Three-quarters of FTSE 350 firms outperform Nvidia this year
Summarised from 4 outlets · Updated 9 Nov, 17:38 · Archive
More than three-quarters of FTSE 350 companies have outperformed Nvidia in 2024 as the semiconductor giant struggles.
More than three-quarters of FTSE 350 firms have outperformed Nvidia in 2024, with 68 constituents of the FTSE 100 and 202 members of the FTSE 250 eclipsing the semiconductor giant's year-to-date share performance. Nvidia's shares have shed more than seven per cent since the start of the year, compared to the FTSE 100's 9.3 per cent gain on an equal-weight basis.
Nvidia chief executive Jensen Huang admitted to an extramarital affair and apologised to his family and colleagues in a statement emailed to staff. The woman is a customer of Nvidia and alleged by US intelligence officials to be a Chinese spy. Nvidia's board opened an independent investigation, stating it had 'no reason to believe that either national security or Nvidia secrets were compromised'. China said the spying claims were 'baseless'.
The scandal wiped as much as $200bn from Nvidia's market value in minutes on Monday. However, the stock had already been under pressure in recent months over growing concern that the AI investing boom was running out of steam, with shares tumbling from around $240 at the start of October to $180 a month later. Technology analyst Dan Ives called it 'a black eye moment' that would 'create an overhang'.
How it is being reported
- Stock markets in 'fragile recovery' after US tech rout: But Nvidia tumbles on concerns over boss's 'spy' affairThe FTSE 100 crept up 1%, leaving it close to where it was a week ago before Donald Trump's US midterm election wipeout sent global stocks on a rollercoaster ride.This is Money · 9 Nov, 17:51
- US-Iran peace hope boosts stocks but Nvidia toilsThe FTSE 100 index closed up 108.93 points, 1.0%, at 10,782.87.Evening Standard · 9 Nov, 17:18
- US-Iran peace hope boosts stocks but Nvidia toilsThe FTSE 100 index closed up 108.93 points, 1.0%, at 10,782.87.Independent Business · 9 Nov, 17:18
- More than three-quarters of FTSE 350 firms have outperformed Nvidia this yearThe shares of more than three quarters of FTSE 350 firms have outperformed Nvidia so far this year after the world’s biggest semiconductor firm was blighted by concerns over bloated AI valuations and its billionaire founder was caught in a relationship scandal involving an alleged spy. Some 68 constituents of the FTSE 100 and 202 [...]City AM · 9 Nov, 16:51
In this story: Nvidia · Jensen Huang · FTSE 100 · FTSE 250 · China · United States
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