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NVIDIA's CEO Jensen Huang (Photo by Josh Edelson /Getty Images)

Nvidia had the 2nd-largest stock decline, ever

Where does Nvidia's recent plunge rank in the steepest stock crashes?

Jack Raines

Stocks don’t always go up, even recent top performers like Nvidia.

The high-flying chipmaker was down 10% on Friday, likely related to Super Micro Computer (SMCI) dropping 23% after declining to provide preliminary revenue results before earnings.

Nvidia’s market capitalization, which had recently passed $2 trillion, declined by $212 billion, or 6.8 Delta Airlines, on Friday’s drop.

Elon Musk referred to this drop as “rookie numbers,” but Nvidia’s decline was actually bigger, in market capitalization terms, than any Tesla decline.

In fact, Nvidia just suffered the second biggest market capitalization decline by any company ever. How does Nvidia’s decline size up against the biggest market cap declines by the rest of the “Magnificent Seven” stocks?

  1. On February 2, 2022, Meta fell 26% on a poor earnings report that offered weak revenue guidance, and the social media giant lost a record $252 billion in market cap.

  2. Nvidia’s 10%, $212 billion decline last Friday.

  3. Amazon’s stock fell 14%, shedding $206 billion of market value, on April 29, 2022 on a disappointing earnings report showing an e-commerce slowdown as pandemic tailwinds slowed.

  4. Apple fell 8%, losing $182 billion in market value on September 3, 2020, in a broader tech sector sell off.

  5. Microsoft lost $177 billion in a 15% decline on March 16, 2020, as the entire market collapsed at the beginning of the Covid-19 outbreak.

  6. Alphabet lost $166 billion in market value on October 25, 2023, after the stock slid 9% on news that the company’s Google Cloud unit missed analyst estimates.

  7. Tesla shares lost $140 billion in market value after falling 12% on November 9th, 2021, after Elon Musk published a Twitter poll asking his followers if he should sell 10% of his Tesla stock.

Far from "rookie numbers," Nvidia's recent decline was around $70 billion greater than any Tesla decline in history, nearly setting the all-time record for an individual stock.

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Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

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