(Reuters) – Nvidia (NASDAQ:) short sellers have reaped nearly $5 billion in paper profits from the AI chip designer’s sharp sell-off over the past three sessions, according to data analytics firm Ortex Technologies.
The stock is down 13% and has lost $430 billion in market capitalization since June 18, when it briefly became the world’s most valuable company after a meteoric rise.
Short sellers made $2.40 billion on Monday from Nvidia’s 6.6% decline, Ortex said, the highest single-day gain since their data began in 2019.
Some market participants have attributed Nvidia’s decline to investors moving out of high-flying AI stocks into other sectors as the 2024 halfway mark approaches.
Despite recent declines, optimism about Nvidia’s role in driving the artificial intelligence boom has sent the stock up 145% this year, the second-best performance on the .
