Shares of Nvidia Corp. have recently dropped quickly and are now in the “correction” range.
That was less than a week ago that Nvidia’s stock NVDA, -6.68% hit an all-time high. That made the company the biggest in the U.S. by market capitalization for one day. The stock has been going down since then—three sessions in a row—and it’s now almost 13% below its all-time high.
Most of the time, a correction means a drop of 10% to 20% from the high point of a bull market.
On Monday, Nvidia stock dropped 6.7% to $118.11. During those three days, the drop took more than $400 billion off the market value of the company. Nvidia was worth $2.90 trillion at the end of the last session.
According to Dow Jones Market Data, the shares have dropped 12.9% in the last three days. This is the biggest drop in three days’ worth of value since December 27, 2022, when they dropped 14.4%.
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On another bad day for chip stocks, this stock did the third worst in the S&P 500 SPX. Super Micro Computer Inc. (SMCI) shares fell 8.7%, making them the second-worst performers in the index and the worst since the beginning of May. They are an Nvidia partner. Shares of Qualcomm Inc. QCOM, -5.50%, down 5.5%, and Broadcom Inc. AVGO, -3.70%, down 4% were also big losers.
The SOX part of the PHLX Semiconductor Index was off by about 3%.
