What Just Happened To Nvidia Stock?
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Nvidia (NVDA) stock fell 5.5% on Tuesday, November 10, 2026, while the S&P 500 slipped 0.4%. The decline occurred a day after a securities class action lawsuit was filed against the company on November 9, and on the day its independent directors released a statement. What did the board say, and what does the lawsuit seek?
Nvidia’s Board Retains A Former Acting U.S. Attorney
On November 10, the independent members of Nvidia’s board said they had retained a former acting U.S. Attorney of the Southern District of New York.
The lawsuit, filed in the U.S. District Court for the Northern District of California, was brought on behalf of investors who bought Nvidia shares from October 2025 to early November 2026. It seeks to recover damages for those investors under federal securities laws. Nvidia stock had already lost 4.3% on the day the suit was filed, which made Tuesday’s drop its second loss in a row.
Did Other Chip Stocks Fall With Nvidia?
Most did not. Three of the five companies on Nvidia’s peer list rose on November 10, with Broadcom up 3.9%, while Intel fell 2.1%.
The wider market was softer. A hot October inflation report weighed on markets that day, and Deutsche Bank said it expects the Fed to raise rates in January 2027 after that data. The S&P 500 edged lower and the technology sector fund, XLK, fell 1.2%. Nvidia’s fall was far larger than either, and no peer fell as much, so the drop was mostly Nvidia’s own.
Nvidia Stock Is Back Near Its 52-Week Low
Declines of this size are rare for Nvidia. Only two sessions in the prior year brought a drop at least this big, the latest on November 5, when the stock lost 9.3%.
Over twelve months the stock is down 10.0%, while the S&P 500 returned 13.1%. Shares closed Tuesday at $168.89, just above their 52-week closing low of $165.17 on March 30, 2026. As recently as October 6, the stock closed at its 52-week closing high of $239.24. Most of the drop since then occurred in the past month, when Nvidia lost 25.4% against a 3.6% fall in the index.
At the latest close, the stock trades at 13.5 times its sales over the past twelve months, against 3.2 times for the S&P 500. On earnings, though, it trades at 21.2 times, below the S&P 500’s 22.3 times, because its profit margins are far higher.
Nvidia will report its fiscal third quarter of 2027 later in November 2026. In August, management guided that quarter’s revenue to $108 billion, plus or minus 2%, and said it expects its Vera Rubin products to make up about 20% of data center revenue. Revenue against that guide is the number to watch.
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