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Nvidia stock sinks another 6.7%, shedding over $400B in market cap over 3-day slide

Published 06/24/2024, 06:40 AM
Updated 06/24/2024, 04:50 PM
© Reuters Nvidia stock down, set to shed $65 million in market cap

Nvidia (NASDAQ:NVDA) shares fell another 6.7% on Monday, extending losses for a third straight session and erasing more than $430 billion in market capitalization over the three-day slide. Today's drop was the largest in two months.

Nvidia ended last week with a market valuation of around $3.1 trillion, lower than Apple’s (AAPL) $3.2 trillion and Microsoft’s (MSFT) $3.3 trillion. The AI chipmaker briefly overtook Microsoft last week to become the most valuable company in the world, though it couldn’t hold onto the top position for long.

Despite the recent slide, NVDA is up 138% year-to-date, making it one of the best-performing stocks of the tech-heavy Nasdaq 100 index. Further, analysts continue to sing the company's praises, suggesting the downside move is more about sector rotation and profit-taking versus anything fundamental.

Today, analysts at Jefferies raised their price target to $150 per share from $135 while reiterating a Buy rating. Analysts at the firm said, "NVDA remains both king and kingmaker" in the AI sector.

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