A year ago, Nvidia made history as the first company ever worth $5 trillion. On November 3, 2026, it briefly did it again, closing at approx. $5.02T and holding the number one spot. Eight days later, at the November 11 close, it was worth approx. $4.195T, according to CompaniesMarketCap, down about 26% from its October 6 record close of $239.24 to $178.67 on November 9. Apple, at approx. $5.168T, is now the only company above $5T, leading Nvidia by nearly $1T. The $5 trillion club has one member again, and it is not the company that founded it.
The slide was fast and broad. Nvidia fell 9.26% on November 5 alone, to $181.60, shedding approx. $440-450B in a day, in the sell-off we describe in our post on November 5. By November 11-12 the shares were at $173.73, down 18.29% in a week and 26.34% in a month. Nothing about Nvidia's business changed in those five weeks: no product was cancelled, no customer was lost. What changed was the price investors were willing to pay for its future earnings, as the market repriced data-centre regulation risk after the November 3 midterms and questioned whether AI capital spending can sustain its pace.
Perspective helps. Even at approx. $4.195T, Nvidia is still the world's second most valuable company, worth more than Microsoft at approx. $3.869T and Alphabet at approx. $3.573T. A 26% fall from a record is a correction, not a collapse. But it is a correction with a number attached that no company has ever carried before: Nvidia has now lost more than $1T of market value from its peak, the largest dollar decline in market history.
Nvidia also faces a governance story that investors are watching closely. On November 8, 2026, Nvidia's board opened an independent investigation, led by independent directors with outside counsel, into chief executive Jensen Huang, after reports that US intelligence believed an executive at a Singapore chip buyer had cultivated close ties with him. Huang admitted infidelity in a staff memo the same day. He remains chief executive. The board has said there is no reason to believe that either national security or Nvidia secrets were compromised. The espionage claims rest on anonymous intelligence assessments reported in the press, not on public evidence, and no charges have been reported. Three House committee chairs have asked Huang for a closed-door briefing by November 18. We report this because it is material to the company, and we state the limits plainly: the allegations are unproven, and the investigation is ongoing.
The next test is November 17, 2026, when Nvidia reports earnings after the close. Consensus expects revenue of approx. $109B, up about 91% year on year, and earnings per share of approx. $2.47-2.49, near the top of Nvidia's own guidance of approx. $108B, plus or minus 2%, which assumes zero data-centre revenue from China. The prior quarter, the second quarter of fiscal 2027, brought revenue of approx. $96.2B, up 106%, with data-centre revenue of approx. $89B, up 117%. The new Vera Rubin platform began production shipments in August 2026 and is expected to supply about 20% of data-centre revenue in the quarter. We will not pre-judge the result here: the numbers will speak on the 17th, and the investigation and the midterms will be in the room with them.
Huang's own fortune has followed the stock down, to approx. $151B on November 12, 2026, from approx. $177.5B on November 2, according to Forbes Real-Time. For the full dated table, see our tracker page.