15:44 - 31.07.2024

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July 31, Fineko/abc.az. American computer chip company Nvidia has already lost $750 billion in market value over the past six weeks.

ABC.AZ reports with reference to the Financial Times that the value of Nvidia’s shares decreased by 7% following the trading session on July 30.

According to the Financial Times, shares of the Silicon Valley chipmaker have fallen more than by 20% since it briefly became the most expensive public company in the world last month.

In the run-up to Microsoft's earnings report, traders were concerned that profit expectations for AI companies were too high and that capital expenditures were far ahead of revenues. Microsoft shares fell in closed trading after the announcement that cloud technology growth is slowing as demand for AI exceeds company's capabilities.

"We are seeing an outflow of money from large technology companies, mainly, I think, because they have achieved incredible growth, and this, of course, has led to small sales," Futurum Group’s executive director Daniel Newman said.

In early June 2024, it became known that Nvidia became the first computer chip manufacturing company in history, with market capitalization of $3 trillion, surpassing Apple and second only to Microsoft. The last time Nvidia cost more than Apple was in 2002, five years before the release of the first iPhone. At that time, both companies were worth less than $10 billion each.