Nvidia correction erases $400 billion in market cap

Nvidia Corp. shares fell on Monday, with the AI-focused chipmaker entering correction territory as it extends a sharp recent selloff.

The stock fell 4.8% and is on track for its third straight negative session. It has dropped 12% over the three-day slide, putting it past the 10% threshold that represents a correction. The drop weighed on chipmakers with the Philadelphia Stock Exchange Semiconductor Index falling as much as 2.2% on Monday. Broadcom Inc., Taiwan Semiconductor Manufacturing Co. and Qualcomm Inc. were all lower by at least 2%.