US-based technology giant Nvidia share price dropped by approximately 3.4 per cent on Thursday, resulting in the company losing its position as the world’s most valuable company back to Microsoft, a title it had briefly held since Tuesday.
The semiconductor giant’s market capitalisation on Thursday experienced a substantial decline. It’s market value plummeted to roughly $3.34 trillion, marking a staggering loss of approximately $91 billion compared to its prior closing value.The company’s stock price was hovering around $131.88 per share.
Earlier on Tuesday, Nvidia’s stock experienced an increase rising as much as 3.4 per cent, propelling the company’s market capitalisation above both Microsoft and Apple.
The company’s rise to the top has been unprecedented, fueled by substantial revenue growth driven by advancements in artificial intelligence. Since the beginning of 2024, Nvidia’s share price has skyrocketed by more than 160%, resulting in an impressive $2 trillion increase in its market capitalization.
Meanwhile, Microsoft’s market value also experienced a slight decline, reaching $3.30 trillion, as its shares dipped by 0.4% to $444.8 during the afternoon trading.
The iPhone maker, led by Tim Cook, had a market capitalisation of $3.22 trillion, with its shares experiencing a 2.2% decline to $210.10 in the afternoon trading session.
This month marked a milestone for Nvidia, as it surpassed Apple in market value for the first time in over twenty years, nearly tripling in value, which has significantly contributed to the overall market gains.
Apple briefly overtook Microsoft last week to claim the leading spot.
The race for the top spot among the world’s most valuable companies has become a close contest between Nvidia, Microsoft, and Apple.
(With inputs from agencies)