strategist at Strategas Securities.

Intel fell nearly 9% after a Reuters report revealed that CEO Pat Gelsinger and key executives are expected to present a plan to the company’s board of directors to cut non-essential businesses and overhaul capital spending at the struggling chipmaker.

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Nvidia stocks had tripled in 2024

Concerns over delayed returns from significant AI investments have weighed on Wall Street's most valuable companies in recent weeks. Microsoft and Alphabet have traded lower since their July quarterly reports.

"Some recent research has questioned if the revenues from AI alone will eventually justify this wave of capital spending on it. When assessing AI capex by individual companies, investors must consider if they are making the best use of their balance sheets and capital," BlackRock strategists wrote in a client note on Tuesday.

At its record high in July, Nvidia's stock had nearly tripled in 2024. Despite recent losses, it has remained at 118% year to date. The weakness in chip stocks on Tuesday coincided with broad declines across Wall Street, with the Nasdaq falling 3.3% and the S&P 500 down 2.1%.

That said, investors expect that the Federal Reserve must cut interest rates by 25 basis points in its September 18 policy announcement, according to CME's FedWatch Tool. However, minority expectations for a 50 basis point rate cut increased to 37% from 30% after Tuesday's data indicated that activity in the manufacturing sector remains weak.

Nvidia's financial losses come after surpassing Microsoft to become the world’s most valuable company in a race to take over the market for artificial intelligence in June 2024. Its shares soared 3.5% to $135.58, pushing its market capitalization to $3.34 trillion only days after surpassing Apple.

Stocks rose around 180% this year, as opposed to the increase of about 19% in Microsoft shares, as Microsoft, Meta Platforms and Google-owner Alphabet are competing to establish their AI-computing capabilities and dominate the field. 

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  • Wall Street
  • Microsoft
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