Nvidia has lost nearly $1.4 trillion since its October record

Nvidia (NVDA) is on track for its fifth straight losing week, and the slide since its October record has now erased nearly $1.4 trillion in market value.

Thursday did a lot of the damage. Nvidia closed down more than 9%, knocking nearly $450 billion off its market value in a single session and leaving the company worth about $4.4 trillion. It was the stock’s worst day since the DeepSeek sell-off in January 2025.

Nvidia has plenty of company.

AMD (AMD), Micron (MU), and Arm (ARM) suffered steep double-digit losses, and Broadcom (AVGO) and Taiwan Semiconductor (TSM) fell more than 10%. The PHLX Semiconductor Index (^SOX) had its worst day since March 2020 and is now more than a third below its June record. Sandisk (SNDK) dropped 22%.

Nvidia itself is now about 24% below its Oct. 6 record close and trading below its 200-day moving average.

The trigger this time is Washington. Democrats won both chambers of Congress, and candidates in both parties campaigned against AI data centers, the buildings that run on Nvidia’s chips. The Senate came close to passing a bill this fall that would have made data centers pay more of the power costs they create.

Losing streaks this long don’t come often for Nvidia. Since its 1999 IPO, the stock has strung together five or more down weeks just 12 times before this one. The longest ran seven weeks, in the summer of 2008.

The last one is the streak bulls will want to remember. It ended in October 2022, about a month before ChatGPT’s launch set off the AI boom, and Nvidia’s stock roughly quadrupled over the following year.

That’s the best case, not the base case. Nvidia was higher 13 weeks later in only five of the 12 earlier streaks, though it was up a year later in eight. The worst came in 2002, when the stock lost nearly two-thirds of its value over the following year.

For now, Washington is the new worry hanging over the stock.

“There will be congressional hearings,” Stifel’s Brian Gardner told Reuters ahead of the vote. “There will be investigations.”

Internal AI tools helped analyze interview transcripts, research, and draft this post. Humans reviewed, edited, and fact-checked this post before publication.

Jared Blikre is the global markets and data editor for Yahoo Finance. Follow him on X at @SPYJared or email him at [email protected].