Nvidia is getting hit harder than the rest of the tech sector

Shares of Nvidia are down 5.30% to $US199.71 on Wednesday, as the tech sector at large sells off.

The slide on Wednesday continues Nvidia’s fall from the previous day, which came after Mizuho analyst Vijay Rakesh called an end to the crypto boom for Nvidia and other graphics chip makers. Nvidia’s graphics cards are often used by cryptocurrency “miners” to try and speed up their systems, and the company has seen increased demand as cryptocurrencies skyrocket in value.

Bitcoin and other cryptocurrencies have hit several major milestones this week, including bitcoin’s crossing of $US10,000 per coin for the first time ever on Tuesday.

Nvidia’s declines are more than double many of the larger tech companies that also saw a decline on Wednesday. The tech-heavy Nasdaq 100 index was down 1.57%, and the FANG stocks were all down around 3% as investors likely rolled their tech investments into other areas.

Nvidia is up 95.17% this year, despite the recent declines.

Read more about the end of the crypto boom for Nvidia and AMD.

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