Tech shares lost nearly $1tn in a week. Will Nvidia keep falling in November?
Nvidia shares fell 3.1% on Friday 30 October, as US technology shares lost nearly $1tn in a week. Nvidia publishes its results on 17 November.
What happened
A sell-off in US technology shares knocked nearly $1tn off the Nasdaq in one week. Nvidia fell 3.1% on Friday, the heaviest weight on the S&P 500.
Nvidia shares fell 3.1% on Friday . US technology shares lost nearly $1tn in value in one week, after weak results from several large companies. The Guardian wrote that Nvidia, the chipmaker at the centre of the boom in artificial intelligence (AI), was the “heaviest force pulling the S&P 500 downward”. Investors are asking whether the billions spent on AI will bring profit soon enough.
Other big names fell harder. Intel fell almost 30% on Friday, even though its profit beat what analysts expected, because its forecast for the last three months of the year was far below theirs. A day earlier Alphabet, the owner of Google, fell more than 12% after it said it had used more cash on AI. The Nasdaq, the main index of US technology shares, closed 2.9% lower on Friday.
Nvidia publishes its results on Tuesday . They cover the three months to and come out at about 1:20pm California time, after the US stock market has closed. The first day of trading after them is Wednesday . In August Nvidia said it expected sales of about $108bn for these three months. In May it had expected about $91bn for the three months before, and then reported $96.2bn. Another Echo on Hunch asks whether Nvidia beats its new forecast.
This material will be posted to investor.nvidia.com immediately after the company’s results are publicly announced at approximately 1:20 p.m. PT.
Nvidia,
Sources: The Guardian, Nasdaq, Nvidia (2, 3)
The Pattern
We looked for cases where the Nasdaq fell 2.5% or more in one day and Nvidia, the most valuable US chipmaker, published its results within the next 30 days. Each time Nvidia had beaten its own sales forecast for the two quarters before. We found nine such reports from 2020 to 2025. For each we compared the lowest price that month with the close just before the month began.
Show the other 7 cases
The Read
The past points to more falls in November, but only just. In five of the nine months, Nvidia shares dropped more than 6% below where the month started. Today that line is $192, against a close of $204.64 on . In four of those five months the shares first fell that far before the results, so they could reach it before . After the results, the shares closed lower the next day five times out of nine, and five trading days later they were lower seven times. Like the falls before the reports of and , this one comes from doubts that AI spending will pay off.
There are reasons for doubt. All nine reports were Nvidia’s, and five came in 2021 and 2022, when fears of inflation and higher US interest rates weighed on the whole market. Good numbers did not stop the falls. In 2024 and 2025 Nvidia beat its own forecast three times, and each time the shares were lower a week later. Only once in these nine reports, in , did Nvidia miss its own forecast. The shares rose 4% the next day and then fell 12% by the end of the month. In the 20 trading days to , Nvidia shares moved less from day to day than before any of the nine reports, and that makes a big move harder to reach.
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