By Elsa Ohlen
Nvidia stock was rising Wednesday as investors digested the fallout from Tuesday's chip stocks plunge after the early release of disappointing earnings from Dutch tech giant ASML.
Nvidia shares were up 0.6% to $132.41 in premarket trading while futures tracking the tech-heavy Nasdaq were up 0.1%. Nvidia closed down 4.7% Tuesday while ASML closed 16% lower.
ASML American-listed shares extended losses in the premarket Wednesday, falling a further 4%.
Nvidia has now lost ground in the race to become the world's most valuable company in terms of market capitalization. It started the week by narrowing in on Apple, but with the iPhone maker at a close to record high Tuesday, that looks to be far away.
By Tuesday's close, Apple's market value was $3.56 trillion, $330 billion more than Nvidia's $3.23 trillion, according to MarketWatch. On Monday, the gap was $150 billion.
Nvidia has risen 166% this year so far, compared with a 22% rise in both S&P 500 and Nasdaq.
Write to Elsa Ohlen at elsa.ohlen@barrons.com
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(END) Dow Jones Newswires
October 16, 2024 05:54 ET (09:54 GMT)
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