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NVIDIA (NVDA.US) Crashes 16%+ From High; Mkt Cap Shrinks ~US$550B
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Financial Times reported that NVIDIA (NVDA.US) shares crashed 6.7% yesterday (24 June), and its market capitalisation dropped back to US$2.91 trillion, a reduction of about US$550 billion from last Thursday's (20 June) high. Based on the closing price of US$118.11, NVIDIA's share price plummeted more than 16% from last Thursday's spot high of US$140.76, but it still skyrocketed nearly 140% cumulatively this year. Decline in the company's share price also dragged the PHLX Semiconductor Sector Index down nearly 7% over the past 3 trading days. The company disclosed last week that founder and CEO Jensen Huang sold nearly US$95 million of shares before and after the company became the world's largest by market capitalisation, in accordance with a sale plan set in March. According to the report, the retreat of NVIDIA shares has prompted some comparisons with Cisco Systems (CSCO.US), which became the world's largest by market capitalisation in March 2000 under the millennium dot-com bubble. Cisco's share price cratered about 80% in the year after that, as it was hit by the bursting of the dot-com bubble and cutbacks by telecoms firms in their broadband infrastructure spending. AAStocks Financial News |
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