What you need to know
- NVIDIA is a global tech company renowned for industry-leading graphics processing units, powering everything from home gaming to massive cloud server arrays.
- NVIDIA enjoyed one of the biggest booms in recent tech memory, becoming the world's biggest company by market capitalization earlier in the year.
- The boom was fuelled by the artificial intelligent hype train, given that NVIDIA's GPUs are often used to train and deliver AI models and services associated with them.
- However, concerns that the AI stock frenzy might be without real substance coupled with signs of slowing growth for major global economies has hit NVIDIA and other tech stocks incredibly hard this week.
- Over the course of the day, NVIDIA saw $279 billion wiped off its stock value, with other major tech stocks including Microsoft, Google, Meta, and Apple, all seeing smaller declines.
