Nvidia loses title of world’s most valued company; stock declines 2%
Nvidia’s stay as the world’s most valued company has been short-lived, with the chipmaker’s shares falling about 8 per cent from their peak.
The company’s shares were down about 2 per cent in early trade on Friday at $128 apiece, giving it a market valuation of $3.16 trillion – closely behind Microsoft’s $3.33 trillion and Apple’s $3.23 trillion. Nvidia, Microsoft and Apple are in a three-horse race to be the world’s most valuable company.
The ongoing artificial intelligence frenzy that briefly made Nvidia the world’s most valuable company this week also drove record inflows into tech funds, said Bank of America strategists. About $8.7 billion flowed into tech funds in the week through June 19.
First Published: Jun 21 2024 | 9:29 PM IST