NVIDIA Shares Down 31% From October Peak; Traders Watch $164

NVIDIA (NASDAQ: NVDA) has lost roughly 31% from its October peak of $243.37, touching a 52-week low of $164.27 after breaking below the $190 support level. The decline, spread over the past few weeks, marks one of the sharpest retrenchments in the AI sector's flagship stock.

The selloff is not purely a matter of price. Several factors have shaken investor confidence, and they are political as much as technical.

• Uncertainty following the U.S. midterm elections has raised questions about future data-center regulations and the pace of AI infrastructure spending.
• Controversy surrounding CEO Jensen Huang, together with reports of congressional scrutiny, has added to the concerns.

Neither thread concerns silicon directly. Both concern the demand side — how freely hyperscalers may spend on accelerators, and how much political heat the company's leadership attracts while doing it.

What does the chart say?

The technical picture is unhelpful. NVIDIA has broken below an important support level and continues to form lower highs and lower lows — a pattern that says sellers remain in control.

Trading volume also picked up sharply during the decline, according to the analysis, suggesting investors were actively reducing their positions rather than sitting through the drawdown. Heavy volume on the way down is rarely a vote of confidence.

Is $164 the bottom?

Perhaps. Buyers have started showing interest around $164.27, which makes it the level to watch. The recent selloff could attract investors seeking a cheaper entry into one of the biggest players in the AI industry.

The map from here is straightforward, if conditional:

• If the stock holds the $164.27 area, a rebound toward $181–$186 is possible.
• A sustained move back above $190 would be a much stronger sign that selling pressure is fading.
• A break below $164.27 could leave shares vulnerable to further losses.

A bounce from a 52-week low can be encouraging, but it does not mean the stock has found a bottom. That verdict belongs to the $190 line, not the low itself.

What changes the commercial picture?

For the semiconductor supply chain, the swing matters mainly as a barometer. NVIDIA's valuation has tracked the AI infrastructure buildout; a 31% drawdown reflects doubts about the pace of data-center spending, not about the company's ability to ship product. If midterm-election uncertainty hardens into actual data-center regulation, the demand assumption underneath the AI capex cycle changes with it.

For now, nothing is confirmed except the arithmetic: a 31% fall, a broken $190 support, and a 52-week low at $164.27 that buyers have begun to defend. Whether that defense holds — and whether $190 is reclaimed — will decide if this was a correction or a bottom.