Last Tuesday Nvidia shed over $279 billion in value. It was the biggest one-day paper loss for a corporation in the history of the stock market. As a CNN report put it, “only 27 companies on the planet are worth as much as Nvidia lost in value on Tuesday.”

Nvidia’s stock historically has made dramatic moves in the year after initial Fed interest-rate cuts, and it has outperformed the S&P 500 on average when looking at all rate cuts since the IPO.