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Nvidia Corp. wiped out about $406 billion in value this week, weighing on key equity benchmarks as jitters spread over the health of the US economy and an AI trade that may have gotten ahead of itself.

The world’s largest artificial-intelligence chipmaker shed a fifth of its value over the past two weeks. The declines also showcase a more pressing issue for investors in the $2.5 trillion giant: Its volatility now dwarfs its Magnificent Seven peers and makes Bitcoin look like a port of calm.