Nvidia has lost its briefly worn crown as the world’s most valuable listed company after its stock plunged almost 13 per cent in the past week.
The U.S. chipmaker’s market capitalization hit US$3.34 trillion on June 18 to surpass Microsoft’s but has since shed US$430 billion. Now worth US$2.91 trillion, Nvidia has fallen into third place globally, behind Microsoft and Apple, which have a market cap of US$3.33 trillion and US$3.19 trillion respectively.
Shares in Nvidia tumbled 6.7 per cent Monday, marking its third-straight day of declines and signaling that investors’ excitement over the crucial role the company is expected to play in the artificial intelligence revolution may be cooling after eye-popping gains in the stock.
“While we do believe in AI, there have been signs of overexuberance in the U.S. market over the last month,” Jim Reid, a research strategist at Deutsche Bank, wrote in a note Monday.
On Tuesday, shares of Nvidia climbed more than 5 per cent higher, reversing course after its multi-day sell-off.
Nvidia’s stock has been on a tear, soaring almost 139 per cent over the past year. The company’s chips power AI systems, including generative AI, the technology behind OpenAI’s ChatGPT that can create text, images and other media.
“What we see with Nvidia is typical volatility, which is expected when a stock rises as quickly as Nvidia’s did,” Jochen Stanzl, chief market analyst at trading platform CMC Markets, told CNN. “A lot of good news has been priced in. Now investors have started to take profits and they seem to prefer selling stocks with the best year-to-date performance.”
Frenzy around the potential for AI to radically change the way we live and work — and make big returns for investors — has driven much of the stock market’s returns over the past year and a half.
Nvidia is a member of the so-called Magnificent Seven, the mega-cap tech companies whose shares greatly outperformed the broader U.S. stock market rally last year. The S&P 500 index climbed 24.2 per cent over 2023, compared with the average 111 per cent rise in the stocks of the Magnificent Seven.
In a note published Monday, Deutsche Bank noted that, as a result of the seven stocks’ dominance, “the U.S. stock market is close to being the most concentrated in history.” On Tuesday, the bank wrote that the decline in Nvidia’s stock the previous day had “held down U.S. equity returns more broadly.”
The S&P 500 closed 0.3 per cent down Monday, while the tech-heavy Nasdaq dipped 1.2 per cent.
However, Derren Nathan, head of equity research at investment platform Hargreaves Lansdown, isn’t too worried about contagion.
“Although Nvidia has sneezed, the wider market hasn’t caught a cold, with a mixture of less extreme movements in both directions for the rest of the Magnificent Seven,” he wrote in a note Tuesday. “Meanwhile, in other sectors, U.S. stocks saw gains (Monday) in energy, financials and utilities: a vote of confidence by investors in the health of the broader economy.”
Canada turns 157 years old this year, and several fireworks shows across the country are expected to paint the night skies in celebration. Here's a look at the forecast and fireworks celebrations across the country for Canada Day in 2024.
U.S. President Joe Biden's family used a Sunday gathering at Camp David to urge him to stay in the race and keep fighting despite his dreadful debate performance.
A crowd of around 100,000 people were treated to a surprise appearance from a B.C. star during Coldplay’s set at Glastonbury Festival in England this weekend.
A new poll suggests the vast majority of Canadians are proud of their home and native land, but our sense of national pride is lower than it was a few years ago.
A strike by WestJet plane mechanics forced the airline to cancel hundreds more flights on Sunday, upending the plans of roughly 110,000 travellers over the Canada Day long weekend and prompting the carrier to demand action from the federal government.
A B.C. man who reneged on a deal to split the cost of removing a tree with his next-door neighbour is now on the hook for the whole amount, B.C.’s civil resolution has ruled.
Scientists may be a step closer to that reality, thanks to new research that has identified six subtypes — or 'biotypes' — of major depression via brain imaging combined with machine learning.
Unconfirmed reports say American rapper and producer Kanye West is visiting Moscow. If true, it would make West the first major American celebrity to visit Moscow since the start of Russia’s invasion of Ukraine in February 2022.
Several people were injured Saturday night after a man allegedly stole an occupied RV during a police chase at a campground in Lloydminster.
With dozens of WestJet flights unceremoniously cancelled to and from Vancouver International Airport Sunday, many travelers have been forced to sleep at the airport, or pay out of pocket for a flight from another airline.
Toronto police say they're investigating a pair of suspected hate-motivated offences after two city synagogues were damaged early Sunday morning.
Several people were injured Saturday night after a man allegedly stole an occupied RV during a police chase at a campground in Lloydminster.
Gatineau Fire says though no injuries were reported, over 200 people were evacuated from their apartments Saturday night after a fire broke out in an apartment building in the Aylmer sector of Gatineau, Que.
The city is entering the final stages of resuming water service through its repaired feeder main, as water consumption continues to fall below the city’s threshold level.
A pedestrian in his 70s was struck and killed at an intersection in Brossard, on Montreal's South Shore.
U.S. President Joe Biden's family used a Sunday gathering at Camp David to urge him to stay in the race and keep fighting despite his dreadful debate performance.
The Taliban on Sunday told the West to look past the measures they have imposed on Afghan women and girls for the sake of improving foreign relations.
The far-right National Rally leaped into a strong lead Sunday in France's first round of legislative elections, polling agencies projected, bringing the party closer to being able to form a government in round two.
The U.S. Justice Department plans to propose that Boeing plead guilty to fraud in connection with two deadly plane crashes involving its 737 Max jetliners, according to two people who heard federal prosecutors detail the offer Sunday.
North Korea test-fired two ballistic missile Monday, South Korea’s military said, a day after the North vowed 'offensive and overwhelming' responses to a new U.S. military drill with South Korea and Japan.
Former Bolivian President Evo Morales on Sunday accused his political ally-turned-rival President Luis Arce of deceiving the Bolivian people by staging a 'self-coup' last week to earn political points among the electorate, marking a sharp downturn in an already fraught relationship.
Some police services in Canada are using facial recognition technology to help solve crimes, while other police forces say human rights and privacy concerns are holding them back from employing the powerful digital tools.
A New Democrat member of Parliament has paid back a portion of the thousands of dollars she spent on a Christmastime trip for herself and her family that was paid for with public money.
Calls have intensified for Justin Trudeau to resign as head of the party he almost single-handedly pulled back from the brink after a decimating electoral defeat in 2011.
Scientists may be a step closer to that reality, thanks to new research that has identified six subtypes — or 'biotypes' — of major depression via brain imaging combined with machine learning.
Double check your sunscreen products before slathering up this long weekend, as Health Canada has recalled several lots across the country.
Think back to when you were a kid and movement was instinctive — and often infused with pure joy. Maybe it was racing your sister and dad to the front door.
Canadian creators and publishers want the government to do something about the unauthorized and usually unreported use of their content to train generative artificial intelligence systems.
As Florida's ban on "lab-grown" meat is set to go into effect next week, one manufacturer hosted a last hurrah — at least for now — with a cultivated meat-tasting party in Miami.
Two NASA astronauts will stay longer at the International Space Station as engineers troubleshoot problems on Boeing's new space capsule that cropped up on the trip there. NASA on Friday did not set a return date until testing on the ground was complete and said the astronauts were safe.
Will Smith stood in a circle of fire — joined by Fridayy and the gospel choir Sunday Service — to make the live debut of his latest single, 'You Can Make It,' at the 2024 BET Awards.
Unconfirmed reports say American rapper and producer Kanye West is visiting Moscow. If true, it would make West the first major American celebrity to visit Moscow since the start of Russia’s invasion of Ukraine in February 2022.
A crowd of around 100,000 people were treated to a surprise appearance from a B.C. star during Coldplay’s set at Glastonbury Festival in England this weekend.
Business owners have found that offering summer hours – a reduced schedule on Fridays, usually between Victoria Day and Labour Day — can be a way to boost employee morale. Workers are able to deal with summer childcare gaps, return to the office refreshed and feel like their job values them, owners say.
In a country traditionally dominated by two national airlines, a new set of aviation rivalries has emerged. Porter is increasingly moving in on Air Canada's home turf of Central Canada as well as cross-country routes, while WestJet seeks to counter the threat of Flair Airlines in a shift from the decades-old industry dynamic of sparring between the two biggest carriers.
The U.S. Justice Department plans to propose that Boeing plead guilty to fraud in connection with two deadly plane crashes involving its 737 Max jetliners, according to two people who heard federal prosecutors detail the offer Sunday.
A new poll suggests the vast majority of Canadians are proud of their home and native land, but our sense of national pride is lower than it was a few years ago.
Most of us have felt the freedom and delight that comes with stripping down to a swimsuit on a sunny day and wading into a cool sea, the horizon twinkling in the distance.
There is ongoing research to better understand the relationship between social connection and healthy aging, and why the brains of super agers look different compared with their peers.
Spain recovered from a goal down to beat Georgia 4-1 for a spot in the Euro 2024 quarterfinals, ending one of the tournament's most compelling underdog stories.
German police said Sunday they believe a man who scaled the roof of the stadium as Germany played Denmark at Euro 2024 was a would-be photographer and they have no evidence he intended to hurt anyone.
Jude Bellingham needed to produce something special to keep England at Euro 2024.And he did. England was seconds away from slumping to one of the biggest upsets in the history of the European Championship when trailing 1-0 to Slovakia deep into stoppage time in the round of 16 on Sunday.
Transport Canada recalled various vehicles over the last week, including Kia, Toyota, Volkswagen and Porsche cars.
It used to be cash was king and that you could get a better deal if you paid for a car in full, but now many dealers want you to finance your purchase so they can make more money.
Several stolen vehicles believed to have been used in organized and serious crime, including one homicide, have been found in Alberta during an investigation into an auto theft ring.
When Zhya Aramiy was living in Turkey and Iraq, he had to keep his Pride flags hidden away.
A rave at the Ontario Science Centre was the place where Greg LeBlanc says his relationship first began with his husband Mark in 1997.
Travellers flying with WestJet continue to watch as the airline cancels more flights due to a sudden strike by its mechanics union.
The remains of a soldier from Newfoundland killed in the battlefields of France during the First World War will be laid to rest in St. John's Monday, bringing an emotional end to a years-long effort in a place still shaken and forever changed by the bloodshed.
The city is entering the final stages of resuming water service through its repaired feeder main, as water consumption continues to fall below the city’s threshold level.
A grandfather and grandson duo proudly graduated alongside each other at the same northern Manitoba school.
A large basking shark was captured close to the shoreline on Nova Scotia's Eastern Shore.
The world's largest hockey stick could soon become the world's most in-pieces hockey stick as a Vancouver Island community prepares to tear down and carve up the Canadian landmark.
For half a decade, a Saskatoon family has been trying to bring their orphaned niece to Canada, they say now it’s a matter of life or death.
With dozens of WestJet flights unceremoniously cancelled to and from Vancouver International Airport Sunday, many travelers have been forced to sleep at the airport, or pay out of pocket for a flight from another airline.
A new spot to snap a picture popped up in Coal Harbour this weekend, and it’s pretty hard to miss it.
A crowd of around 100,000 people were treated to a surprise appearance from a B.C. star during Coldplay’s set at Glastonbury Festival in England this weekend.
Balloons, confetti and bubbles filled the air as thousands of people came together in downtown Toronto on Sunday for one of the biggest annual Pride celebrations in Canada.
Travellers flying with WestJet continue to watch as the airline cancels more flights due to a sudden strike by its mechanics union.
What a difference a year can make for a Major League Baseball pitcher.
A strike by WestJet plane mechanics forced the airline to cancel hundreds more flights on Sunday, upending the plans of roughly 110,000 travellers over the Canada Day long weekend and prompting the carrier to demand action from the federal government.
Emergency crews are on scene of a serious collision along Highway 36 north of Taber.
A fire destroyed one of Calgary’s favourite watering holes early Sunday morning.
The national Canada Day celebrations will be held at LeBreton Flats, while festivities are also planned on Parliament Hill and in Old Hull. Across Ottawa, Canada Day celebrations will be held in communities.
CTVNewsOttawa.ca looks at what's open and closed in Ottawa over the Canada Day long weekend.
Several events across the city will be hosting fireworks displays as part of their celebrations next Monday, while residents are allowed to host private fireworks displays on June 30, July 1 and July 2.
A pedestrian in his 70s was struck and killed at an intersection in Brossard, on Montreal's South Shore.
Quebec merchants are facing another deadline to comply with new French language rules found in Bill 96 related to the size of French script on signage.
Canadian keeper Maxime Crepeau is among the five soccer players from Quebec making names for themselves as Canada advances to the Copa America quarterfinals.
A man was shot and killed by police Saturday night after a car crash in northeast Edmonton.
Several people were injured Saturday night after a man allegedly stole an occupied RV during a police chase at a campground in Lloydminster.
A strike by WestJet plane mechanics forced the airline to cancel hundreds more flights on Sunday, upending the plans of roughly 110,000 travellers over the Canada Day long weekend and prompting the carrier to demand action from the federal government.
At least five players with Maritime connections were selected during this weekend’s 2024 National Hockey League Entry Draft.
Colchester County District RCMP said a man involved in a stabbing Sunday morning in Tatamagouche, N.S., has been arrested.
A young filmmaker is celebrating after winning an award for his documentary “Visible.”
A 31-year-old man is dead and two others are still missing after a group of boaters disappeared near Grand Rapids early Friday morning.
Central Park transformed into a hub for Indigenous culture on Sunday afternoon as part of this year’s Sakihiwe Festival. The free event brings music, art, fashion and heritage to inner city communities.
Winnipeg Fire Paramedic Service (WFPS) crews were at the scene of a blaze in the city’s Centennial neighbourhood on Sunday morning.
The Regina Police Service (RPS) released photos of the suspect involved in an assault with a weapon on Friday night in the North Central neighbourhood.
Canada Day is on Monday, and here's what’s happening in the Queen City and some things to keep in mind.
Katepwa Point Provincial Park received an upgrade on Sunday, courtesy of Co-op.
Members of a pro-Palestinian encampment at the University of Waterloo have broken their silence surrounding a lawsuit and injunction filed by the school.
From abandoned animals to an 'unbearable' living situation and a fond farewell to one of CTV Kitchener's own, here are the most-read stories of the week.
Starting on July 1, all drivers pulled over by Waterloo Regional Police Service (WRPS) officers may face an alcohol screening test.
Significant rainfall on Thursday and Friday put a major damper on people’s long weekend camping plans at Pike Lake Provincial Park, about 40 kilometres south of Saskatoon.
A Saskatoon staple, Nestor's bakery, which was founded nearly a century ago and has served Ukrainian baked goods on 20th street, will be changing ownership.
WestJet service out of Saskatoon is grinding to a halt on Canada Day long weekend after the airline’s mechanics walked off the job on Friday, citing the company’s “unwillingness to negotiate.”
Two northern Ontario drivers were stopped by provincial police for stunt on Highway 69 driving on Friday.
A Greater Sudbury senior says she will be homeless after being evicted from her apartment.
There is ongoing research to better understand the relationship between social connection and healthy aging, and why the brains of super agers look different compared with their peers.
Several area athletes are heading to the Olympics in Paris and the U20 World Championships in Peru after qualifying at the Bell Track and Field Championships in Montreal Friday.
Fire crews were called to the scene of a detached garage fire in the 100-block of Springbank Drive late Saturday night.
On Saturday evening, St. Thomas police were contacted by loss prevention at a local store located at 1063 Talbot St.
Provincial police have confirmed that a man was found dead near the Highway 400 and Bayfield Street overpass in Barrie on Friday.
Officers have shut down a riding trail due to a crash in Port Severn.
Muskoka's first-ever annual traditional Powwow brought hundreds to Bracebridge for a weekend of First Nations culture.
If you're driving around Windsor and notice a group of cyclists clad in maple leaf gear, they want you to know it's part of a long-standing tradition for Canada Day among friends and family.
As Bob Stevenson approaches his 100th birthday, he continues to drive independently, tend to his garden daily, and make time to visit his 92-year-old fiancée.
One man is in custody after a lengthy standoff with Windsor police.
Dozens of WestJet flights to and from Vancouver International Airport were cancelled Sunday, as a strike by airline mechanics continues.
With dozens of WestJet flights unceremoniously cancelled to and from Vancouver International Airport Sunday, many travelers have been forced to sleep at the airport, or pay out of pocket for a flight from another airline.
A B.C. man who reneged on a deal to split the cost of removing a tree with his next-door neighbour is now on the hook for the whole amount, B.C.’s civil resolution has ruled.
A severe thunderstorm watch is in effect Sunday for a swath of the B.C. Interior, according to Environment and Climate Change Canada.
Mounties in Kelowna say a suspect is at large after a man was stabbed in the city Sunday afternoon.
Police are remaining tight-lipped about a woman’s death in a Kelowna park on Friday.
With the recent moisture and cooler temperatures, fire bans and restrictions in the Lethbridge area are no longer in effect.
Plenty of tourists will descend on Lethbridge to see what the city offers. Locals, too, will have no shortage of activities this weekend.
The 122-year-old Raymond Stampede is set to get underway this weekend, but this year’s event will occur at a new location.
For the last several years Manitoulin Transport has been delivering food, medical supplies and cleaning materials to Ontario Wildlife Rescue centres across the province at no charge.
Sault police did nothing wrong when a man had a medical crisis while in a police cell, Ontario’s police watchdog has concluded.
Municipal officials and provincial police are baffled by the theft of some unique deer in the northern Ontario community of Elliot Lake.
The remains of a soldier from Newfoundland killed in the battlefields of France during the First World War will be laid to rest in St. John's Monday, bringing an emotional end to a years-long effort in a place still shaken and forever changed by the bloodshed.
It was a battle ripped from the pages of a storybook: Ten soldiers held off hundreds of German troops to save a small French village in the First World War.
A judge dismissed all sexual misconduct charges against a Newfoundland lawyer Thursday, saying repeated inconsistencies and falsehoods in the complainant's accounts eroded her credibility and left him unable to believe her allegations.
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