Nvidia's meteoric rise from early 2016 through September of this year lifted its market value from $14 billion to over $175 billion. Demand was skyrocketing for processors that could handle workloads for artificial intelligence and mining of cryptocurrencies.
That's the past.
During the fourth quarter, investors have dumped Nvidia's stock, cutting the price by 54 percent, making it the worst performer in the S&P 500 over that stretch. The stock fell 4.1 percent to $129.57 on Friday.
Nvidia has gotten caught up in a broader swoon that's pushed down all the major indexes and had a particularly large impact on the stocks that led the bull market. The Nasdaq is down 21 percent for the quarter, on pace for its steepest drop since the fourth quarter of 2008, and the S&P 500 has tumbled 16 percent.
Chip stocks have been hit hard. The PHLX Semiconductor Sector Index, which consists of 30 companies including Nvidia, has dropped 19 percent, with Advanced Micro Devices plummeting 45 percent and Micron falling 33 percent.