Nvidia stock fell 8% to $103 by early afternoon, outpacing the Nasdaq Composite index’s 2% decline as the tech stock slump extended.
Barreling toward its lowest closing share price since May 23, Nvidia stock is now down 27% from its June intraday peak of over $140 per share, well beyond a 10% correction for the semiconductor chip designer which dominates the market for the advanced technology powering generative artificial intelligence programs.
The 15% July decline would be Nvidia’s worst monthly performance since September 2022, when its stock traded at a split-adjusted price of below $15.
At about $2.5 trillion, Nvidia’s market capitalization is down about $795 billion from its record $3.3 trillion valuation as of June 18’s market close, erasing more than the equivalent of Tesla in a span of six weeks.