Nvidia’s stock swoon turns attention to Big Tech’s sway over markets

FILE PHOTO: An Nvidia Blackwell GPU is displayed at COMPUTEX in Taipei, Taiwan June 4, 2024. REUTERS/Ann Wang/File Photo

NEW YORK (Reuters) - Shares of Nvidia and other Big Tech stocks have helped power the markets run to record highs this year. Their recent wobble is making investors nervous.

A tumble in the chipmaker’s shares shaved $279 billion off Nvidia’s market capitalization on Tuesday, the single largest one-day decline in market value on record for a U.S. company. The stock was rebounding on Wednesday, rising 1% in late morning trading.