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Nvidia’s Market Cap Is off More Than $100 Billion Today

The high-flying chip stock was recently off more than $100 billion in market cap, according to Dow Jones Market Data. (Its current market cap is around $1.7 trillion.) An index of semiconductor shares was down more than 2%.

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Shares of Nvidia fell roughly 5% Tuesday morning, shedding more market value than on any other day in its history.

Nvidia is set to report its latest quarterly results after Wednesday’s closing bell. Investors are betting on a big move after the numbers land.

Nvidia’s next trillion dollars is proving easier than the first. That doesn’t exactly put the ascendant chip maker on Easy Street.

It became the first semiconductor company worth $1 trillion about eight months ago—not long after its 30th birthday. The stock’s momentum has continued; Nvidia is now worth just under $1.8 trillion and is the third most valuable U.S. company, after Microsoft and Apple.

It surpassed the market values of both Amazon.com and Google parent Alphabet last week, businesses with far more revenue that share two notable things in common—a vital need for Nvidia’s chips to power their growing ambitions in artificial intelligence and capital budgets of tens of billions of dollars annually to put toward the effort.

Nvidia Corp. is the last of the tech giants to report earnings, which are due on Feb. 21.


Image: Nvidia