Nvidia Has Lost More Than $1.7 Trillion in Market Value in a Month

Nvidia’s stock keeps sliding. Since hitting a record in early October, the company has lost about $1.7 trillion in market value, and its shares have dropped roughly 30%.

On October 6, Nvidia set a record: its market cap reached about $5.78 trillion, and it was still the world’s most valuable company. A month later, the picture looks very different. On November 10, Nvidia shares traded at around $167, and its market cap fell to roughly $4.04 trillion. As a result, Nvidia reportedly slipped to third place among the world’s most valuable companies, behind Apple and Microsoft.

November 5 hurt the most. That day, Nvidia shares fell 9.26%, and the company lost about $448 billion in value in a single session. It was Nvidia’s worst day since January 2025, when China’s DeepSeek AI model sent the market tumbling.

Investors are the main reason. They doubt that the enormous spending on AI infrastructure will pay off, and more of them are asking whether tech giants can keep pouring hundreds of billions of dollars into data centers. If they can’t, demand for Nvidia’s chips takes a hit. The high cost of electricity and data center maintenance adds to the worry. Nvidia wasn’t the only one to fall on November 5: AMD and Micron dropped more than 10%, Broadcom and TSMC lost about 10% each, and the Nasdaq slid into correction territory.

Politics played a part too. In the November 3 midterm elections, Democrats won control of both chambers of the U.S. Congress. Investors expect that could bring tighter regulation of data centers and more scrutiny of how much power they use.

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A scandal around Nvidia CEO Jensen Huang put extra pressure on the stock. Huang recently admitted to an affair with a former executive at Singapore-based Megaspeed, whom U.S. intelligence suspects of working with Chinese intelligence services. Nvidia’s board has opened an independent investigation, and shareholders have already filed a class action lawsuit against the company. Analysts have also started pricing in the risk that Huang could step down, which would be a serious blow for investors.

Nvidia’s next big moment comes on November 17, when it releases its quarterly earnings. That report could show whether the company can win back investors’ trust.