Golden Financier
  • Investing
  • Stock
  • Latest News
  • Editor’s Pick
  • Economy

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.
    Popular Topics
    • Summer demand could support OPEC+ output increases, say analysts
    • US to revoke thousands of Chinese student visas amid rising tensions with Beijing
    • Court blocks Trump tariffs: markets get a lift, but uncertainty prolonged
    • India’s e-rupee circulation jumps as RBI eyes cross-border adoption
    • Marvell stock price risky pattern points to a post-earnings MRVL crash
    • About us
    • Contacts
    • Privacy Policy
    • Terms & Conditions
    Golden Financier
    • Investing
    • Stock
    • Latest News
    • Editor’s Pick
    • Economy
    • Stock

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

    • September 4, 2024

    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

    Previous Article
    • Economy

    Journalists injured by Israeli fire during military raid in West Bank, eyewitnesses say

    • September 4, 2024
    View Post
    Next Article
    • Latest News

    Club for Growth pours $5M into tight House races as GOP braces for tough election

    • September 4, 2024
    View Post

      Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


      By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.
      Popular Topics
      • Summer demand could support OPEC+ output increases, say analysts
      • US to revoke thousands of Chinese student visas amid rising tensions with Beijing
      • Court blocks Trump tariffs: markets get a lift, but uncertainty prolonged
      • India’s e-rupee circulation jumps as RBI eyes cross-border adoption
      • Marvell stock price risky pattern points to a post-earnings MRVL crash

      Input your search keywords and press Enter.