Key Highlights

● Nvidia closed at $212.21 on October 22, wiping out about $235 billion of market value.

● Nvidia was one of the biggest drags on the S&P 500.

● Its chief executive said capital demand far exceeds its availability.

● CoreWeave fell to a 17-month low as neocloud funding worries grew.

Nvidia (NASDAQ:NVDA) was one of the biggest drags on the S&P 500 on Thursday, October 22, 2026, according to market reports. The chipmaker's shares slid and closed at $212.21, wiping out about $235 billion of market value.

Because Nvidia is one of the largest companies in the market, its moves carry outsized weight in the S&P 500, the Nasdaq-100 and the Dow Jones Industrial Average, where it was among the weakest performers. Nvidia has lost more than $600 billion in market value since its early-October peak, according to market data.

What Huang said

Chief Executive Jensen Huang spoke on the sidelines of GTC Berlin, where Nvidia unveiled its DSX POD. His comments were bullish on demand. "If you look at the fundamentals, the demand for the neoclouds is off the charts," he said.

But he also highlighted a constraint. "The demand of the capital is much greater than the availability of the capital," Huang said. He said scarce working capital is holding neoclouds back, and added, "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. Neoclouds are specialized cloud providers that rent out AI computing power and buy large numbers of Nvidia chips. CoreWeave (NASDAQ:CRWV), one of the best known, fell to a 17-month low.

Meta and Lam set the stage

Huang's remarks landed on a market already on edge. Meta Platforms (NASDAQ:META) narrowed its 2026 capital spending range to $135 billion to $145 billion and reported negative free cash flow of $2.12 billion, its first cash outflow in more than a decade, according to market data. Lam Research (NASDAQ:LRCX)'s guidance, which cited supply constraints, had a midpoint slightly below consensus.

The Philadelphia Semiconductor Index had its biggest one-day drop since June 23. An analysis found that 26 AI and chip names made up the bulk of the Nasdaq-100's net loss, while 49 of its 100 members rose.

A narrow but heavy selloff

The S&P 500 fell 93.74 points to 7,663.43, its worst day since July. The Nasdaq Composite dropped 694.00 points to 26,008.86, its steepest fall since June 5, ending a seven-session winning streak and losing about $1 trillion in market value, according to market data. The Dow edged up 11.89 points to 52,867.98.

About two of every three S&P 500 stocks rose, according to market reports. Staples and health care hit records, and the 10-year Treasury yield fell back below a closely watched threshold for the first time since September 22.

Nvidia's Biggest Customers Report Next

Nvidia's largest customers report next week. Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL) post results on October 28, and Amazon (NASDAQ:AMZN) on October 29. Their capital spending plans will show whether demand for AI chips remains as strong as Huang described, and whether financing worries are weighing on budgets.

The Federal Reserve announces its rate decision on October 28.

Investors will also watch the chip index's technical picture. Market data showed the Philadelphia Semiconductor Index closed just above its 200-day moving average. In evening trading, Nasdaq-100 futures were slightly lower at 29,083.75, according to market data.