Nvidia shares experienced a further decline of more than two per cent as Wall Street opened on Friday, continuing a challenging week for the chip manufacturer. The company's market value has now fallen below $4 trillion.
The AI heavyweight slipped 2.5 per cent to approximately $162 in early trading. This follows the departure of its founder and chief executive, Jensen Huang, who stepped down after 33 years. Chief financial officer Colette Kress has assumed the role of interim chief executive.
The wider US market saw a mixed opening on Friday. The S&P 500 edged up 0.15 per cent to 7,603.78, and the Dow Jones Industrial Average gained 0.27 per cent to 52,438.13. However, the tech-heavy Nasdaq Composite slipped 0.07 per cent to 25,347.59, with selling pressure noted across semiconductor stocks.
Rival chip companies, including AMD, Broadcom, and Intel, also saw declines of around two per cent, reversing some gains from Thursday. Taiwan Semiconductor Manufacturing Company, a producer of Nvidia's chips, slipped less than one per cent.