What Sent NVIDIA Stock Lower?
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NVIDIA (NVDA) stock fell 9.3% on Thursday, November 5, 2026, while the S&P 500 lost 4.4% in the same session. The company issued no announcement, earnings report or filing. The stock fell as part of a sell-off of AI chip stocks that day. So what set off the sell-off, and why did NVIDIA get caught in it?
Why NVIDIA Fell With Other Chip Stocks
Chip stocks fell across the board on November 5 amid post-election fears of a data center slowdown. Qualcomm declined after issuing a light outlook with its quarterly results, and NVIDIA slid with the other AI chip stocks.
That fear matters for NVIDIA because most of its sales come from data centers. Management said on an August 26, 2026 call that data center revenue accounted for $89 billion of the company’s $96 billion in total revenue during its fiscal second quarter of 2027, which ended July 26, 2026. On the same call, management said capital spending by the top five hyperscalers, the largest cloud companies, was expected to reach nearly $800 billion in 2026. A slowdown in that spending is the risk the sell-off priced in.
Did NVIDIA Fall More Than Other Chip Stocks?
No. All five companies on NVIDIA’s Trefis peer list fell further during that session. Qualcomm lost 9.5% and Advanced Micro Devices lost 17.3%, while Intel, Broadcom and Marvell Technology fell by amounts in between.
The technology sector and the wider market fell less. XLK, the fund that tracks the Information Technology sector, lost 8.0%, and the Nasdaq Composite index lost 5.5%. NVIDIA moved with its group: the stock fell more than the technology sector fund, but less than every one of its peers.
Days like this are rare. Here’s what happened the last 21 times.
Where NVIDIA Stock Stands After The Fall
NVIDIA stock had not seen a fall this large in any session over the prior 365 days. The drop also came at the end of a month-long slide. From October 7 to November 5, the stock lost 23.5%, against a 5.7% fall for the S&P 500. That slide followed the stock’s 52-week closing high of $239.24 on October 6, 2026; its 52-week closing low was $165.17 on March 30, 2026.
Over twelve months, NVIDIA stock has lost 8.4%, while the S&P 500 returned 9.9%. At the November 5 close, after the fall, the stock still traded at 14.5 times its sales over the past twelve months, against 3.2 times for the S&P 500.
NVIDIA is expected to report results for its fiscal third quarter of 2027 later in November 2026, and its data center revenue is the figure to watch.
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