I’ve said it again and again since 2020, but I find myself compelled to reiterate the point at various intervals: We’re fast approaching a kind of market singularity wherein quarter-trillion dollar value creation / destruction events for America’s mighty mega-caps are a near daily occurrence. Indeed, we’re already there.

On Tuesday, Nvidia suffered the largest single-session market-cap wipeout in history, shedding almost $280 billion in value over just six hours.

According to “efficient” markets, the company’s worth half a trillion less than it was just a week ago. If you doubt Nvidia’s fundamentals have changed enough (if they’ve changed at all) since last Tuesday to justify such a massive haircut, you’re not wrong.

As the figure shows, Nvidia has seen eight one-day ~$200 billion value destruction events since late June. Over that same period, the company notched the largest one-day value creation event, a $327 billion rally on July 31, not to mention over half a dozen $100 billion single-session gains.

Tuesday’s selloff topped Meta’s infamous $250 billion blowup from February of 2022. I’d show you an updated chart of the largest one-day valuation gains and losses, but there’s no point anymore: That history — the record of the largest single-session bonanzas and biggest one-day wipeouts — is now just the history of Nvidia ca. 2023/2024.

The selloff in the company’s shares may accelerate. After the bell, reports indicated Nvidia was subpoenaed by the DoJ in connection with an ongoing antitrust probe. The queries are getting more aggressive. This time, the Department’s requests — which also went out to other tech companies — weren’t actually requests. That is: The DoJ’s not asking anymore.

As Bloomberg wrote, the Department’s requisitions are now “legally binding” and recipients are “oblige[d]” to provide the requested information, bringing the government “a step closer to launching a formal complaint.”