After its stock declined 6.7%… “Nvidia” erases $550 billion from its market value

Nvidia shares witnessed declines over the past three sessions after the historic high they reached last week, erasing approximately $550 billion from its market value, which has now reached $2.9 trillion.

According to CNN, after its market value reached $2.9 trillion, the giant chip industry fell to third place behind Microsoft and Apple as the most valuable companies.

The recent decline was the second largest decline for NVIDIA shares, which focuses on artificial intelligence, this year, as the stock fell by 6.7% to $118.11, making the company the fourth largest loser in the Standard & Poor’s index, on Monday.

This is the first time that NVIDIA shares have fallen by 3% or more in three consecutive trading sessions since June 2022, when the stock was trading at less than $20 per share.

Nvidia entered the dark correction tunnel after a wave of continuous rise and its position as the most valuable company in the world with a market value of more than $3 trillion.

NVIDIA, Microsoft, and Apple are competing for the title of the most valuable company in the world.