Nvidia is on track for its fifth straight losing week, and the slide since its October 6 record has erased nearly $1.4 trillion in market value. On Thursday morning, the stock fell more than 9%, wiping out about $450 billion and leaving the company near $4.4 trillion; a close there would be its worst day since the DeepSeek selloff in January 2025. AMD, Micron and Arm posted steep double-digit losses, Broadcom and Taiwan Semiconductor (TSM) fell near 10%, and the PHLX Semiconductor Index is more than a third below its June record. The trigger is Washington, where Democrats won both chambers of Congress and candidates in both parties campaigned against AI data centers. Stifel's Brian Gardner expects congressional hearings and investigations, while history shows Nvidia was higher 13 weeks later after only 5 of 12 earlier streaks of five or more down weeks.
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NVDAsemiconductorsartificial intelligencemidterm electionsDemocratic Party
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Related tickers and likely impact
NVDA
▼ Likely negativeNvidia
Relevance: high
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Semiconductors |
| Market cap | $5.1T |
| Close on 11/04/2026 | 200.28 |
| Change that session | -3.10% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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