Nvidia Falls 8.5% Into Bear Market: $1.4 Trillion Gone Since October

Nvidia stock fell 8.5% on Thursday, November 5, 2026, to about $183 — pushing the AI chip giant into bear-market territory, more than 23% below its October record, and erasing roughly $410 billion of market value in a single session. The poster child of the AI boom is now down for the year, below its 200-day moving average, and heading for a fifth straight losing week.

The short answer: what happened to Nvidia today?

Nvidia (NASDAQ: NVDA) closed Wednesday at $200.13 and plunged on Thursday, trading at $183.08, down 8.52%, after opening at $196.07 and hitting a low of $181.55. Dow Jones Market Data put the stock 23.5% below its peak close on October 6 — past the 20% line that defines a bear market — and on pace for its largest one-day percentage fall since March 2025. Thursday's drop alone was on track to wipe out about $415 billion of market capitalization, which Dow Jones called the stock's second-largest one-day loss on record.

Why is Nvidia stock blowing up — in the wrong direction?

Three pressures hit at once. First, politics: Democrats swept the US midterm elections on November 3, and investors fear the new Congress could tighten regulation and slow the data-center construction that drives demand for Nvidia's chips. Second, demand doubts: Qualcomm's weak smartphone-chip sales, reported Wednesday night, fed a broader worry that AI infrastructure spending planned for next year may not materialize at the pace prices assumed. Third, China: a delay in approving imports of Nvidia's H200 chips added to the selling, according to Benzinga coverage of the session.

Nvidia was not alone. Ten of America's largest technology companies lost about $1.74 trillion combined by late morning on Thursday, with Nvidia's roughly $408 billion drop the biggest single piece. AMD fell about 15%, and the Nasdaq Composite sank more than 5% as the AI trade unwound across chips and data-center stocks.

Key facts

Thursday's move: Nvidia fell 8.5% to about $183, from a $200.13 close on Wednesday.
Bear market: Shares are down 23.5% from their October 6 peak close — a fall of 20% or more is the standard bear-market definition.
Value erased: About $1.4 trillion of market value has gone since the October peak, and the company's valuation sits near $4.4 trillion.
Trend broken: Nvidia closed Wednesday below its 200-day moving average of $204.67 and fell to about 10.5% below that line on Thursday. Nine other big AI names — including Micron, TSMC, AMD and Cisco — also broke below their 200-day averages this week; together the ten are worth about $8.8 trillion.
Down for the year: Thursday's fall pushed Nvidia into negative territory for 2026, putting it on course for its worst annual performance since 2022, according to Dow Jones data reported by the Wall Street Journal.
Losing streak: The stock is heading for a fifth consecutive losing week — only the thirteenth such streak since its 1999 IPO.

What's next?

The next test is close: Nvidia reports earnings on November 17. That report will be read as a verdict on whether AI spending is really slowing, or whether Thursday was a valuation reset. Before that, Friday's October jobs report will shape expectations for the Federal Reserve's December decision — another pressure point for growth stocks this week. Some analysts quoted in coverage noted the stock now trades at a forward price-to-earnings multiple of about 14 on FactSet figures, far below its boom-era levels, which is why bargain-hunting commentary appeared even as the selling continued. That is a description of the debate, not a recommendation: this post reports what happened and why markets reacted, and it is not financial advice.

Sources

FAQ

Why did Nvidia stock fall 8.5% on November 5, 2026?

Investors sold AI and chip stocks on fears that the new Democratic Congress could slow data-center construction, doubts about next year's AI spending after weak Qualcomm chip sales, and a delay in China approving H200 imports.

Is Nvidia in a bear market?

Yes, by the standard definition: shares are down 23.5% from their October 6 peak close, and a fall of 20% or more from a recent high is a bear market.

How much market value has Nvidia lost?

About $410 billion on Thursday alone — on track to be its second-largest one-day loss on record — and roughly $1.4 trillion since its October peak.

When does Nvidia report earnings next?

Nvidia is scheduled to report on November 17, 2026, and that report is the next major test of whether AI spending demand is actually slowing.