Dell, Nvidia, AMD Stocks Sink As Markets Plunge In Coronavirus Crisis

As the number of coronavirus cases continues to surge, technology stocks from the likes of Apple, Dell Technologies, Nvidia and AMD all fell on Monday.

A slew of technology companies saw a major drop in their stock prices on Monday as the number of coronavirus cases outside of China rapidly increases, causing the Dow to plunge more than 1,000 points today.

IT infrastructure giant Dell Technologies saw its stock drop more than 7 percent on Monday to a low of $47.54 per share, after reaching $52.70 per share on Friday. The $91 billion Round Rock, Texas-based company is the worldwide leader in servers, storage and hyperconverged infrastructure, and relies on China as its second largest market.

Many chipmakers and smartphone companies that rely on China’s manufacturing arm for its products took a hit on Monday as well.

Apple’s stock dropped 6 percent Monday morning to under $300 for the first time this year at $297.27 per share. Apple’s stock has slowly rebounded Monday afternoon and now stands at $301.96 per share. The company has said that it no longer expects to achieve its latest revenue guidance due to the impact of the epidemic on iPhone production and sales in China.

[Related: Coronavirus Crisis: The IT Industry Prepares For The Worst]

Chipmaker innovator Nvidia’s stock dropped more than 6 percent Monday morning to $270.08 per share. The sharp drop comes just a few days after Nvidia’s stock reached an all-time high of $314.70 per share on Feb. 19. Nvidia recently said it expects revenues to take a $100 million hit in its first fiscal quarter 2021 due to the coronavirus.

Similarly, chipmaker AMD witnessed a more than 7 percent drop in its stock Monday morning as shares fell to $48.15 per share. The Santa Clara, Calif.-based company saw its stock hit a record high of $58.90 on Feb. 19. Intel, who competes against both Nvidia and AMD, saw a smaller 3 percent fall in its stock on Monday to $61.68 per share.

Facebook’s stock dropped 5 percent on Monday to below $200 per share for the first time in 2020 to $198.96 per share.

China-based Lenovo, whose stock is down 2.5 percent on Monday, said this week during its quarterly earnings report that it expects the coronavirus to impact business.

“As relates to coronavirus, the business priority continues to be ensuring the health and welfare of the Lenovo workforce, continuity of manufacturing and rebuilding capacity, and assisting those working to contain the outbreak,” said Lenovo in a statement. “Like the rest of the industry, Lenovo is inevitably facing some short-term constraints and delays as the supply chain is ramped back up after the extended Chinese New Year factory closures.”

The amount of people with coronavirus cases has recently surged in Iran, Italy and South Korea, with death toll climbing to more than 2,600 across the globe. The U.S. Center for Disease Control and Prevention has confirmed 53 cases of the novel coronavirus in the country as of Monday.

Mobile World Congress 2020 in Barcelona was cancelled this month because of concerns about the coronavirus.