Nvidia slides 7.3%, its steepest drop since April 2025

Nvidia shares fell 7.3%, their biggest drop since April 2025. For the company most closely tied to the AI boom, that is a bad week.

How the slide unfolded

The selloff came in stages. Nvidia stock fell approximately 7% across the five trading days ending November 4, 2026.

The pain started early. On October 30, 2026, shares dropped 4.22% in a single session, setting the tone for what followed.

By November 4, the stock closed at $200.13. That was down 3.17% from the prior day’s close of $206.69.

The stock sits roughly 16–18% below its 52-week high, which landed somewhere around $239–243.

Even after the slide, Nvidia’s market cap was about $4.8 trillion as of November 4. A 7% haircut on a company that size wipes out more value than many listed companies are worth in total.

Why investors are nervous

Three worries appear to be driving the selling. None of them is about whether Nvidia’s chips work. They are about whether customers keep buying them at the same breakneck pace.

First, hyperscaler spending. Hyperscalers are the giant cloud operators that rent out computing power. Their recent earnings showed heavy capital expenditures on AI technology. Investors are questioning whether those budgets can keep climbing indefinitely.

Second, data center politics. Reports have surfaced of proposed data center moratoriums in states including Texas. Texas is critical to US data center capacity.

Third, the midterms. Concerns have grown about potential regulatory hurdles following the results of the US midterm elections.

The April 2025 comparison

The last time Nvidia dropped this hard, the trigger was Washington. On April 16, 2025, shares fell around 6.9–7% following news of US export curbs on AI chips to China.

After that drop, the stock traded at approximately $104.49. Today it sits near $200.

The two selloffs differ in character. April 2025 was about a specific policy hitting a specific market. The current drop is more diffuse, a mix of spending fatigue, local politics and post-election regulatory jitters.

What to watch next

The next major catalyst is close. Nvidia is scheduled to report earnings on November 17, 2026.

Investors will likely listen closely for commentary on customer demand. Guidance on data center buildout will also be in focus, as proposed moratoriums could stretch the timeline for new capacity, rippling back to chip orders.