Shares of NVIDIA have fallen nearly 10%, the biggest one-day loss in U.S. history, sparking a massive selloff in big tech stocks.

The company is known for manufacturing graphics processing units (GPUs) used in vehicles, robotics, gaming, cryptocurrency mining, and more.

NVIDIA also sells software that is used to train and execute artificial intelligence algorithms. The company specializes in chips that are very unique and crucial to companies that want to develop AI capabilities.

The AI ​​chip maker briefly surpassed tech giants Apple and Microsoft in terms of market capitalization in June 2024.

NVIDIA shares lost a record $279 billion in market value on Tuesday.

The sell-off was sparked by NVIDIA’s weaker-than-expected profit and concerns about its heavy spending on AI. But things got worse yesterday when Bloomberg reported that the company had been served with subpoenas as part of an antitrust investigation by the U.S. Department of Justice.

NVIDIA fell from a one-month high of $130 to $108 on Tuesday. It is still hovering above $109.00 this morning.

NVIDIA specializes in chips that are highly unique and essential for companies looking to develop AI capabilities.

This article originally appeared on USATNetwork: AI chipmaker giant NVIDIA shares drop historic $279 billion