Tesla Inc. CEO Elon Musk ridiculed the steep 10% drop. by Nvidia Corp NVDA shares and the resulting $211 billion market capitalization loss that occurred on Friday.
What happened: Musk took Xpreviously Twitter, Friday to mock Nvidia’s substantial decline in market capitalization. He called the 10% drop “rookie numbers.”
On Friday, Nvidia shares took a hit, resulting in a $211 billion loss in market capitalization. This was the second largest daily loss in the history of the US stock market.
See also: Tesla’s self-driving efforts win praise from Goldman Sachs
Overall, the Magnificent 7 group of titles, which includes The Apple company., Alphabet Inc.’s Google, Microsoft Corp., Meta Platform Inc., Amazon.com Inc.According to MarketWatch, Tesla and Nvidia together saw a record loss of $950 billion in market capitalization over the past week.
Sign up for the Benzinga Tech Trends newsletter to get the latest tech developments delivered straight to your inbox.
Because matter: The decline in Nvidia’s stock value has had a significant impact on the market.
Those with high technological content Nasdaq100 The index experienced its worst day since late 2023 and worst week since late 2022, falling 2.1% on Friday. This marked the fourth consecutive week of declines, a streak not seen since May 2022.
On a weekly basis, the Nasdaq 100, which is followed closely Invesco QQQ Fund QQQfell 5.3%, marking its worst performance since October 2022. Friday’s decline further exacerbated the already pessimistic sentiment surrounding U.S. technology stocks.
Nvidia’s stock decline has been attributed to a number of events, including worse-than-expected earnings from ASML Holdings NV ASML and a reduced outlook for the chip market from Taiwan Semiconductor Manufacturing Company Ltd. TSM.
Despite the stock decline, TSM’s revenue rose 16.5% to $18.87 billion, beating the Street consensus estimate of $18.40 billion. This has been attributed to strong demand from AI companies.
Other companies in the semiconductor industry, e.g Super Micro Computers, Inc. SMCIstocks also saw a decline on Friday, further contributing to the overall negative market sentiment.
Check out more of Benzinga’s Consumer Tech coverage by following this link.
Read next: Do you think trading in your iPhone helps keep the planet green? It turns out there are many dirty secrets, the report reveals
Disclaimer: This content was partially produced with the help of Benzinga Neuro and has been reviewed and published by Benzinga Editors.
Image created via photo on Shutterstock