Nvidia Is Worth $1.3 Trillion Less After Its 5th Straight Losing Week
Chip stocks just suffered one of their ugliest stretches on record, and a political shift in Washington may be to blame. History offers a surprising clue about what happens next, but a November 17 earnings report could rewrite it.
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NVIDIA (NASDAQ:NVDA | NVDA Price Prediction) rose 2.81% on Friday, November 6, 2026, closing at $186.71 after a $5.11 gain. The rebound still left the stock with its fifth straight losing week.
The stock closed at a record $239.24 on October 6, 2026, and it now sits 21.96% below that level, a gap of $52.53 per share. Using 24.15 billion shares outstanding, that works out to an estimated loss of about $1.27 trillion in market value. NVIDIA is still worth $4.51 trillion, and its most recent earnings report named supply as the main limit on growth, with no sign of weaker demand.
The run started from a $233.95 close on October 2. Weekly closing prices then slipped to $229.28 (-2.00%), $214.13 (-6.61%), $210.96 (-1.48%), and $204.64 (-3.00%) before the November 6 finish.
Measured from October 2, the estimated loss is smaller, at about $1.14 trillion. The week ended November 6 alone erased about $433 billion.
NVIDIA’s Worst Week Since April 2025
NVIDIA fell 8.76% for the week, its worst since the week ended April 4, 2025, and slightly worse than its -8.6% week ended June 26, 2026. The S&P 500 lost 2.68%, and the Nasdaq Composite lost 3.37%, so most of the selling hit chip stocks.
The biggest selling came on November 5, when the stock fell 9.26% to $181.60. Jared Blikre, a global markets and data editor, called it the worst day since the January 2025 DeepSeek sell-off. He tied the drop to Democrats winning both chambers of Congress after candidates in both parties ran against AI data centers.
Friday’s rebound raised Advanced Micro Devices (NASDAQ:AMD) 11% and the chip index 4.2%. The PHLX Semiconductor Index still fell 12.15% for the week, its fifth straight weekly loss. It closed 35.84% below its June 22, 2026 record and is deeper in a bear market (a drop of more than 20% from a peak) that it first entered on July 17, 2026.
Run History Favors a Long Horizon
Blikre counts 12 earlier losing runs of five weeks or longer since NVIDIA’s 1999 IPO. The longest ran seven weeks in the summer of 2008. The most recent ended in October 2022, about a month before ChatGPT launched, and the stock roughly quadrupled over the following year.
Looking 13 weeks out, NVIDIA was higher only five times. One year out, it was higher eight times. The worst case was 2002, when the stock lost nearly two-thirds of its value over the following year.
Washington and November 17 Decide the Next Move
Opposition to data centers matters because NVIDIA’s orders depend on its customers getting power and permits for new sites. A single data center can draw over a gigawatt of power, which is why the utilities, cooling, and networking names behind the expansion keep showing up in our free report on seven AI infrastructure stocks that aren’t chipmakers.
October CPI comes out on Tuesday, November 10, at 8:30 a.m. ET. NVIDIA reports fiscal third-quarter 2027 results after the close on November 17, with a call at 5 p.m. ET.
To break the run, the report needs revenue at or above the $108.0 billion ±2% guidance. It also needs clear commentary on whether customers are changing their build plans after the election.
What the November 17 Report Could Mean for NVIDIA Shares
At a trailing P/E of 38x, the stock carries a moderate valuation for a company whose second-quarter revenue grew 105.8%. In August, CFO Colette Kress said, “we expect supply to remain a bottleneck at least through the end of fiscal year ’28.”
The election puts the pace of data center construction at risk more than the need for computing power. After the past run, the stock was usually higher a year later.
The test is the November 17 report. Results at or above guidance, with a close back above the October 30 level of $204.64, would support a recovery case. A close below $181.60 would suggest the selling has further to run.
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Omor Ibne Ehsan is a writer at 24/7 Wall St. He is a self-taught investor with a focus on growth, cyclical, and dividend equities that have strong fundamentals, value, and long-term potential. He also has an interest in high-risk, high-reward investments such as penny stocks.
