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Tesla Inc. CEO Elon Musk ridiculed the sharp 10% decline in Nvidia Corp.'s (NASDAQ:NVDA) stock and its subsequent $211 billion market capitalization loss on Friday.
What Happened: Musk took to X, formerly Twitter, on Friday to mock the substantial decline in Nvidia's market capitalization. He referred to the 10% decline as “rookie numbers."
On Friday, Nvidia’s stock took a significant hit, resulting in a $211 billion loss in market capitalization. This was the second-largest single-day loss in the history of the U.S. stock market.
See Also: Tesla’s Autonomous Driving Efforts Win Praise From Goldman Sachs
Overall, the Magnificent 7 group of stocks, which includes Apple Inc., Alphabet Inc.'s Google, Microsoft Corp., Meta Platforms Inc., Amazon.com Inc., Tesla and Nvidia together witnessed a record $950 billion loss of market capitalization in the last week, according to MarketWatch.
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Why It Matters: The decline in Nvidia’s stock value has had a significant impact on the market.
The tech-heavy Nasdaq 100 index experienced its worst day since late 2023, and the worst week since late 2022, with a 2.1% drop on Friday. This marked the fourth consecutive week of declines, a negative streak not seen since May 2022.
On a weekly basis, the Nasdaq 100, which is closely tracked by the Invesco QQQ Trust (NASDAQ:QQQ), tumbled 5.3%, marking its worst performance since October 2022. The downturn on Friday further exacerbated the already pessimistic sentiment surrounding U.S. tech stocks.
Nvidia’s stock decline was attributed to a series of events, including worse-than-expected earnings from ASML Holdings N.V. (NASDAQ:ASML) and a reduced outlook for the chip market by Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM).
Despite the stock decline, TSM’s revenue surged 16.5% to $18.87 billion, surpassing the Street consensus estimate of $18.40 billion. This was attributed to robust demand from artificial intelligence firms.
Other companies in the semiconductor sector, such as Super Micro Computer, Inc. (NASDAQ:SMCI), also experienced stock declines on Friday, further adding to the overall negative sentiment in the market.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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