Facebook Parent Meta Falls Behind Nvidia

  • Meta Platforms Inc FB continued its slide on February 8 and has now dropped so much in the past week that the company is worth less than chipmaker NVIDIA Corp NVDACNBC reports. Meta shares dropped 2.1% to close at $220.18 on Tuesday. 
  • The stock is down 35% this year and has reached its lowest since July 2020.
  • Meta’s market cap dropped to $599 billion, while Nvidia closed at $627 billion, and Visa Inc V at $478 billion.
  • Meta has been falling since reporting fourth-quarter earnings last week. 
  • Meta posted a drop in user numbers and warned about challenges ahead from Apple Inc’s AAPL privacy changes. 
  • Meta’s first-quarter forecast missed estimates, sending the stock down a record 26% on February 3.
  • Nvidia has fallen 7.8% in the last month, and it has also scrapped the Arm Ltd deal amid significant regulatory challenges.
  • Not long ago, Facebook was among the five most valuable U.S. companies, alongside Big Tech peers Apple, Microsoft Corp MSFTAmazon.com Inc AMZN, and Alphabet Inc GOOG GOOGL
  • However, Meta has since fallen to eighth, below Tesla Inc TSLABerkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B), and now, for the first time, Nvidia.
  • Price Action: FB shares traded higher by 1.28% at $223 in the premarket session on the last check Wednesday.

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