The Trader Harbor
  • Business
  • Politics
  • World News
  • Stocks
  • Business
  • Politics
  • World News
  • Stocks

The Trader Harbor

World News

Nvidia’s $279 billion wipeout — the biggest in U.S. history — drags down global chip stocks

by admin September 5, 2024
September 5, 2024
Nvidia’s $279 billion wipeout — the biggest in U.S. history — drags down global chip stocks

Global semiconductor and associated stocks fell on Wednesday, following a steep plunge in Nvidia’s share price in the U.S. overnight.

In the U.S., chipmaker Nvidia plunged more than 9% in regular trading, leading semiconductor stocks lower amid a sell-off on Wall Street. Economic data published Tuesday resurfaced jitters about the health of the U.S. economy. Nvidia shares continued sliding in post-market trading Tuesday, falling 2%, after Bloomberg reported that the company received a subpoena from the Department of Justice as part of an antitrust investigation.

Around $279 billion of value was wiped off of Nvidia on Tuesday, in the biggest one-day market capitalization drop for a U.S. stock in history. The previous record was held by Facebook-parent Meta, which suffered a $232 billion fall in value in a day in February 2022.

Nvidia’s value chain extends to South Korea, namely, memory chip maker SK Hynix and conglomerate Samsung Electronics.

Samsung shares closed 3.45% lower, while SK Hynix, which provides high bandwidth memory chips to Nvidia, slid 8%.

Tokyo Electron dropped 8.5%, while semiconductor testing equipment supplier Advantest shed nearly 8%.

Japanese investment holding company SoftBank Group, which owns a stake in chip designer Arm, fell 7.7%.

Contract chip manufacturer Taiwan Semiconductor Manufacturing Company declined more than 5%. TSMC manufactures Nvidia’s high-performance graphics processing units which power large language models — machine learning programs that can recognize and generate text.

Taiwan’s Hon Hai Precision Industry — known internationally as Foxconn — lost nearly 3%. It has a strategic partnership with Nvidia.

The selling in Asia filtered through to European semiconductor stocks. Shares of ASML, which makes critical equipment to manufacture advanced chips, fell 5% in early trade. Other European names such as ASMI, Be Semiconductor and Infineon, were all lower.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
What Would a Top in Semiconductors Mean for the S&P 500?
next post
Biden preparing to block U.S. Steel sale to Japanese company

Related Posts

Judge temporarily blocks sports streaming service owned by...

August 18, 2024

How Vuori reached a $5.5 billion valuation by...

December 20, 2024

New Starbucks CEO Brian Niccol commits to working...

September 27, 2024

Trump Media shares sink to new post-merger low...

September 13, 2024

Savings drained and living off $2,400 a month,...

July 19, 2024

Biden blocks Japan’s Nippon Steel from $15 billion...

January 7, 2025

American Express CFO says spending picked up at...

January 26, 2025

Affirm announces JPMorgan Chase merchants can now offer...

March 27, 2025

U.S. added 818,000 fewer jobs than thought, adding...

August 23, 2024

Art created autonomously by AI can’t be copyrighted,...

March 21, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Apple reveals complex system of App Store fees to avoid E.U. fine of 500 million euros

      June 30, 2025
    • Breakdown of NVDA’s Stock Price and S&P 500: Actionable Technical Insights

      June 30, 2025
    • Thom Tillis announces retirement from Senate after clash with Trump

      June 30, 2025
    • SCOOP: House Republican eyes bid for Thom Tillis Senate seat after Trump attack

      June 30, 2025
    • Dem delay tactic ends, debate begins on Trump’s ‘big, beautiful bill’

      June 30, 2025
    • GOP, Dem senators remain divided over Medicaid after Trump’s ‘big, beautiful bill’ vote

      June 30, 2025

    Categories

    • Business (1,272)
    • Politics (3,873)
    • Stocks (1,477)
    • Uncategorized (45)
    • World News (1,265)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheTraderHarbor, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thetraderharbor.com | All Rights Reserved