Massive three-day Nvidia sales generate $5 billion for short sellers
The AI chip designer’s steep selloff over the last three sessions has allowed Nvidia short sellers to score roughly $5 billion in paper gains, according to data analytics firm Ortex Technologies.
After a sharp surge to become the most valuable corporation in the world on June 18, the stock plunged 13% and lost $430 billion in market value.
According to Ortex, short sellers made $2.4 billion on Monday’s 6.6% decline in Nvidia, the most gain in a single day since the company’s 2019 statistics began.
As 2024 draws to a close, several market players ascribed Nvidia’s decline on investors switching from high-flying AI equities to other industries.
Nvidia’s stock has risen 145% this year, the second-best performance in the S&P 500, despite recent losses, because to excitement about the company’s role in fueling the AI boom.
