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Nvidia<\/a> Corp.\u2019s run as the world\u2019s most valuable company didn\u2019t last long.<\/p>\n Shares of the semiconductor giant have fallen 6.7% in the last two days, erasing over $220 billion in market capitalization and dragging the company from its place as the world\u2019s top stock. Nvidia\u2019s market cap was about $3.1 trillion on Friday, lower than Apple<\/a> Inc. at $3.2 trillion and Microsoft<\/a> Corp. at $3.3 trillion.\u00a0<\/p>\n It was a swift reversal from\u00a0earlier in the week<\/a>, when Nvidia rallied to overtake its megacap peers and claim the pole position. Traders said there weren\u2019t any fundamental reasons behind the two-day selloff at the end of the week, but it does underscore the\u00a0breakneck pace<\/a>\u00a0at which the stock had climbed \u2014 almost 200% in the past year alone \u2014 and how that ascent now makes it vulnerable to sudden retreats like this one.<\/p>\n \u201cIt\u2019s just the usual fluctuations in the stock market which, with such large companies, can wipe or add hundreds of millions or even billions of dollars to their market value,\u201d said Russ Mould, investment director at AJ Bell.\u201cNothing has gone wrong at Nvidia.\u201d\u00a0<\/p>\n Some whipsawing in the short-term was expected by some. In a June 19 note, analysts led by Vivek Arya at Bank of America<\/a> Corp. said that Nvidia\u2019s \u201csteep climb makes it vulnerable to profit taking, but we argue any volatility likely to be short-lived.\u201d The group reiterated its buy rating, $150 price target and top pick status on the shares.\u00a0<\/p>\n Still, bulls see further upside for the stock. Analysts led by Ben Reitzes at Melius Research on Friday boosted their price target on shares to $160 from $125, their fifth raise of the year.\u00a0<\/p>\n \u201cWe continue to believe that Nvidia is in better shape than some SaaS \u2018leaders\u2019 who are yet to prove that AI is incremental to the story in our opinion,\u201d Reitzes wrote, referring to software-as-a-service firms. \u201cIn fact, one could argue that Nvidia should absorb an even larger portion of the enterprise application software market cap as profits transfer to their stack.\u201d<\/p>\n The drop also comes amid broader market retreat as options expire in a so-called\u00a0triple-witching<\/a>session, when contracts fall off the board at the same time that S&P Dow<\/a> Jones Indices shuffles company weightings and ETFs that track its gauges make similar changes. The move can lead to market turbulence capable of swinging individual holdings.\u00a0<\/p>\n<\/div>\n\nSubscribe to the Fortune Next to Lead newsletter to get weekly strategies on how to make it to the corner office. Sign up for free<\/a> before it launches on June 24, 2024.<\/div>\n<\/div>\n