Nvidia’s shares closed at $168.89 on 10 November, 9.4% below their $186.50 close on 31 December 2025, according to Nasdaq’s daily price history: the stock’s 2026 gain is gone. The close is also 29.4% below the $239.24 of 6 October, the highest close in the Nasdaq data we read, which go back to January 2024.
On the 24.1 billion shares on the cover of Nvidia’s latest 10-Q, as of 21 August 2026, that is about $1.70 trillion of market value lost in 25 sessions, from about $5.77 trillion at the peak to $4.07 trillion, by our arithmetic. At the 6 October close the shares had been up 28.3% on the year.
Business Pill · Concentration
A short explainer on concentration, when a few big pieces make most of a total. It teaches the general idea and does not discuss Nvidia’s shares.
The key insight: As we read the Nasdaq closes, Nvidia ended 10 November at $168.89, below its $186.50 close of 31 December 2025 and 29.4% below its $239.24 peak of 6 October: about $1.70 trillion of market value on 24.1 billion shares, by our arithmetic, lost in 25 sessions.
The fall came in two legs. From the 6 October peak the shares slid to $200.13 by 4 November, down 16.3%, by our arithmetic. Then four sessions took them to $168.89: $181.60 on 5 November, the first close below the 31 December level since the peak, $186.64 on 6 November, $178.67 on 9 November and $168.89 on 10 November. Those four sessions cut the price by 15.6%, about $753 billion of market value on the same share count, by our arithmetic.
The 10 November close is the lowest since 30 March 2026, when the shares closed at $165.17, their lowest close of the year. Trading was heavy: Nasdaq shows 462.7 million shares traded on 9 November and 429.3 million on 10 November, against an average of 102.5 million a session in October, by our arithmetic, about four times as many.
A headline circulating on X put the fall at 25%. That matches the 9 November close of $178.67, 25.3% below the peak by our arithmetic; the 10 November close took it to 29.4%. In pre-market trading on 11 November, Nasdaq quoted the shares at $174.73 at 4:12 a.m. ET, up 3.46%, still 27.0% below the peak and 6.3% below the year-end close, by our arithmetic. Pre-market prices are not closes.
Nvidia daily closing prices from 31 December 2025 ($186.50) to 10 November 2026 ($168.89), per Nasdaq. The highest close was $239.24 on 6 October; the 2026 low was $165.17 on 30 March. The 29.4% fall and the about $1.70 trillion of market value (on the 24.1 billion shares on Nvidia’s August 10-Q cover) are our arithmetic.
Against the Peers
The same Nasdaq data show the other big AI chip names in a different place for the year. AMD closed at $515.21 on 10 November against $214.16 on 31 December, up 140.6%. The TSMC ADR closed at $396.48 against $303.89, up 30.5%. Broadcom closed at $331.98 against $346.10, down 4.1%. Nvidia, down 9.4%, is the weakest of the four for 2026, by our arithmetic.
The falls from each stock’s own 2026 high are closer. AMD also peaked on 6 October, at $649.42, and is 20.7% below it. The TSMC ADR peaked on 5 October at $485.80 and is 18.4% lower. Broadcom’s high came earlier, $481.57 on 2 June, and it is 31.1% below that, slightly deeper than Nvidia’s 29.4%. All percentages are our arithmetic on Nasdaq closes.
Closing prices indexed to 31 December 2025 = 100, per Nasdaq: on 10 November 2026 AMD was at 240.6, the TSMC ADR 130.5, Broadcom 95.9 and Nvidia 90.6. Indexing is our arithmetic.
Our Numbers
By our arithmetic on the 24.1 billion share count, Nvidia was worth about $4.49 trillion at the 31 December close, $5.77 trillion at the 6 October peak and $4.07 trillion on 10 November. That puts it about $424 billion below its year-end value and about $1.70 trillion below its peak. We hold the share count constant; the actual count on each date may have differed slightly.
As we read the peer data, this is not a sector-wide reset in the year-to-date numbers: AMD, which peaked on the same day as Nvidia, is still up 140.6% for 2026 and the TSMC ADR 30.5%, while Nvidia is down 9.4% and Broadcom 4.1%, all by our arithmetic on Nasdaq closes.
As we read the volumes, the last two sessions carried far more shares than usual: 462.7 million and 429.3 million on 9 and 10 November, against an October average of 102.5 million, by our arithmetic.
Headline circulating on X, checked here against Nasdaq closes
“Nvidia Stock Drops 25% from Peak, Wipes Out 2026 Gains”
Three Implications
FOR HOLDERS At $168.89 the shares are 9.4% below the 31 December 2025 close, per Nasdaq and our arithmetic.
FOR INDEX WEIGHT On 24.1 billion shares, Nvidia’s value fell from about $5.77 trillion at the peak to $4.07 trillion, by our arithmetic.
FOR PEERS AMD and the TSMC ADR remain up 140.6% and 30.5% for 2026; Broadcom is down 4.1%, by our arithmetic.
The framework argues: “The $1T capex cycle is being underwritten by a $1T concentrated demand commitment from two counterparties whose combined free cash flow is deeply negative.”
As we read it, that is the demand side Nvidia’s chips sell into. The framework predates this drawdown and does not discuss Nvidia’s share price, and the exchange data here do not say why the shares fell.
What Is Not Established
Closing prices show what the market did, not why. This piece reports the price and value changes only; the exchange data we used carry no explanation for them. Market values here are our arithmetic on one share count, taken from the cover of the 10-Q filed on 26 August 2026, not an official market capitalisation.
The pre-market quote is an early, thinly traded price and can differ from the regular session that opens at 14:30 UTC. Peer comparisons use calendar 2026 to date and each stock’s own highest 2026 close; the TSMC figure is for its US-listed ADR, not the Taipei shares.
This Week In The AI Supercycle
The Great Convergence of Capital, Power, and Geopolitics
This week’s issue: for two years the AI build-out was priced as a supply story, and last week as a credit story. This week it was priced as a permission story, and the answer arrived as a cost, not a ban.
Nvidia’s 10 November close of $168.89 is 9.4% below its 31 December 2025 close and 29.4% below its 6 October peak of $239.24, per Nasdaq: about $1.70 trillion of market value lost in 25 sessions on its 24.1 billion shares, by our arithmetic, while AMD is up 140.6% for the year and the TSMC ADR 30.5%.
A note on sourcing. Every closing price and volume here is from Nasdaq’s official daily price history, read on 11 November 2026; the pre-market price is Nasdaq’s 4:12 a.m. ET quote that day. The 24.1 billion share count is from the cover of Nvidia’s 10-Q filed with the SEC on 26 August 2026. Percentages, market values and averages are our arithmetic. We started from a headline circulating on X and checked it against the exchange data. Nvidia was not contacted for this piece.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
