Nvidia shares have lost more than $220 billion in value since its fourth quarter earnings report on Wednesday.

Nvidia’s total market value as of the close Wednesday, before the release of its earnings report. That’s second in the S&P 500 behind Apple ($3.611 trillion). Microsoft is third with a market value just below $3 trillion ($2.972 trillion). Two years ago, Nvidia’s market value was below $600 billion.

Nvidia turned in expectation-beating quarterly sales and profits Wednesday. The company’s stock still fell in the aftermath. Analysts pointed to narrower profit margins and worry about Nvidia’s sales in China among the concerns weighing down the artificial-intelligence chip giant.

Investors are closely watching upcoming economic reports and corporate earnings as they assess the state of the economy and the stock market. Exchange-traded funds and equity futures were higher in premarket trading on Monday,