Sina Technology News On the morning of February 9, Beijing time, it was reported that Meta's stock price continued to decline, and its current market value was lower than that of chip manufacturer Nvidia.
On February 8, local time, Meta's stock price closed down 2.1% at $220.18 per share. The company's shares have fallen 35 percent so far this year and are currently at their lowest level since July 2020.
Not long ago, Meta joined Apple, Microsoft, Amazon and Alphabet among the top 5 in the US market capitalization. Today, Meta has fallen to 8th place, behind Tesla, Berkshire Hathaway and surpassed by NVIDIA for the first time.
On Tuesday, local time, Nvidia closed at $627 billion, while Meta's market value fell to $599 billion. It is followed by Visa, with a market capitalization of $478 billion.
Nvidia recently announced that it will terminate its acquisition of chip technology company Arm and will pay a $1.26 billion break-up fee to Arm's parent company, SoftBank. Nvidia dropped the deal in the face of major regulatory challenges, including an investigation in the UK and a lawsuit by the US Federal Trade Commission.
On Tuesday, Nvidia shares rose 1.5 percent to $251.08. Nvidia has been on the rise over the past two years, with the company's stock price up more than 300% since early 2020. Since the beginning of the year, the company's market value has shrunk by about 15% as investors dumped high-risk tech stocks.
Nvidia will announce its fourth quarter results next week. The company's chip sales were strongly boosted by strong demand for graphics processors in artificial intelligence applications and advanced video games.
And Meta's stock price has been falling since it announced its fourth-quarter results last week. The company faces a decline in the number of users and warns that Apple's privacy reforms will bring challenges. Meta's first-quarter forecasts fell short of expectations, causing its shares to fall a record 26 percent on Thursday.