Nvidia Corp. shares fell on Monday, with the AI-focused chipmaker entering correction territory as it extends a sharp recent selloff. It has dropped 12% over the three-day slide, putting it past the 10% threshold that represents a correction. The drop weighed on chipmakers with the Philadelphia Stock Exchange Semiconductor Index falling as much as 2.2% on Monday. The three-day drop erased more than $400 billion from Nvidia’s market capitalization, putting it back below the $3 trillion threshold, as well as below both Microsoft Corp. and Apple Inc. in size. “The momentum in Nvidia and AI stocks in general has been staggering,” said Charlie Ashley, portfolio manager at Catalyst Funds.

Source: The Hindu June 25, 2024 04:18 UTC