Nvidia drops $279 billion in market capitalization in largest single-day loss

Nvidia recorded a $279 billion loss in market value as investors softened their optimism about artificial intelligence (AI) amidst a widespread market downturn triggered by tepid economic data, reports Reuters. Shares of the AI chip maker plummeted 9.5% marking the largest single-day market value drop ever recorded for a US company. The latest jitters about AI come after Nvidia gave a quarterly forecast that failed to meet the lofty expectations of investors who have driven a dizzying rally in its stock, the report says.