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Nvidia shares fell sharply on June 20, 2024, erasing a reported $277 billion in market value during the session and putting the company behind Microsoft in market capitalization by that afternoon. The figure describes a change in the market value of Nvidia’s outstanding shares—not cash leaving the company. Forbes reported that the stock closed at $131, down 3.5%, after falling as much as 8% from its early-session high. This is a historical account, not a report on Nvidia’s current price.
What happened to Nvidia stock on June 20, 2024?
According to Derek Saul’s June 20, 2024, report for Forbes, Nvidia shares rose as much as 4% shortly after the market opened, then reversed course. The stock fell as much as 8% from its early-morning all-time high to its afternoon low, before closing down 3.5% at $131.
Forbes put Nvidia’s market capitalization at $3.27 trillion and reported that the intraday decline reduced it by $277 billion. Those figures refer to the June 20 session, not Nvidia’s value today. A change in market capitalization is a change in the stock market’s valuation of a company; it is not a $277 billion cash loss recorded by Nvidia.
Why did Nvidia fall behind Microsoft?
Forbes said Nvidia had moved ahead of Microsoft in market capitalization on Tuesday, earlier that week, but was behind Microsoft again by Thursday afternoon. The ranking changed as the market prices of the companies’ shares moved. It describes their relative market values at that point in time, not a change in which company had more revenue, assets, or cash.
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What did the selloff mean for the broader market?
Forbes reported that the S&P 500 shifted from a 0.3% morning gain to a 0.6% loss by about 1:45 p.m. on June 20, with almost all of the decline attributed to Nvidia’s fall. The report compared Nvidia’s $277 billion intraday market-value decline with Coca-Cola’s then-approximately $270 billion market capitalization. Both are historical comparisons from that report.
Was there a clear reason for the decline?
Forbes reported no clear catalyst for the selloff. It suggested profit-taking was a likely explanation after Nvidia’s reported 170% year-to-date rise and 800% gain since the start of 2023. Those gains were context for the publication’s interpretation, not proof of why investors sold. The report does not establish a confirmed cause.
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How did Nvidia’s past returns compare with the S&P 500?
As a separate historical comparison, Forbes estimated that $10,000 invested in Nvidia exactly five years before its June 20, 2024, report would have been worth $345,000, versus about $20,150 for the same amount invested in the S&P 500. These are the publication’s retrospective figures for that period; they are not current returns, a forecast, or a guarantee of future performance.
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- 3.6-slot design with massive fin array optimized for airflow from three Axial-tech fans
- Phase-change GPU thermal pad helps ensure optimal thermal performance and longevity, outlasting traditional thermal paste for graphics cards under heavy loads
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