Nvidia Erases $913 Billion in Five Sessions, Its Worst Run Since 2022

Nvidia lost roughly $913 billion in market value over five trading sessions, an 18.29% slide from a $206.69 close to Tuesday's $168.89 — the worst five-day stretch the stock has suffered since September 2022. That is worse than the DeepSeek crash. It is worse than almost anything in the 2022 chip downturn. And it happened while Nvidia insists demand for its chips still outpaces supply.

The stock now trades at $177.22 against a Wall Street average price target of $325.78, a gap implying 83.83% upside. When the gulf between analysts and the market stretches that wide, something basic is in dispute. Here, the fight is over governance and China exposure — not the fundamentals.

Earnings land November 17 after the close. That report will be the first hard test of whether the targets or the stock price is closer to right.

How does this slide compare to DeepSeek and 2022?

The numbers put it in context. The last stretch this bad ended September 1, 2022, when the split-adjusted stock fell 22.2%, from $17.91 to $13.94. A window ending April 2022 cost 19.89%.

The DeepSeek shock, for comparison, was sharper in a single day but shallower over five. Nvidia lost 16.97% in one January 2025 session, sliding from $142.62 to $118.42. Its worst five sessions around that shock cost 15.89%. This week's drop also beat the 17.22% fall over the five sessions that ended in September 2024.

No single day this week matched DeepSeek. The worst session was a 9.26% fall to $181.60. The lone up day, a 2.78% bounce to $186.64, didn't hold. On Tuesday the stock lost $9.78, or 5.47%, on 429.2 million shares, touching $165.89 intraday and closing at its lowest level since late March.

What triggered it: governance, China and inflation

Three pressures landed together. Nvidia's independent directors hired Joon H. Kim, a former acting U.S. Attorney for the Southern District of New York, along with Wachtell, Lipton, Rosen & Katz, to investigate reports that CEO Jensen Huang was targeted by a foreign intelligence effort. The board says it has no reason to believe national security or Nvidia secrets were compromised.

Separately, at least $7.5 billion of Nvidia hardware has reportedly reached Chinese companies since 2023 through a network linked to businesswoman Alice Huang, who is not related to the CEO. October's inflation print — consumer prices up 0.4%, core up 0.3% — piled onto a broader tech sell-off, hitting high-multiple stocks hardest.

There's an echo here. The 2022 slide also had a China trigger: export license rules on the A100 and H100 that Nvidia said could cost about $400 million in quarterly China sales. That recovery waited for the chip cycle to turn.

Are analysts holding the line?

Mostly, yes. Of 62 analysts, 10 rate Nvidia Strong Buy, 49 Buy, two Hold and one Sell. But Baird downgraded to Neutral from Outperform and slashed its target to $200 from $500, citing uncertainty over Huang's tenure and possible weaker cloud AI spending in 2027. Analyst Tristan Gerra estimated a new H200 export ban to China could trigger a $5 billion write-down. Morgan Stanley dropped Nvidia as a Top Pick while keeping its Overweight rating and $300 target; Bank of America removed it from its top-ideas list.

The business itself keeps printing numbers: revenue rose 105.8% last quarter to $96.22 billion, and the stock trades at about 11 times forward earnings.

Did the damage spread to rivals?

No. Over the same five sessions, AMD gained 6.47% to $565.39 against a $657.49 target. Broadcom slipped just 0.05% to $353.01, with 51.11% upside to its $533.42 consensus target. Nvidia is down 4.75% this year while the S&P 500 is up 9.97%.

On Wednesday, the stock opened at $172.80 and was up 4.93% by early afternoon, lifting its market value to about $4.28 trillion and shrinking the rolling five-day decline to roughly 11.4%. November 17 will show whether the bounce sticks.