Nvidia shares tumbled 7.06% to a session low on Tuesday, breaking below $170 to their lowest level in seven months and pushing the chipmaker behind both Apple and Microsoft as the world’s third-most-valuable company. The selloff extended Nvidia’s decline from its Oct 6 peak to 31%, erasing $1.82 trillion in market value and leaving the stock down more than 11% for 2026.
The price-to-earnings ratio on Nvidia shares fell to its lowest level in 15 years as the company headed toward a roughly $470 billion two-day market value loss. The stock has dropped 12% since reports emerged that Nvidia’s board and the FBI are investigating whether CEO Jensen Huang’s relationship with a suspected Chinese intelligence asset helped facilitate shipments of roughly 240,000 Nvidia chips to China, including some subject to US export controls.
Much of the slide preceded the governance probe, with Nvidia already down about 22% from its record high amid broader Wall Street skepticism over whether AI infrastructure spending can sustain its valuation. The downturn has made Nvidia the worst performer among the Magnificent Seven stocks from its all-time high ahead of its Nov 17 earnings report.