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Microsoft passes Nvidia
Nvidia shares fell more than 6% on Tuesday, after dropping 4.3% in the previous session, putting the company on track to lose more than $470 billion in market value over two sessions. Microsoft overtook it to become the world’s second-largest company. The decline came amid reports of investigations into CEO Jensen Huang’s ties to a Chinese businesswoman, and allegations that she helped facilitate shipments of around 240,000 Nvidia chips to Chinese companies, worth at least $7.5 billion. The shipments reportedly included chips subject to U.S. export restrictions. Nvidia’s board opened an internal investigation alongside an investigation by the U.S. Federal Bureau of Investigation. Reuters said it had been unable to independently verify the information in the reports.
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