Key Highlights

● Nvidia closed at $212.21 on October 22.

● It has shed more than $600 billion in Market Value since its early-October peak.

● Thursday's session alone erased about $235 billion of market value.

● The Nasdaq Composite closed well below its October 6 record close of 27,599.89.

Nvidia (NASDAQ:NVDA) has shed more than $600 billion in market value since its early-October peak, according to market data, after another heavy drop on Thursday, October 22. The chipmaker, one of the heaviest weights in the broad FT Wilshire 5000, closed at $212.21.

Nvidia was one of the biggest drags on the S&P 500 on Thursday, according to market reports, and among the weakest performers in the Dow Jones Industrial Average.

Thursday's drop

The session alone erased about $235 billion of Nvidia's market value.

The selloff began with the third-quarter report from Meta Platforms (NASDAQ:META) on Wednesday evening. Meta narrowed its 2026 Capital spending range to $135 billion to $145 billion, reported negative free Cash Flow for the quarter, and disclosed about $825 billion in spending commitments. It was Meta's first cash outflow in more than a decade.

Lam Research (NASDAQ:LRCX) added to the pressure with guidance that cited Supply constraints. The Philadelphia Semiconductor index posted its biggest one-day drop since June 23.

Huang's remarks

Nvidia's own CEO also became part of the story. Speaking on the sidelines of the company's GTC Berlin event, Jensen Huang said, "If you look at the fundamentals, the Demand for the neoclouds is off the charts."

But he also said that a lack of capital was holding those cloud providers back. "The demand of the capital is much greater than the availability of the capital," Huang said.

He described Nvidia's efforts to address the problem: "One of the things that we're trying to do is to establish Nvidia's compute as a financeable asset." On China, he said: "No market is closed forever."

Wells Fargo traders said Huang's comments spooked markets.

CoreWeave (NASDAQ:CRWV), one of the so-called neoclouds that rent out Nvidia-powered computing, fell to a 17-month low. Bernstein estimated it needs about $85 billion to fund its committed backlog.

How the peak unwound

Nvidia's decline since early October tracks a broader shift in sentiment. The Nasdaq Composite closed Thursday at 26,008.86, down 694.00 points, well below its October 6 record close of 27,599.89.

"Every index on the planet is basically an AI index," he said.

Not all of the market fell. About two of every three S&P 500 stocks rose, according to market reports, and the Dow edged up 11.89 points to 52,867.98.

Nvidia Watches Its Biggest Customers Report

The next big tests for Nvidia are its biggest customers. Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL) report on Wednesday, October 28, and Amazon (NASDAQ:AMZN) on October 29. Any signal that hyperscalers are slowing AI spending, or finding it harder to fund, could weigh further on the stock.

Investors will also watch for more detail on Nvidia's push to make its computing hardware easier to finance, and the Federal Reserve's decision on October 28.