Nvidia has lost its briefly worn crown as the world鈥檚 most valuable listed company after its stock plunged almost 13 per cent in the past week.
The U.S. chipmaker鈥檚 market capitalization hit US$3.34 trillion on June 18 to surpass Microsoft鈥檚 but has since shed US$430 billion. Now worth US$2.91 trillion, Nvidia has fallen into third place globally, behind Microsoft and Apple, which have a market cap of US$3.33 trillion and US$3.19 trillion respectively.
Shares in Nvidia tumbled 6.7 per cent Monday, marking its third-straight day of declines and signaling that investors鈥 excitement over the crucial role the company is expected to play in the artificial intelligence revolution may be cooling after eye-popping gains in the stock.
鈥淲hile we do believe in AI, there have been signs of overexuberance in the U.S. market over the last month,鈥 Jim Reid, a research strategist at Deutsche Bank, wrote in a note Monday.
On Tuesday, shares of Nvidia climbed more than 5 per cent higher, reversing course after its multi-day sell-off.
Nvidia鈥檚 stock has been on a tear, soaring almost 139 per cent over the past year. The company鈥檚 chips power AI systems, including generative AI, the technology behind OpenAI鈥檚 ChatGPT that can create text, images and other media.
鈥淲hat we see with Nvidia is typical volatility, which is expected when a stock rises as quickly as Nvidia鈥檚 did,鈥 Jochen Stanzl, chief market analyst at trading platform CMC Markets, told CNN. 鈥淎 lot of good news has been priced in. Now investors have started to take profits and they seem to prefer selling stocks with the best year-to-date performance.鈥
Frenzy around the potential for AI to radically change the way we live and work 鈥 and make big returns for investors 鈥 has driven much of the stock market鈥檚 returns over the past year and a half.
Nvidia is a member of the so-called Magnificent Seven, the mega-cap tech companies whose shares greatly outperformed the broader U.S. stock market rally last year. The S&P 500 index climbed 24.2 per cent over 2023, compared with the average 111 per cent rise in the stocks of the Magnificent Seven.
In a note published Monday, Deutsche Bank noted that, as a result of the seven stocks鈥 dominance, 鈥渢he U.S. stock market is close to being the most concentrated in history.鈥 On Tuesday, the bank wrote that the decline in Nvidia鈥檚 stock the previous day had 鈥渉eld down U.S. equity returns more broadly.鈥
The S&P 500 closed 0.3 per cent down Monday, while the tech-heavy Nasdaq dipped 1.2 per cent.
However, Derren Nathan, head of equity research at investment platform Hargreaves Lansdown, isn鈥檛 too worried about contagion.
鈥淎lthough Nvidia has sneezed, the wider market hasn鈥檛 caught a cold, with a mixture of less extreme movements in both directions for the rest of the Magnificent Seven,鈥 he wrote in a note Tuesday. 鈥淢eanwhile, in other sectors, U.S. stocks saw gains (Monday) in energy, financials and utilities: a vote of confidence by investors in the health of the broader economy.鈥
Gov. Gen. Mary Simon insists her lack of French language proficiency does not hinder her ability to represent Canadians, after several Quebec politicians this week criticized her for not yet being fluent in the language, three years after her appointment.
The Israeli military said Sunday that it killed another high-ranking Hezbollah official in an airstrike as the Lebanese militant group was reeling from a string of devastating blows and the killing of its overall leader, Hassan Nasrallah.
The Tax-Free Savings Account can be a powerful savings tool and investment vehicle. Financial contributor Christopher Liew explains how they work and how to take full advantage of them so you can reach your financial goals faster.
The CEO of the Ottawa Mission is responding to controversial comments made this week by Premier Doug Ford about those living in homeless encampments that received swift blowback from advocates.
Tim Walz and JD Vance might have the chance to reshape the political landscape Tuesday in their first and only debate.
The government has just weeks to decide if it will meet the $16-billion demand from the Bloc Qu茅b茅cois to stave off an election for a few more months, but the stipulation may be at odds with the political and fiscal plans of the Liberals.
Massive rains from powerful Hurricane Helene left people stranded, without shelter and awaiting rescue, as the cleanup began from a tempest that killed at least 64 people, caused widespread destruction across the U.S. Southeast and knocked out power to millions of people.
Along the Cumberland River just north of downtown Nashville, Tenn., tourists on party pontoons float past the recognizable skyline, but they also can see something a little less expected: hundreds of sheep nibbling on the grass along the riverbank.
This Monday, Sept. 30 is the National Day for Truth and Reconciliation (NDTR), a federal statutory holiday and day of remembrance for the Indigenous children who never came home from Canadian residential schools, as well as those who survived them.
Toronto police are urging anyone with information, including video footage, to contact them after a man was fatally stabbed in north Scarborough on Saturday evening.
For decades, Melven Jones couldn鈥檛 talk about what happened to him as a child. He didn鈥檛 even remember it.
Members of the Southern Georgian Bay OPP and the Canadian Anti-Fraud Centre (CAFC) are sounding the alarm on a rising number of online and phone scams targeting residents.
On Broughdale Ave, barricades kept students to the sidewalks, and on Huron, officers kept directing the young people away from the middle of the road for emergency vehicles.
The Pride crosswalk in downtown Sault Ste. Marie, Ont., has been hit by vandalism for the second time in less than three months.
Vancouver police officers took a goat into custody Friday night.
Tim Walz and JD Vance might have the chance to reshape the political landscape Tuesday in their first and only debate.
Riding in a black SUV with tinted windows, lawyer Mariel Colon rolls up to the gates of a remote mansion, strolling past a security guard side-by-side with Emma Coronel, the wife of notorious drug lord Joaqu铆n 'El Chapo' Guzman.
Newly emerged film footage of U.S. President John F. Kennedy's motorcade speeding down a Dallas freeway toward a hospital after he was fatally wounded sold at auction Saturday for US$137,500.
Russia's top diplomat warned Saturday against 'trying to fight to victory with a nuclear power,' delivering a UN General Assembly speech packed with condemnations of what Russia sees as Western machinations in Ukraine and elsewhere 鈥 including inside the United Nations itself.
In Syria, 37 militants affiliated to the extremist Islamic State group and an al-Qaeda-linked group were killed in two strikes, the United States military said Sunday.
For months, New York City Mayor Eric Adams 鈥 a former cop 鈥 refused to criticize the federal authorities investigating his administration. Not anymore.
The government has just weeks to decide if it will meet the $16-billion demand from the Bloc Qu茅b茅cois to stave off an election for a few more months, but the stipulation may be at odds with the political and fiscal plans of the Liberals.
Gov. Gen. Mary Simon insists her lack of French language proficiency does not hinder her ability to represent Canadians, after several Quebec politicians this week criticized her for not yet being fluent in the language, three years after her appointment.
Canada is contributing $10 million for humanitarian assistance for civilians in Lebanon amid the escalating conflict between Israel and Hezbollah.
A man from Alberta has been at the Medipal International Hospital in Kampala, Uganda for over two months with a hefty medical bill. He says he can鈥檛 leave until it鈥檚 been paid for.
More than 550 symptomatic people responded to an online questionnaire about a gastrointestinal illness at a Prince Edward Island shellfish festival last weekend.
A partial masking mandate has returned to Nova Scotia hospitals and provincially run healthcare facilities for visitors and healthcare workers.
Canadian innovators and technical leaders gathered in Ottawa Thursday to demonstrate the latest cutting-edge technology.
SpaceX launched a rescue mission for the two stuck astronauts at the International Space Station on Saturday, sending up a downsized crew to bring them home but not until next year.
Trees haven't grown on the Falkland Islands for thousands of years. But tree trunks and branches preserved in peat suggest the islands were once home to a forest.
Given the sudden popularity of Moo Deng, the Thai national treasure whose name roughly translates as 'bouncy pork,' it was only a matter of time before someone turned her into a digital asset.
As Sarah McLachlan, Tom Cochrane and members of Blue Rodeo were ushered into the Canadian Songwriters Hall of Fame on Saturday, each took a moment to recognize that writing great music usually comes with incredible struggle.
'Saturday Night Live' began its 50th season with a parade of former co-stars, including Maya Rudolph as U.S. Vice President Kamala Harris, Andy Samberg as her husband Doug Emhoff and Dana Carvey as U.S. President Joe Biden.
A strike by grain terminal workers at the Port of Metro Vancouver has ended, their employer announced Friday night.
When Annie Korver sits down with a new corporate or small business client, she encourages them to focus first on the 'truth' part of Truth and Reconciliation.
The U.S. Department of Transportation said Friday it had fined Air Canada US$250,000 for operating flights in 2022 and 2023 in prohibited Iraqi airspace.
The Tax-Free Savings Account can be a powerful savings tool and investment vehicle. Financial contributor Christopher Liew explains how they work and how to take full advantage of them so you can reach your financial goals faster.
It's often said there is a thin line between love and hate, but is it OK to sometimes hate your long-term partner? If you ask actress Jamie Lee Curtis, it's practically necessary.
When a few weeks passed and Nana Prempeh still hadn鈥檛 heard from the guy she met on vacation, she turned to her friends for advice.
On an eventful Saturday at the Presidents Cup, the U.S. took an 11-7 lead over an International team that saw big performances from the world's No. 1 ranked golfer, Scottie Scheffler.
The Toronto Raptors have confirmed that Vince Carter's No. 15 will be the first number to be retired by the NBA franchise.
The Internationals stormed back with a 5-0 second-round shutout to tie the United States 5-5 in the overall score at the elite biennial men's golf tournament.
A tale about a taxicab hauling gold and sinking through the ice on Larder Lake, Ont., in December 1937 has captivated a man from that town for decades.
A U.S. driver somehow squeezed her vehicle through a parkade hallway at a Metro Vancouver casino Thursday, before getting stuck at an elevator bank.
More than 12,000 vehicles in Canada are included in two separate recalls by Toyota Motor Corp. and Mazda.
A tale about a taxicab hauling gold and sinking through the ice on Larder Lake, Ont., in December 1937 has captivated a man from that town for decades.
When a group of B.C. filmmakers set out on a small fishing boat near Powell River last week, they hoped to capture some video for a documentary on humpback whales. What happened next blew their minds.
A pizza chain in Edmonton claims to have the world's largest deliverable pizza.
Sarah McLachlan is returning to her hometown of Halifax in November.
Wayne MacKay is still playing basketball twice at Mount Allison University at 87 years old.
A man from a small rural Alberta town is making music that makes people laugh.
An Indigenous artist has a buyer-beware warning ahead of Sept. 30, the National Day for Truth and Reconciliation.
Police are looking to the public for help after thieves broke into a Lethbridge ice creamery, stealing from the store.
An ordinary day on the job delivering mail in East Elmwood quickly turned dramatic for Canada Post letter carrier Jared Plourde. A woman on his route was calling out in distress.
A man was found dead in a home in the Ditidaht First Nation on Vancouver Island Saturday morning, prompting local council to ask residents to shelter in place.
For decades, Melven Jones couldn鈥檛 talk about what happened to him as a child. He didn鈥檛 even remember it.
A Vancouver man has paid $337,500 to the B.C. Securities Commission as part of an insider trading settlement, the financial regulator announced Friday.
One person was injured in a stabbing at Moss Park early Sunday morning, Toronto police say.
Gov. Gen. Mary Simon insists her lack of French language proficiency does not hinder her ability to represent Canadians, after several Quebec politicians this week criticized her for not yet being fluent in the language, three years after her appointment.
Toronto police are urging anyone with information, including video footage, to contact them after a man was fatally stabbed in north Scarborough on Saturday evening.
A child was sent to hospital after being attacked by a coyote in northwest Calgary.
Alberta's premier spoke to calls for an outside, independent investigation into the death of Jon Wells during an incident involving Calgary police last week.
A Calgary city councillor's plea to have permanent residents be given the right to vote in municipal elections, an idea long dismissed by Premier Danielle Smith as unconstitutional, has been defeated.
Warmer than normal temperatures in the forecast for Ottawa until the end of the long weekend.
A garden showcasing Indigenous knowledge, and medical practices will be unveiled Monday on the National Day for Truth and Reconciliation at the University of Ottawa (uOttawa).
The victim has been identified as Chanel Charette, 33.
World Wrestling Entertainment Hall-of-Famer Maurice "Mad Dog" Vachon is the inspiration for a local wrestling production company that will bear his name host events on Montreal's West Island to raise money and create memories for sick children.
A commemorative rally marking the fourth anniversary of Joyce Echaquan鈥檚 death will take place in Ville-Marie on Saturday afternoon.
Members of Montreal鈥檚 Maghrebi community are gathering in a city park this afternoon to sound the alarm about what they call the 鈥渟courge鈥 of street gangs recruiting youth to carry out criminal acts.
A man has been charged with second-degree murder in the killing of 25-year-old Wyatt Omeasoo in 2023.
A person is in hospital after a hit-and-run crash involving a stolen motorcycle in Grande Prairie early Saturday morning.
Alberta鈥檚 government is getting pushback from some municipal leaders and support from others over its plan to build the sheriffs into a second provincial police service.
Communities that suffered total losses in Hammonds Plains, N.S., and Upper Tantallon, N.S., in the 2023 wildfire received a donation of trees from Northern Pulp on Saturday.
Saint John, N.B., fighter Christien Savoie is competing for a potential UFC contract in Las Vegas in October.
RCMP Halifax Regional Detachment say they have charged a man with multiple offences, including assaulting a peace officer with a weapon, following a disturbance in Beaver Bank, N.S.
As the temperatures begin to drop and the leaves change colour, the time for fall suppers has returned in Manitoba.
Hundreds gathered in Winnipeg鈥檚 Memorial Park Saturday afternoon in a solemn ceremony honouring the lives of fallen firefighters.
A beloved annual celebration of arts and culture returns to city streets Saturday night.
The Town of Lumsden held their ninth annual Scarecrow festival Saturday.
The Saskatchewan Roughriders moved into second place in the CFL's West Division with a 29-16 victory over the Ottawa Redblacks on Saturday.
Minister of Health Everett Hindley wrote to healthcare provider unions on Friday inviting them to join a nursing task force, something the government previously said no to.
It鈥檚 homecoming weekend for many students and alumni and preparations are underway to ensure it鈥檚 a safe celebratory weekend.
People in Guelph may notice a new addition at the entrance to Franchetto Park in Guelph.
The Kitchener Rangers returned to the Kitchener Memorial Auditorium on Friday to the roar of thousands of eager fans.
Saskatchewan RCMP says the man who sustained injuries from a serious assault earlier this month has died in hospital.
The Saskatchewan Roughriders moved into second place in the CFL's West Division with a 29-16 victory over the Ottawa Redblacks on Saturday.
Minister of Health Everett Hindley wrote to healthcare provider unions on Friday inviting them to join a nursing task force, something the government previously said no to.
A tale about a taxicab hauling gold and sinking through the ice on Larder Lake, Ont., in December 1937 has captivated a man from that town for decades.
It's often said there is a thin line between love and hate, but is it OK to sometimes hate your long-term partner? If you ask actress Jamie Lee Curtis, it's practically necessary.
The CEO of the Ottawa Mission is responding to controversial comments made this week by Premier Doug Ford about those living in homeless encampments that received swift blowback from advocates.
On Saturday evening just before 8:00 p.m., emergency responders were on the scene of a two-vehicle collision at the intersection of 17th Line and 19th Line.
On Broughdale Ave, barricades kept students to the sidewalks, and on Huron, officers kept directing the young people away from the middle of the road for emergency vehicles.
The Tax-Free Savings Account can be a powerful savings tool and investment vehicle. Financial contributor Christopher Liew explains how they work and how to take full advantage of them so you can reach your financial goals faster.
Huntsville OPP is investigating a two-vehicle collision Friday afternoon that resulted in the death of a motorcycle driver.
Midland Fire Service, Southern Georgian Bay OPP and County of Simcoe paramedics responded to an early Saturday morning fire at a residence in Midland, which sent one person to hospital.
Two drivers were charged after a vehicle struck a house in northern Barrie Friday evening.
The aftereffects of hurricane Helene will be making their way through southwestern Ontario as we start the week.
Tim Walz and JD Vance might have the chance to reshape the political landscape Tuesday in their first and only debate.
Windsor Fire Service is on the scene of a house fire in South Windsor this morning. A single-family dwelling was reported to have been the location of an early morning fire.
A man was found dead in a home in the Ditidaht First Nation on Vancouver Island Saturday morning, prompting local council to ask residents to shelter in place.
For decades, Melven Jones couldn鈥檛 talk about what happened to him as a child. He didn鈥檛 even remember it.
Almost 200 pages of research on the B.C. Conservative Party, which sources within BC United confirm were compiled by their party before it dropped out of the British Columbia election campaign to support its former rival, have come back to haunt the new alliance.
Fire crews in Vernon, B.C., responded to a large house fire early Saturday morning.
A pair of runaway pigs are in the custody of an animal sanctuary in the Okanagan after evading police and volunteers for hours earlier this week.
The Red Bridge, a historic landmark in Kamloops, B.C., was completely destroyed by fire early Thursday morning.
The sentencing for three men convicted of helping lead and coordinate the COVID-19 protest blockade at Coutts, Alta., in 2022 has been delayed.
A 10-year-old boy from Lethbridge is being praised as a hero after a routine summer outing at the pool nearly turned tragic for his friend.
A man and woman have been charged after a Lethbridge ice creamery was broken into earlier this week. Staff arrived at Cookie Crimes, in the 300 block of Sixth Street South, just before 5:30 a.m. on Monday to discover the front window broken.
Sault residents may notice some commotion on the Algoma University campus over the next two weeks as a team conducts an archaeological search.
The Pride crosswalk in downtown Sault Ste. Marie, Ont., has been hit by vandalism for the second time in less than three months.
Despite a lead at mid-game in front of a near-capacity home crowd, the Sudbury Wolves dropped their first game of their OHL regular season to Barrie, 3-1.
A soccer game in England on Tuesday night drove a spike in online traffic across the Atlantic to a website launched by the Newfoundland and Labrador government.
Newfoundland and Labrador sponsored a minor football team in England, now they鈥檙e about to play one of the biggest clubs in European soccer.
Newfoundland and Labrador's chief medical officer is monitoring the rise of whooping cough infections across the province as cases of the highly contagious disease continue to grow across Canada.
The Shopping Trends team is independent of the journalists at 麻豆传媒. We may earn a commission when you use our links to shop.聽Read about us.
