Nvidia's Market Cap Plummets by $118B Due to Stock Plunge
Money | June 21, 2024, 11:14 a.m.
Nvidia's reign as the most valuable publicly traded company was short-lived as it faced a massive $118 billion market capitalization loss. Despite recently surpassing Microsoft, Nvidia's shares plummeted on triple-witching Friday, relinquishing its top spot on the stock exchange. The market volatility, coupled with various expirations, contributed to Nvidia's downfall. However, historical data suggests that high-performing companies tend to recover after such events, indicating a potential upside for Nvidia in the future. Analysts predict a 7.2% expected move for Nvidia post triple-witching, highlighting potential opportunities for investors. As the second quarter comes to a close, all eyes are on Nvidia and other key players in the market as they navigate through the upcoming earnings season and third quarter of 2024. Stay informed with expert insights and latest market actions by watching Morning Brief for a comprehensive analysis of Nvidia's journey.