Nvidia shares closed down 7 per cent on Tuesday as a heavy sell-off in chipmaking stocks reignited ahead of a number of closely watched earnings reports from Big Tech companies this week.
The Silicon Valley chipmaker, which is the dominant provider of the powerful processors needed for building artificial intelligence systems, has fallen more than 20 per cent since it briefly became the world’s most valuable publicly traded company last month, cutting its market capitalisation by almost $750bn.
Other chip stocks followed. Arm, the semiconductor designer that has also been a big beneficiary of investors’ enthusiasm for AI-related stocks this year, closed down 6 per cent in New York.
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