Nvidia boss loses £20bn in record share price fall

Nvidia boss faces losses of more than £20bn as shares tumble from all-time high

Jensen Huang, who founded the American chip designer in 1993, has taken a hit as investors continue to dump the hyped stock.

Nvidia hit a record high of $140.76 in June, valuing it at $3.45tn (£2.62tn) and pitting it against Silicon Valley titans Apple and Microsoft in a battle to be the world’s most valuable company.

But the shares have since fallen by more than a fifth and Nvidia is now worth $2.65tn (£2tn).

The more than £600bn drop in its value has hit Huang’s nearly 4% stake, which has suffered a £24bn loss.

But the 61-year-old electrical engineer known for his trademark leather jacket is still worth more than £72bn.

Nvidia remains one of the big winners of the AI ​​revolution, outselling Google, Microsoft and Meta, which have invested billions of pounds in the technology.

But shares have fallen more than 10 percent since it reported its quarterly results late Wednesday.

Despite huge gains, investors were discouraged.

And Nvidia faced a major sell-off on Tuesday, when it lost more than £213bn of its value, representing a record loss for any US company in a single trading day.

Investors have also been spooked by reports that the US Justice Department has sent a legal notice to Nvidia over an antitrust investigation into artificial intelligence chips.