NVIDIA's $400B crash deepens.
NVIDIA shares fell more than 6% on Tuesday, trading at around $167, as scrutiny of the AI chip giant intensified. Since the weekend's revelations about CEO Jensen Huang, the company has now lost more than $400 billion in market value, dropping it to third among the world's biggest companies, behind Apple and Microsoft. Microsoft has overtaken NVIDIA as the world's second-biggest company.
Huang's own fortune took a hit too. It fell $7.4 billion in the first half-hour of Monday trading, from $162.2 billion to $154.7 billion, dropping him from 8th to 10th on Forbes' real-time billionaire list.
The pressure is building on several fronts. NVIDIA reports quarterly earnings on November 17, and three House Republican chairs have requested a closed-door briefing with Huang on November 18. Huang is to respond by November 11.
Why it matters: valued at more than $4 trillion, NVIDIA is the engine of the AI boom, supplying the chips AI developers rely on. A sell-off this sharp at the top of the market raises questions about the company's leadership, its reputation and the wider AI rally.
Source: AFP via The New Indian Express, News18 and Business Standard.
