Nvidia Posts Fifth Straight Weekly Loss, Leaving It About $1.27 Trillion Below Its Peak

The stock closed Friday at $186.71, up 2.81% on the day but 21.96% below its record close of $239.24 on October 6. On 24.15 billion shares, that leaves Nvidia about $1.27 trillion short of its peak market value. The past week alone erased about $433 billion, and the company is still valued at about $4.51 trillion. Other outlets have put the drop since the October record closer to $1.4 trillion, depending on the share count and timing they used.

The slide matters well beyond Nvidia. The company sells the chips at the centre of the AI buildout, and investors now doubt whether the data centres those chips go into can be built on schedule. The steepest fall of the run came on Thursday, November 5, when the stock dropped 9.26% to $181.60. Jared Blikre, a markets data editor whose figures 24/7 Wall St cited, called it the worst day since the January 2025 sell-off set off by DeepSeek. He tied the fall to Democrats winning both chambers of Congress after candidates in both parties campaigned against AI data centres.

The election is a threat to how quickly sites can get power and permits, the analysis argued, more than to underlying demand for computing. Nvidia's orders depend on customers securing both, and a single data centre can draw more than a gigawatt. Local voters rejected data centre projects in almost every midterm ballot measure, and Democrats have said they will bring a wave of AI and data centre bills when they take control of Congress in January.

The damage across chip stocks was wider still. The PHLX Semiconductor Index fell 12.15% for the week, also its fifth straight weekly decline, and is 35.84% below its June 22 record. It has been in a bear market since July 17. The S&P 500 lost 2.68% over the week and the Nasdaq Composite 3.37%. Friday brought a partial rebound: AMD rose 11% and the chip index gained 4.2%.

Losing runs this long are rare for Nvidia. Blikre counts 12 earlier streaks of five weeks or more since the company's 1999 listing. The longest lasted seven weeks, in the summer of 2008. The record after those streaks is mixed. Thirteen weeks later the stock was higher only five times, and a year later it was higher eight times. The worst case was 2002, when the shares lost nearly two-thirds of their value over the following year. The most recent streak ended in October 2022, after which the stock roughly quadrupled over a year.

Nvidia has said its constraint is supply, not demand. In August, chief financial officer Colette Kress said supply would remain a bottleneck "at least through the end of fiscal year '28." The stock trades at about 38 times trailing earnings, and second-quarter revenue grew 105.8%.

Investors get their next test soon. US October inflation data is due on Tuesday, November 10, and Nvidia reports fiscal third-quarter results after the close on November 17. The company has guided to revenue of $108.0 billion, plus or minus 2%.