Shares of Nvidia ( NVDA -5.29%) were sinking Wednesday. The company's stock fell 6.2% as of 2:20 p.m. ET, but lost as much as 6.9% earlier in the day. The move comes as the S&P 500 ( ^GSPC -0.39%) and Nasdaq Composite ( ^IXIC -0.54%) lost 0.8% and 1.1%, respectively.

US stocks and shares in chip-making giant Nvidia on Tuesday clawed back some of their losses following a steep sell-off a day earlier triggered by the sudden success of Chinese

the chip maker saw its market value drop by $593 billion, the biggest one-day drop for any listed company on record.