The post Nvidia (NVDA) Sees Historic Market Cap Drop Amid DOJ Subpoena as Tech Sector Experiences Major Losses appeared on BitcoinEthereumNews.com.

The cryptocurrency market experienced turbulence as significant tech stocks bled red, impacting market sentiment. Nvidia’s historic market cap decline highlighted vulnerabilities in the tech sector amidst increasing regulatory scrutiny. According to the Wall Street Journal, the record $270 billion loss in Nvidia’s market cap underscores the potential volatility of tech investments. This article examines the sharp decline of major tech stocks, with a focus on Nvidia and its implications for the cryptocurrency landscape. Nvidia’s Massive Market Cap Loss: A Historic Decline Nvidia (NVDA) faced a staggering drop of 9.53% in stock value, closing at $108 on the first trading day of September. The fall from an opening price of $116.02 marked a pivotal moment, as it erased $270 billion in market capitalization, plummeting from $2.92 trillion to $2.65 trillion. This decrease has officially been labeled as the biggest single-day market cap decline recorded for any U.S. company, a concerning trend given the current tech market dynamics. Regulatory Pressures Heighten Amidst Market Volatility Following the sharp decline, reports surfaced that Nvidia received a subpoena from the U.S. Department of Justice, which is investigating possible antitrust violations related to the company. This scrutiny comes at a precarious time for Nvidia, which had just reported a sizable drop in its stock price after the second-quarter earnings report, where shares fell by 6% to $125.61 in after-hours trading. Such regulatory challenges not only affect investor confidence but also contribute to the volatility experienced across technology stocks. Impact on Other Major Tech Giants Nvidia’s losses were felt across the sector, with other major players like Apple (AAPL), Microsoft (MSFT), and Alphabet (GOOGL) also closing in the red. Apple saw a 2.72% decline, finishing at $222.77 after starting the day at $229.00. Despite speculation around its new consumer robotics initiative, the prevailing market conditions overshadowed any…

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Filed under: News - @ September 4, 2024 12:17 am