Nvidia Falls Toward 52-Week Lows After 30% Drawdown

Nvidia has lost close to 30% of its value since hitting an all-time high just over a month ago, and the stock now trades within reach of its 52-week low. The decline has come fast enough to set a record of its own: an 18.5% fall over five days, the largest such move since October 2022, according to Bespoke Investment Group.

The number that matters most to traders is $160. Nvidia is increasingly trading down toward that level, which marked the high end of its trading range in late 2024 and early 2025 and has acted as support over the last 12 to 18 months. If the stock holds there, the damage stays technical. If it does not, the market loses its most watched reference point.

How bad is this drawdown by historical standards?

By Nvidia's own recent history, quite bad. After clearing its pre-2022 bear market highs in the spring of 2023, the stock has recorded only one drawdown larger than the current one. That is a short window, admittedly. But it covers the entire AI boom, and a near-30% fall within that period is not routine noise.

Bespoke frames the magnitude plainly. The current drawdown sits just under 30%, and only one decline since the 2022 bear market has been deeper. For a company that spent two years as the market's momentum engine, the statistics describe a genuine break in pattern rather than a garden-variety correction.

The context makes it worse. This is an already weak market, and Nvidia's decline has arrived on top of broader softness rather than against a calm backdrop. The stock that once led the index upward is now dragging on it.

Why does the SOX divergence matter?

The most telling detail in Bespoke's analysis is not the drop itself but who is not dropping alongside it. Nvidia has become less correlated with the SOX semiconductor index. While Nvidia fell sharply, the SOX remained resilient and even rallied as Nvidia declined.

That divergence carries real information. It suggests the selloff is specific to Nvidia rather than a sector-wide repricing of chip demand. Investors are no longer treating the company as interchangeable with the semiconductor trade. Whether that reflects concern about Nvidia's valuation, its supply position, or simply profit-taking after an enormous run, the market has decoupled the stock from its index.

For semiconductor watchers, the split is the signal worth tracking. A broad chip selloff would point to demand fears across the industry. A lone Nvidia selloff points to something narrower, and arguably more recoverable.

What happens at $160?

The immediate question is whether the long-standing support level holds. Nvidia approached $160 from above during the week's declines, and the level carries the weight of roughly a year and a half of trading history above it. Bespoke's read is that the stock is not far from its 52-week low, which places the next test close at hand.

Three numbers define the situation:

• Close to 30%: the drawdown from the all-time high reached just over a month ago.
• 18.5%: the five-day drop, the largest since October 2022.
• $160: the former range high from late 2024 and early 2025, now the support level in play.

The speed deserves emphasis. Large drawdowns in Nvidia's recent history built over months. This one compressed a near-record decline into a single week of trading, and that pace alone marks it as the sharpest selloff the stock has seen in more than two years.

The forward view rests on the same three figures. If $160 holds and the SOX continues to rally without Nvidia, the decline reads as an isolated repricing of one richly valued stock. If the support breaks and the divergence spreads to the index, the market will have to decide whether this was a Nvidia problem or the first crack in the semiconductor trade.