NVIDIA shares are heading towards their sixth consecutive weekly decline, marking the chipmaker’s longest losing streak since 2012. The artificial intelligence (AI) giant has lost approximately $1.6 trillion in market value since its stock began sliding in early October, as investors reassess the outlook for AI infrastructure spending and react to the sudden departure of co-founder and chief executive Jensen Huang.
The stock was down approximately 11% for the week through Thursday’s close on November 12, 2026. NVIDIA shares fell 4.3% on Thursday alone, bringing their decline from the early-October peak to around 29%. The sell-off pushed the company’s market capitalisation below Apple’s, ending its position as the world’s most valuable publicly listed company.
NVIDIA Shares Face Sixth Consecutive Weekly Decline
NVIDIA’s latest stock decline extends a difficult period for the company, whose shares had delivered substantial gains during the global AI investment boom.
The company became a central beneficiary of growing demand for graphics processing units (GPUs), which are widely used to train and operate advanced AI models. Its chips have become critical infrastructure for technology companies building large data centres and expanding their AI capabilities.
However, investor sentiment has weakened since early October. By Thursday’s market close, NVIDIA had lost around 29% of its value during the sell-off, wiping approximately $1.6 trillion from its market capitalisation.
The six-week losing streak would represent the company’s longest sequence of weekly declines since 2012.
Key NVIDIA Stock Developments
| Indicator | Latest reported figure |
|---|---|
| Weekly stock decline | Approximately 11% |
| Decline from early-October peak | Approximately 29% |
| Market value erased | Approximately $1.6 trillion |
| Thursday’s stock decline | 4.3% |
| Weekly losing streak | Six consecutive weeks |
| Previous comparable losing streak | 2012 |
The decline has also brought NVIDIA’s valuation below Apple’s, highlighting how quickly market leadership can change when investors reassess expectations for major technology companies.
Jensen Huang’s Resignation Adds to Investor Concerns
The latest pressure on NVIDIA shares intensified after Jensen Huang resigned as chief executive and board member on November 12.
Huang co-founded NVIDIA and led the company for more than three decades. Under his leadership, NVIDIA transformed from a graphics-chip manufacturer into one of the world’s most influential semiconductor companies, becoming a major supplier to the global AI industry.
His departure followed reports about two extramarital relationships, including one involving a former executive at a Singapore-based company who has been alleged to have links to Chinese intelligence. These allegations have added a sensitive governance and reputational dimension to the company’s challenges.
NVIDIA’s board appointed chief financial officer Colette Kress as interim CEO while it begins the process of identifying a permanent successor. Harvey C. Jones, previously associated with Synopsys, was named the company’s first board chair.
The leadership transition has created uncertainty around the future direction of the business. Huang was closely associated with NVIDIA’s product strategy, relationships with major technology companies and expansion into the AI infrastructure market.
Investors will now assess whether the company can maintain its strategic momentum under new leadership.
AI Spending Concerns Weigh on NVIDIA Stock
The sell-off is not solely related to the leadership transition. Investors were already questioning whether the rapid expansion of AI infrastructure spending could continue at its previous pace.
Major technology companies, including Microsoft, Amazon, Alphabet, Meta and Oracle, have committed substantial amounts of capital to building data centres and purchasing advanced computing equipment.
These investments have supported NVIDIA’s rapid growth because its GPUs and networking products are widely used in AI infrastructure.
However, investors increasingly want to see evidence that these large investments will generate sufficient returns. Building data centres requires significant spending on chips, servers, electricity, cooling systems and supporting infrastructure.
If technology companies slow their investment plans or delay new projects, demand for AI hardware could be affected.
Concerns about the pace of future data-centre construction have also contributed to uncertainty around NVIDIA’s longer-term revenue growth.
According to Reuters, analysts have raised questions about the visibility of 2027 data-centre forecasts. Supply constraints and the possibility of slower demand growth could influence the spending plans of major AI infrastructure customers.
Interest Rates and Data-Centre Opposition Add Pressure
Higher interest rates are another factor affecting sentiment towards the AI investment cycle.
Some companies involved in the data-centre ecosystem rely heavily on debt financing to expand their operations. Higher borrowing costs can make infrastructure projects more expensive and potentially delay investment decisions.
Political and regulatory developments have also created uncertainty. The November US midterm elections and local opposition to data-centre construction have raised questions about future project approvals, electricity costs and infrastructure expansion.
These concerns do not necessarily indicate that demand for AI technology is disappearing. Instead, investors are becoming more selective about how quickly AI infrastructure spending can grow and how much revenue companies can generate from their investments.
For NVIDIA, which has benefited significantly from the expansion of AI computing, any slowdown in customer spending could affect market expectations.
Wall Street Analysts Reassess NVIDIA’s Outlook
The recent decline has been accompanied by a series of analyst rating changes and lower price targets.
Baird Equity Research downgraded NVIDIA to neutral from its previous rating and cut its price target to $200 per share from $500, according to Reuters. The firm cited reduced visibility around future data-centre demand and uncertainty surrounding the company’s growth outlook.
Other Wall Street firms have also reassessed their expectations for the stock.
The leadership change has added another layer of uncertainty. Analysts have pointed out that a transition away from a founder who has led the company for 33 years could create questions about strategy, execution and relationships with major customers.
However, not all investors have abandoned NVIDIA.
Reuters reported that retail investors bought the stock heavily during Thursday’s decline. Fidelity customers had placed 394,818 buy orders for NVIDIA by noon Eastern Time, compared with 80,088 sell orders.
Vanda Research estimated that retail buying during the first half-hour of Thursday’s session reached $111 million, describing it as the largest such opening-period retail inflow into the stock.
The buying activity suggests that some investors continue to view the sell-off as an opportunity, even as uncertainty surrounding the company remains elevated.
NVIDIA’s Upcoming Earnings Report Becomes a Major Test
NVIDIA’s next quarterly earnings report is expected to be an important event for investors.
The company is scheduled to report its third-quarter results on November 17, 2026. Analysts surveyed by LSEG expect revenue of approximately $108.9 billion, representing year-on-year growth of around 91%.
The results will provide investors with an updated view of demand for NVIDIA’s AI chips, data-centre products and computing systems.
However, financial performance may not be the only focus. Investors will also pay close attention to management’s commentary about future demand, supply availability, customer spending and the leadership transition.
The company needs to demonstrate that its growth outlook remains strong despite concerns about AI infrastructure investment and uncertainty surrounding its executive leadership.
A strong earnings performance could help restore some investor confidence, although it may not immediately resolve questions about the company’s long-term outlook.
The Bigger Picture
NVIDIA’s $1.6 trillion market-value decline highlights how quickly investor expectations can change for companies benefiting from major technology trends. The AI industry continues to attract enormous investment, but markets are increasingly demanding evidence that spending on computing infrastructure can translate into sustainable business returns.
The company’s situation also demonstrates the importance of leadership continuity. Jensen Huang played a central role in NVIDIA’s transformation and became one of the most influential figures in the AI industry. His departure creates an additional challenge at a time when investors are already questioning the pace of AI investment. Nevertheless, NVIDIA retains a significant position in the global semiconductor market, and the long-term demand for advanced computing remains an important part of its business outlook.
Looking Ahead
NVIDIA’s November 17 earnings report will be closely watched for signals about AI chip demand, data-centre spending and the company’s financial outlook. Investors will also look for clarity from interim CEO Colette Kress and the board regarding the search for a permanent chief executive. The company’s ability to reassure customers and investors during the transition could influence how quickly confidence returns.
For now, the stock’s sixth consecutive weekly decline reflects a combination of market-wide concerns, questions about AI investment returns and company-specific leadership uncertainty. Whether NVIDIA can reverse the trend will depend on its upcoming financial results and its ability to demonstrate that demand for AI computing remains strong enough to support its growth expectations.
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