With about 20 minutes to the close NVDA Is down $82.20 (-9.71%) at $764.51.
From MarketWatch, April 19
Nvidia’s market-cap losses this week are greater than AMD’s entire market value
The decline in Magnificent Seven stocks has erased a collective $934 billion from their market capitalizations so far this week, which would make for the group’s worst-ever weekly loss of market value if it holds through the close.
While Tesla Inc.’s stock TSLA is the biggest weekly percentage decliner of the gang from a stock perspective, Apple Inc. AAPL , Microsoft Corp. MSFT and Nvidia Corp. NVDA are bigger contributors to the market-cap losses as they are all worth substantially more than the car maker.
Nvidia is tracking toward being the biggest market-cap loser of the week, shedding $258 billion with about one hour left in Friday’s trading day. That’s more than the total market capitalization of rival Advanced Micro Devices Inc. AMD , at $236 billion.
Shares of Nvidia are down 10.3% so far this week as the semiconductor sector has been under pressure. Nvidia’s stock is suffering its worst weekly performance since Sept. 2, 2022 on a percentage basis. It’s also down 8.1% in Friday action, putting it on track for its worst single-day percentage drop since it fell 9.5% on Sept. 13, 2022. With the stock down more than $68, it’s heading for its largest one-day price decline on record.
Within chips, there’s been “sort of an unwind of the entire sector” that’s been “accelerating day by day” over the past week or so, according to Mizuho desk-based analyst Jordan Klein.
The chip company’s daily loss of market cap Friday, at $169.8 billion, is on track to be a new record for it, more than the $128.5 billion in market value that it lost on March 8, 2024.
Apple’s sporting a loss of $184 billion in market cap on the week so far, while Microsoft is down $174 billion in market value.
All seven of the large technology-related stocks known as the Magnificent Seven are on track to see weekly stock-price declines, led by Tesla, off 13.9%....
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