Nvidia's $1.7 Trillion Drawdown Ends Its Longest Losing Streak Since 2012

Nvidia has lost roughly $1.7 trillion in market value over six weeks, its longest losing streak since 2012. The stock closed Friday at $162.85, down 2.01% on the day and 12.75% for the week, according to CNBC and Nasdaq closing data. The drop pushed its market value below $4 trillion for the first time since July 2025, to about $3.92 trillion.

The arithmetic holds up. Nvidia closed at $233.95 on Oct. 2, and its last 10-Q showed 24.1 billion shares outstanding. That puts the loss at about $1.71 trillion on MLQ.ai's calculation, and CNBC put it at 30% of the company's value, enough to drop it below Apple. Measured from the record close of $239.24 on Oct. 6, the loss reaches about $1.84 trillion. The week alone cost roughly $573 billion at the close; MarketWatch counted $657 billion during Friday afternoon trading, when the stock sat below its final price. Friday's intraday low was $158.39.

What caused the streak?

The slide began before CEO Jensen Huang resigned. Nvidia fell in each of the four weeks to Oct. 30, by between 1.5% and 6.6%, as investors punished debt-heavy AI customers such as neoclouds on rate concerns, CNBC reported. The week to Nov. 6 brought a drop near 9%, much of it after midterm elections in which Democrats won sweeping victories and voters passed ballot measures that could slow the AI build-out.

Then came Huang's exit. The stock closed at $178.67 on Monday, Nov. 9, after his weekend letter to staff, and fell as much as 14% intraday on Thursday before closing at $166.19. The weekly breakdown, per Nasdaq historical prices: $229.28 on Oct. 9, $214.13 on Oct. 16, $210.96 on Oct. 23, $204.64 on Oct. 30, $186.64 on Nov. 6, and $162.85 on Nov. 13.

HSBC lowered Nvidia to hold and cut its target to $170 from $365, saying the stock will struggle until a new CEO is named. Bernstein, Oppenheimer and Melius also downgraded on Thursday. Oppenheimer still expects solid earnings but wrote that Huang's departure "could, in our view, translate to a lingering share overhang."

Who gained and who lost?

Nvidia was nearly alone among large chip stocks in falling this week. From the Nov. 6 close, AMD gained 18.9%, Broadcom 18.2%, CoreWeave 14.5%, Micron 12.8%, Arm 9.1%, TSMC's US shares 6.2% and Intel 6.0%. William Blair upgraded AMD on Thursday, citing Nvidia's "leadership vacuum." AMD jumped 13% on Monday alone. AMD then fell 8.75% on Friday and Broadcom fell 4.76%; Rothschild & Co Redburn cut Broadcom to neutral from buy.

The six-week picture is uglier across the chain. Since Oct. 2, Nebius is down 52.3%, Intel 50.0%, CoreWeave 40.7%, Super Micro 38.5%, Arm 38.0% and Micron 27.6%. AMD is down 15.8% and Broadcom just 2.3% over the same period. Arm slid Friday after the Financial Times reported Nvidia's board had approached its CEO, Rene Haas, about the top job. South Korea says Nvidia will keep its pledge of 260,000 GPUs for the country.

CoreWeave ended the week up 14.5% after quarterly results lifted the stock 24.7% on Wednesday. The same day it marketed a $4 billion loan backed by Meta contracts, syndicated by Morgan Stanley and Mitsubishi UFJ, Semafor reported. Nebius fell 10.5% for the week after raising its 2026 capital spending plan to $27 billion and flagging colocation delays.

What happens to Nvidia's startup funding?

Nvidia joined 105 startup funding rounds this year, often as the largest investor, PitchBook data cited by TechCrunch shows. One venture capitalist said infrastructure companies needing $100 million to $500 million of GPUs typically raised about half from Nvidia at valuations of $1 billion or more. "Nvidia is carrying almost every AI-native startup from application to neocloud," Dawn Capital's Shamillah Bankiya told TechCrunch. One unnamed investor said interim CEO Colette Kress is "much more conservative"; Nvidia has not said its investment policy is changing. Its pending $13 billion acquisition of Hugging Face, expected to close in 2027, anchors that network.

Not every analyst is selling. D.A. Davidson's Gil Luria cut his target to $200 from $300 but kept a buy rating: "We believe the market has appropriately adjusted for this transition." Kress reports third-quarter results on Tuesday, against LSEG consensus revenue of $108.9 billion, up 91% year over year. The board has not named a permanent CEO, so the market will price the transition until it does.