Nvidia Corp (NASDAQ:NVDA, ETR:NVD) saw its market capitalization fall below $3 trillion as shares of the chipmaker plummeted following the release of its quarterly earnings report.
Nvidia shares closed down more than 8% on Thursday, dropping its market cap to about $2.9 trillion.
This leaves iPhone maker Apple Inc (NASDAQ:AAPL, ETR:APC) as the sole member of the exclusive “$3 trillion club.”
Nvidia remains the second most valuable US technology firm, ahead of Microsoft.
Despite strong earnings, Nvidia's stock fell due to high investor expectations and broader market uncertainties, including concerns about export controls, tariffs, and advancements in AI technology from competitors like China.
Shares of Nvidia recovered slightly in early trade on Friday, adding 1.6% at about $122 per share.