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Nvidia shares plunge 35% from peak, chipmaker slips to third spot in global market cap rankings

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Nvidia shares plunge 35% from peak, chipmaker slips to third spot in global market cap rankings

Nvidia, which was recently the world's most valuable company with a market capitalisation exceeding $5 trillion, has lost its dominance in the global market-cap rankings, slipping to third place on Thursday after its shares plunged more than 14%.

Apple retained the top spot with a market valuation of $5.2 trillion, while Microsoft overtook Nvidia to claim second place with a market capitalisation of $3.9 trillion. Nvidia stood third at $3.6 trillion.

Just a few weeks ago, Nvidia was the world's most valuable company. Its latest decline pushed its market valuation below those of Apple Inc. and Microsoft Corp. However, the stock recovered from its initial plunge and was trading around 8% lower than its previous closing price.

With Thursday's fall, shares of the chipmaker have declined around 35% from their October peak of $239.24, wiping out approximately $2.2 trillion in shareholder wealth. At its peak, Nvidia's market capitalisation stood at $5.8 trillion.

Thursday's decline marked the stock's biggest single-day fall since January 27, 2025, when Nvidia shares plunged nearly 17% following the emergence of Chinese AI startup DeepSeek, which raised questions about the scale of computing infrastructure required to develop advanced AI models.

The company's board of directors announced on Thursday that co-founder Jensen Huang had resigned as president and CEO with immediate effect. Colette Kress, the company's chief financial officer, was appointed interim CEO while retaining her CFO responsibilities.

Huang had reportedly come under intense pressure since Sunday, following revelations about his personal relationships. He admitted to having a romantic relationship with Alice Huang, a former executive at Singapore-based data centre firm Megaspeed International.


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