NVIDIA shares have tanked almost 10% in the biggest single-day market value loss in U.S. history, spurring a massive sell off in large-cap tech stocks.
The company is widely known for making graphics processing units (GPU) used in vehicles, robotics, gaming, cryptocurrency mining, and more.
NVIDIA also sells the software used to train and run artificial intelligence algorithms, specializing in chips that are very unique and crucial to companies looking to build AI capabilities.
The AI chipmaker briefly surpassed tech giants, Apple and Microsoft in its market cap in June of 2024.
NVIDIA stock lost a record $279 billion in market value on Tuesday.
The selloff was triggered by NVIDIA earnings, which came in lower than expected as well as worries over big spending on AI. But, it was all made worse yesterday when reports from Bloomberg came in that the company was sent subpoenas as part of a US Justice Department antitrust probe.
NVIDIA tanked from it’s one month high of $130 to $108 on Tuesday. As of this morning, it is still hovering over $109.00.
NVIDIA specializes in chips that are very unique and crucial to companies looking to build AI capabilities.
This article originally appeared on USATNetwork: AI chipmaker giant NVIDIA stock takes a historic $279 billion plunge
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