10 min read
So how much has Nvidia lost? About $1.6 trillion in market value, according to CNBC on November 13, and the stock is on track for its longest weekly losing streak since 2012. The selling started with the scandal that pushed out Jensen Huang, and a 5.1% 10-year Treasury yield has made it worse. If you own an S&P 500 or Nasdaq fund, you hold some of this loss, but your cash is safe and the next big test comes with Nvidia’s earnings report.
Key takeaways
- About $1.6 trillion of Nvidia’s market value is gone, and the stock is heading for its longest weekly losing streak since 2012 (CNBC, Nov. 13).
- $10,000 in a Nasdaq Composite tracker lost about $497 over the past month, a 4.97% drop (Yahoo Finance, Nov. 12).
- The 10-year Treasury yields 5.1% (Yahoo Finance, Nov. 12), so $10,000 can earn about $510 a year with no stock risk.
- Bitcoin fell 6.82% in 24 hours to $68,552 as the dollar index hit a 19-month high (CoinGecko, CoinDesk).
How much has Nvidia lost? The $1.6 trillion number explained
CNBC reported on November 13 that Nvidia’s market value had fallen by $1.6 trillion and that the stock was on track for its longest run of weekly losses since 2012. That figure is market capitalization, meaning the share price multiplied by every share outstanding. Nobody wrote a $1.6 trillion check. Shareholders as a group are simply holding stock that is worth that much less than it was at the peak.
The number is big enough that it changes how the whole market behaves. Very few listed companies are worth $1.6 trillion in total, and Nvidia has lost that amount on paper in a matter of weeks.
What does a $1.6 trillion drop in market value mean for shareholders?
For a direct shareholder it’s a paper loss until they sell. Your share count hasn’t changed, only the price someone will pay you for each share. That sounds like comfort, and partly it is, but paper losses still matter if you need the money within a year or two or if you bought with borrowed money (margin, meaning a loan from your broker secured by your shares).
Why the losing streak since 2012 matters
A one-day crash can be a panic. Several losing weeks in a row usually means big funds are cutting their position bit by bit instead of dumping it at once. That pattern tends to come from a reassessment of risk, not a single headline, and I’d treat it as the more serious signal of the two.
Why is Nvidia stock falling this week?
Three forces are hitting the stock together. A leadership crisis, a China question, and competitors who look closer than they did a month ago.
The CEO scandal and the board investigation
Jensen Huang is now the former CEO. Cointelegraph, citing Reuters, reported a third alleged affair on November 13, which deepened a scandal we covered when Jensen Huang resigned. Colette Kress, the company’s longtime finance chief, is interim CEO, and board chair Harvey Jones wrote to employees alongside her, according to CNBC. We profiled her in our piece on Kress taking over.
The board has hired former federal prosecutor Joon Kim and the law firm Wachtell, Lipton for its investigation (CNBC, Nov. 12). Bringing in a team that heavy tells you the board expects the review to be serious and possibly long. Markets hate open-ended questions, and this one has no end date.
The China angle
CNBC reported that Alice Huang is tied to Huawei, Nvidia’s biggest Chinese competitor. A separate CNBC piece looked at why Singapore keeps coming up in the fight over Nvidia chips reaching China. I’m not going to guess what the investigation will find, and nobody outside the board knows yet. For investors, the risk is simple: any link between a scandal and export-control rules can bring in regulators, and regulators move slowly.
Rivals look closer
CNBC also argued that Nvidia’s biggest advantage may be at risk as AMD, Broadcom and TSMC circle. The same day, chipmaker Cerebras jumped 17% after beating on quarterly revenue and announcing a Microsoft deal. When a challenger lands a customer that size during the leader’s worst week in years, fund managers start asking whether some of Nvidia’s dominance was really Huang’s personal relationships.
How 5.1% bond yields make the Nvidia sell-off worse
The scandal explains why Nvidia dropped. Rates explain why buyers aren’t stepping in.
How the rate chain reaches a chip stock
The US 10-year Treasury yield closed at 5.1% on November 12, up 2.1% in a day and 8.99% over three months (Yahoo Finance). MarketWatch called it the biggest surge in bond yields since 2022, driven by growing expectations of more Fed rate hikes. The effective fed funds rate sits at 3.88% (New York Fed, Nov. 10).
The mechanism works in three steps:
- Higher yields raise the return you can get with no risk at all.
- Growth stocks are valued on profits expected years from now, and those future profits are worth less today when the safe rate is higher. Analysts call this the discount rate.
- So the price investors will pay for those future profits falls, and the most richly valued stocks fall the most.
Nvidia carried the market’s highest expectations for AI growth, so it sits right at the sensitive end of that chain. Think of it as a risk-off move (investors cutting exposure to anything volatile) with a company-specific trigger on top.
The strong dollar adds pressure
The US dollar index stands at 103.15, up 3.19% in three months (Yahoo Finance), and CoinDesk reported it hit a 19-month high. A stronger dollar shrinks the value of foreign sales once they’re converted back, and Nvidia sells chips worldwide. It also pulls money out of riskier assets globally, which you can see in Korea’s KOSPI, down 11.95% in a month, and Japan’s Nikkei, down 9.75%.
Does Nvidia’s loss hit your S&P 500 or Nasdaq index fund?
Yes, if you own a broad US index fund, you own Nvidia. Index funds weight companies by market value, so a company worth trillions is one of the biggest holdings in an S&P 500 or Nasdaq tracker. The table shows how the main markets have moved.
| Market | Last level | 1 day | 1 month | 3 months |
|---|---|---|---|---|
| Nasdaq Composite | 25,366.09 | -0.39% | -4.97% | -5.36% |
| S&P 500 | 7,592.4 | -0.35% | -1.64% | -2.65% |
| Dow Jones | 52,297.09 | -0.36% | +1.31% | -2.87% |
| DAX (Germany) | 26,771.88 | +0.41% | +5.82% | +1.8% |
| Gold (USD/oz) | 3,903.2 | +0.46% | -6.4% | -11.7% |
| Bitcoin (USD) | 68,527.27 | -3.95% | -15.98% | +8.08% |
| 10-year Treasury yield | 5.1% | +2.1% | -1.68% | +8.99% |
Source: Yahoo Finance, US stocks and yield as of Nov. 12, gold and bitcoin as of Nov. 13, 2026.
Look at the gap between the Nasdaq and the Dow. The tech-heavy Nasdaq is down 4.97% in a month, while the Dow, which owns far fewer AI names by weight, is up 1.31%. Germany’s DAX is up 5.82%. Money hasn’t left stocks altogether. It’s leaving the crowded AI trade.
By the numbers
- $10,000 in a Nasdaq Composite tracker lost about $497 over the month to Nov. 12, when the index fell 4.97%.
- The same $10,000 in an S&P 500 fund lost about $164, since that index fell 1.64%.
- In a Dow Jones tracker it gained about $131, thanks to the Dow’s 1.31% rise.
- At the 5.1% 10-year Treasury yield (Nov. 12), $10,000 would earn about $510 a year with no stock market risk.
How we calculated: a $10,000 example amount multiplied by the 1-month index moves and the 10-year yield from Yahoo Finance as of November 12, 2026, before fees and taxes.
Is your money safe? Savings, 401(k)s and crypto after the Nvidia drop
Cash and savings
Your bank deposits aren’t touched by any of this. If anything, cash savers are winning. With the effective fed funds rate at 3.88% and markets pricing in more hikes, the rates on high-yield savings and money market funds have a reason to hold up. That’s the quiet upside of the same yield spike that’s hurting Nvidia.
Your 401(k)
Most 401(k) money sits in diversified funds. A 1.64% monthly dip in the S&P 500 is normal market noise, even if the headlines say otherwise. The people who should look harder are anyone who loaded up on a single AI stock or a narrow semiconductor ETF, because concentration is where a $1.6 trillion slide really hurts.
Crypto holdings
Crypto is catching the same risk-off wave. Bitcoin trades at $68,552, down 6.82% in 24 hours and 17.78% in 30 days (CoinGecko), and CoinDesk tied the drop below $70,000 to the dollar index’s 19-month high. Ethereum is at $1,933.47, down 22.75% in 30 days. The total crypto market cap is $2.33 trillion after a 7.6% daily fall. When the stock market’s favorite growth name is sliding and yields are rising, speculative assets usually get sold first, and I wouldn’t expect bitcoin to behave like a hedge here.
What happens next for Nvidia stock? The dates that decide it
I won’t give a price target. I can tell you what will move the stock and roughly when.
Earnings with an interim CEO
The first hard test is Nvidia’s quarterly report, which we previewed in Nvidia earnings without Huang. Kress knows the numbers better than anyone, since she ran finance. The market will listen less to the revenue line and more to what she says about customer orders and China.
Three scenarios
- Stabilization: earnings come in solid, the board gives the investigation a scope and a timeline, and yields stop climbing. The losing streak breaks.
- Grind lower: results are fine, but the probe stays open-ended and the 10-year holds above 5%. Funds keep trimming.
- Deeper hit: the investigation widens into export controls or customers shift orders toward AMD, Broadcom or new players like Cerebras.
The macro dates
Watch the Fed. MarketWatch reports growing expectations for more hikes, and we covered the December rate-hike odds separately. A hike would push yields up further and keep pressure on every richly priced tech stock, Nvidia included. US unemployment at 4.1% (BLS, October) gives the Fed room to stay tough.
Common mistakes investors make when a market leader crashes
I bought a falling star once in an earlier cycle because the price “looked cheap,” and it got cheaper for months. The mistakes repeat.
- Anchoring on the old high. The peak price is history. What matters is what the company earns from here under new leadership.
- Doubling down too fast. A losing streak this long usually reflects funds reducing positions, and that can take weeks.
- Ignoring the rate backdrop. Even a clean investigation won’t help much if 10-year yields keep rising from 5.1%.
- Not knowing your own exposure. Count your index funds and tech ETFs. You may own more Nvidia than you think.
- Selling a whole diversified fund over one stock. A 1.64% monthly S&P 500 dip doesn’t justify tearing up a long-term plan.
Nvidia vs the alternatives: where money is moving
The table above tells the rotation story. Over one month, the Dow gained 1.31% and Germany’s DAX gained 5.82% while the Nasdaq lost 4.97%. Gold fell 6.4%, so it hasn’t worked as a hiding place either. The clearest winner is safe yield: 5.1% on a 10-year Treasury and a 3.88% policy rate.
My read is that money isn’t fleeing the market. It’s leaving crowded AI names for steadier companies and bonds. That’s a liquidity shift, not a collapse. Still, a liquidity shift can run a long way when the stock that led the rally loses its founder in a scandal.
What I’m watching next on Nvidia
Three things, in order. First, whether the weekly losing streak ends this week or extends past the 2012 record. Second, what Kress says on the earnings call about China and customer demand. Third, the 10-year yield: holding above 5% keeps the pressure on, and falling back would give tech some air.
If you want the full scandal background, our story on the third alleged affair covers the timeline. For your own money, the useful step today is checking how much of your portfolio sits in Nvidia and the Nasdaq, then deciding whether that’s a level you can live with.
This is not financial advice, so do your own research before making any move.
FAQ
How much has Nvidia lost in market value?
CNBC reported on November 13, 2026 that Nvidia’s market value had fallen by about $1.6 trillion. That’s a paper loss for shareholders, based on the lower share price times all shares outstanding. The stock is also on track for its longest weekly losing streak since 2012.
Why did Nvidia’s CEO resign?
Jensen Huang stepped down after an affair scandal, and Reuters has since reported a third alleged affair. The board has hired former prosecutor Joon Kim and the law firm Wachtell, Lipton to investigate. CNBC also reported that Alice Huang is tied to Huawei, which has raised China-related questions.
Who is running Nvidia now?
Colette Kress, who was Nvidia’s chief financial officer, is interim CEO. Harvey Jones is board chair, and the two wrote to employees together. No permanent successor has been named.
Does Nvidia’s drop affect my 401(k)?
If your 401(k) holds an S&P 500, Nasdaq or total-market fund, you own some Nvidia. Over the past month the S&P 500 fell 1.64% and the Nasdaq fell 4.97% (Yahoo Finance). On $10,000, that’s about $164 and $497 respectively.
Why are rising bond yields hurting Nvidia?
The 10-year Treasury yield hit 5.1% on November 12, after the biggest yield surge since 2022. Higher safe returns lower what investors will pay today for profits expected years from now. Expensive growth stocks like Nvidia feel that most.
Is bitcoin falling because of Nvidia?
Not directly, but both are being hit by the same risk-off mood. Bitcoin fell 6.82% in 24 hours to $68,552 (CoinGecko), and CoinDesk linked its drop below $70,000 to the dollar index reaching a 19-month high. Rising yields and a strong dollar pressure speculative assets across the board.
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Sources cnbc.com
This article is for information only and is not financial advice. Crypto assets are volatile; you can lose all of your money.