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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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Retail traders are “skipping the dip” this time

Here’s one noteworthy feature of the recent market downturn that has the S&P 500 poised for its worst week since reciprocal tariffs were announced in early April: retail traders seemingly aren’t eager to buy the weakness in single stocks the way they used to be.

JPMorgan strategist Arun Jain has flagged that retail traders instead appear to be “skipping the dip.”

“In contrast to the behavior observed during the post-Liberation Day selloff, retail investors did not seize the opportunity to buy-the-dip on Tuesday, with a few exceptions such as META,” he wrote of the day where the benchmark US stock index fell 1.2%. “In fact, they scaled back their ETF purchases and turned net sellers in single stocks.”

Then on Thursday, when the S&P 500 fell 1.1%, Jain projected that retail traders sold $261 million in single stocks. Through noon ET on Friday, his daily outflow estimate stands at $851 million.

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Archer Aviation plunges on $650 million share sale following its third-quarter results

Air taxi maker Archer Aviation is deep in the red on Friday morning after reporting its third-quarter results after the bell Thursday. The stock is down more than 12%.

Investors don’t appear to be thrilled about the company’s $650 million direct stock offering, announced alongside its results.

The move marks at least the third major equity raise, and dilution, for Archer this year. The company raised $300 million from a new stock sale in February, and sold $850 million worth of shares in June.

On Archer’s earnings call Thursday, interim CFO Priya Gupta said the company came to the decision after “substantial inbound interest.” According to Gupta, the company has heard from government and commercial partners that liquidity is a “key driver to their decisions of who to partner with.” With its latest share sale, Archer said its total liquidity is more than $2 billion.

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On Archer’s earnings call Thursday, interim CFO Priya Gupta said the company came to the decision after “substantial inbound interest.” According to Gupta, the company has heard from government and commercial partners that liquidity is a “key driver to their decisions of who to partner with.” With its latest share sale, Archer said its total liquidity is more than $2 billion.

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