www.reuters.com By Noel Randewich and Suzanne McGee
Shares of AI heavyweight Nvidia (NVDA.O), opens new tab tumbled 9.5% on Tuesday in the deepest ever single-day decline in market value for a U.S. company, as investors softened their optimism about artificial intelligence in a broad market selloff following tepid economic data.
Nvidia lost $279 billion in market capitalization, a major indication that investors are becoming more cautious about emerging AI technology that has fueled much of this year’s stock market gains.
The PHLX chip index (.SOX), opens new tab plummeted 7.75%, its biggest one-day drop since 2020.
The latest jitters about AI come after Nvidia last Wednesday gave a quarterly forecast that failed to meet the lofty expectations of investors who have driven a dizzying rally in its stock.
“Such a massive amount of money has gone to tech and semiconductors in the last 12 months that the trade is completely skewed,” said Todd Sohn, an ETF strategist at Strategas Securities.
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