Nvidia’s stock has closed lower for six weeks in a row, down 30.4% from $233.95 on 2 October to $162.85 on 13 November, by our arithmetic from Nasdaq’s official closes. On the 24.1 billion shares in its latest 10-Q, that is about $1.7 trillion of market value, by our arithmetic.
The Kobeissi Letter, a markets account on X, said on Sunday that Nvidia had declined for six consecutive weeks, and Nasdaq’s closes confirm the count. By our check of the price history, the last six-week run of weekly declines was in September and October 2012, and the last longer one, seven weeks, was in 2008.
Business Pill · Concentration
A short explainer on concentration, when a few holdings or customers carry most of the weight. It teaches the general idea and does not discuss Nvidia’s stock.
The key insight: By our arithmetic, Nvidia’s six straight weekly declines add up to about $1.71 trillion of market value at the 10-Q share count, and the last two weeks alone took $41.79 of the $71.10 a share. In the price history we checked, a run this long last happened in 2012, and a longer one in 2008.
We measured each week from one Friday close to the next, using Nasdaq’s historical data. The run starts after a 3.95% rise in the week to 2 October, when the stock closed at $233.95.
The weekly falls were 2.00% to $229.28 on 9 October, 6.61% to $214.13 on 16 October, 1.48% to $210.96 on 23 October and 3.00% to $204.64 on 30 October, by our arithmetic.
The last two weeks did most of the damage: 8.80% to $186.64 on 6 November and 12.75% to $162.85 on 13 November. Together they took $41.79 of the $71.10 a share lost over the run, about 59%, by our arithmetic.
Nvidia’s weekly closes from August to 13 November 2026, the last trading day of each week. The 30.4% fall over six straight weekly declines is our arithmetic from Nasdaq’s official closes.
What It Cost in Market Value
Nvidia’s 10-Q for the second quarter of fiscal 2027 lists 24.1 billion shares outstanding. At $233.95, that is about $5.64 trillion; at $162.85, about $3.92 trillion, by our arithmetic.
The difference, $71.10 a share across 24.1 billion shares, is about $1.71 trillion. It uses the share count on the 10-Q cover, not a live count. Part of it came in the fall after the CEO exit, as our $262 billion piece measured, and the effect on a typical index fund is in our $100,000 S&P 500 fund piece.
How Rare a Six-Week Run Is
Nasdaq’s data covers the last ten years. In that window the stock had three five-week runs of weekly declines, all in 2021 and 2022, and none of six weeks until now.
For the years before 2016 we used Yahoo Finance’s split-adjusted history, which gives the same runs as Nasdaq for the years both cover. It shows six-week runs in 2002 and twice in 2012, the later from 14 September to 26 October 2012, when the stock fell 12.9%.
The last longer run was seven weeks, from 30 May to 18 July 2008, a fall of 53.2%. On those figures, the current run is the first of six weeks since 2012 and ties for the longest since 2008.
Where the Stock Stands Into the Report
The run ended on Friday, four days before results. Nvidia reports on Tuesday, 17 November; the calendar and the expected $109 billion revenue figure are in our week-ahead piece.
As we read the weekly closes, the run accelerated rather than spread evenly: the first four weeks took 12.5% in total and the last two took 20.4%, by our arithmetic from Nasdaq’s closes ($233.95 to $204.64, then $204.64 to $162.85).
As we read the history, the comparison runs differ in size: the September to October 2012 run cost 12.9% and the 2008 run 53.2%, according to Yahoo Finance’s split-adjusted history. A count of weeks says how persistent a fall was, not how deep.
The Kobeissi Letter, on X, 15 November 2026
“Nvidia … has declined for 6 consecutive weeks”
Three Implications
FOR SHAREHOLDERS From the 2 October close, $10,000 of Nvidia stock was worth about $6,961 at the 13 November close, before dividends, by our arithmetic from Nasdaq’s closes.
FOR THE REPORT Nvidia reports on Tuesday, 17 November, after a run that has taken the stock from $233.95 to $162.85; the calendar is in our week-ahead piece.
RELATEDOur Nvidia hub collects the coverage of the stock, the earnings and the board.
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, Nvidia’s share price is where investors put a value on the receiving end of that spending, and over six weeks that value fell by about $1.7 trillion, by our arithmetic. The framework predates the streak and does not discuss Nvidia’s share price.
What Is Not Established
A weekly streak depends on the Friday-to-Friday window; daily or monthly counts give different runs. The comparison before 2016 rests on Yahoo Finance’s split-adjusted history, not on Nasdaq’s official closes.
The $1.7 trillion assumes a constant share count and does not separate the causes of each week’s move. A run of weekly declines says nothing about the next week. We read only the six-week claim in the Kobeissi Letter’s post, and we did not contact Nvidia for this piece.
This Week In The AI Supercycle
AI Lost Its Central Banker, the Lab Oligopoly, and the Future of Open Source
This week’s issue: the Nvidia leadership change, read as the AI build-out losing its central banker: who now finances the GPU landlords, backstops the data centres and sponsors open models, and why two labs are becoming the bank.
Nvidia has closed lower for six straight weeks, down 30.4% and about $1.7 trillion of market value from 2 October to 13 November, by our arithmetic from Nasdaq’s closes and the 10-Q share count. By our check, the last six-week run was in 2012 and the last longer one in 2008.
A note on sourcing. Share prices are Nasdaq’s official daily closes from its historical data, read on 15 November; weekly figures use the close on the last trading day of each week. The comparison with years before 2016 uses Yahoo Finance’s split-adjusted history. The share count is from the cover of NVIDIA’s 10-Q for the second quarter of fiscal 2027. The streak count, weekly moves, market values and historical runs are our arithmetic. 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.
