Nvidia (NVDA) shares fell 9.5% on Tuesday, their biggest daily drop since April and their fourth-largest this decade. The rout wiped about $279 billion off Nvidia’s market cap, breaking the record for the largest one-day drop in market value for a U.S. public company.

The previous holder of that unenviable title was Meta Platforms (META), which fell 26% on February 3, 2022, shedding $232 billion from its market cap. The company issued a disappointing outlook, blaming it on changes to Apple’s privacy policy and fierce competition from rival social media platforms like TikTok.

The only other U.S. company to ever lose more than $200 billion in value in a single day is Amazon (AMZN). On April 29, 2022, the company lost more than $206 billion while also giving investors disappointing revenue expectations.

Volatile months for Nvidia shares

Nvidia’s decline on Tuesday also made it the only U.S. company to lose more than $200 billion in market value on more than one occasion. And that hasn’t happened just once; it’s happened four times this entire year: April 19 (-$209 billion), June 24 (-$208 billion), July 17 (-$206 billion) and July 24 (-$205 billion).

The past two months have been a rollercoaster ride for Nvidia stock and its owners, with dramatic rises and falls in equal measure. On July 31, Nvidia gained $326 billion in market value, making it the only U.S. company to post a profit of more than $300 billion in a single day.

How Nvidia’s Decline Compares

To put Nvidia’s record drop in perspective, $279 billion is:

• Equal to Nvidia’s market cap on October 14, 2022;
• Larger than the individual market caps of Chevron (CVX), PepsiCo (PEP) and its largest direct competitor, Advanced Micro Devices (AMD);
• More than the market value of all but 26 companies (including Nvidia) in the S&P 500;
• More than the combined value of Tesla’s two largest market cap losses (TSLA);
• Larger than the gross domestic product of Peru, New Zealand and Iraq;
• $50 billion more than Costco’s (COST) total revenue in the first seven months of this year;
• More than the combined market value of the 35 largest small-cap components of the Russell 2000, including Abercrombie & Fitch (ANF) and Squarespace (SQSP);
• Equal to the assets under management of the Invesco QQQ Trust (QQQ), America’s fifth-largest equity ETF;
• More than a quarter of the total value of the S&P 500 Materials sector;
• More than the combined value of Walt Disney (DIS), Electronic Arts (EA), Take-Two Interactive (TTWO), Live Nation Entertainment (LYV) and Warner Bros. Discovery (WBD) – five of the six S&P 500 entertainment companies;
• Slightly less valuable than the S&P 500’s largest entertainment company: Netflix (NFLX; $289 billion)