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Nvidia Briefly Hits $3.34 Trillion in S&P 500 Before $222 Billion Drop

Jun 21, 2024, 02:19 PM

Nvidia experienced a significant rise in the stock market, briefly becoming the most valuable company in the S&P 500 with a market capitalization of over $3.34 trillion. This surge was driven by the company's strategic pivot from video-game graphics to AI technology in 2016, under the leadership of co-founder Jensen Huang. However, Nvidia's position was short-lived as its shares fell by 6.7% over two days, resulting in a loss of $222 billion in market value. Consequently, Microsoft reclaimed its title as the world's most valuable company. Despite the recent decline, Nvidia's stock has gained 164% year-to-date, significantly outperforming the S&P 500 Index. The company's market cap remains larger than the entire stock markets of the UK, France, and Germany combined. Analysts remain optimistic about Nvidia's future in the AI sector, highlighting its substantial contributions to the ongoing chip rally in 2024. Nvidia's market value was over $3.2 trillion on June 18, fell on June 20, and further declined on June 21.