NEW YORK, June 28, 2026, 10:04 (EDT)
- U.S. stock markets are closed Sunday. Traders are watching last week’s chip selloff and getting ready for a short week coming up.
- Nvidia dropped every day last week, closing Friday at $192.53.
- Nvidia’s public and private equity stakes are now big enough to move the company’s quarterly numbers, an issue investors aren’t watching closely.
- The next U.S. jobs numbers come out Thursday. Nasdaq will be shut Friday for the Independence Day holiday.
NVIDIA Corporation NASDAQ:NVDA closed out Friday at $192.53, dropping 1.64%, with 179.3 million shares traded. Shares stand 18.6% lower than their 52-week high of $236.54 from May 14, market data show.
The stock dropped each regular session last week, starting at $208.65 on Monday and ending at $192.53 on Friday. That’s an 8.6% drop from the June 18 close of $210.69, the last close before Juneteenth. Using Nvidia’s most recent diluted share count of 24.391 billion, that’s around $443 billion in equity value wiped out.
Losses outpaced the major indexes. The S&P 500 fell 2.05% last week, Nasdaq dropped 4.7%, and the PHLX chip index tumbled 7.9%—the worst week there since early April. “The capex story is not going away,” said David Stubbs, chief investment strategist at AlphaCore Wealth Advisory, to Reuters. B. Riley Wealth’s Art Hogan said pressure in memory supply is bringing “renewed inflationary pressure.” Reuters
Nvidia’s selloff adds a new focus on its equity investment holdings. The 10-Q shows $30.2 billion in marketable equity securities at April 26, up from $12.9 billion at Jan. 25. Non-marketable equity securities stand at $42.3 billion, with another $1.0 billion in infrastructure-fund investments. Nvidia said net gains from equity securities were $15.9 billion in Q1. A 10% drop in publicly held equity securities would lower their fair value by $3.9 billion, according to the filing.
The book looks small beside Nvidia’s market cap, but it’s big compared to income numbers. Holders get another thing to mark-to-market if AI-tied public and private shares lose ground in step with Nvidia.
Strong business numbers are still at the center of the bull case. Nvidia posted first-quarter fiscal 2027 revenue of $81.6 billion, up 85% year-over-year. Data-center revenue hit $75.2 billion, climbing 92%. The company sees second-quarter revenue of $91.0 billion, plus or minus 2%, and the guidance assumes no data-center compute revenue coming from China. CEO Jensen Huang called the AI buildout “the largest infrastructure expansion in human history.” NVIDIA Newsroom
Export controls were quiet. Malaysia’s customs said Friday it has seized 72 server units with advanced AI chips, valued at 52.9 million ringgit ($12.93 million), at Kuala Lumpur International Airport. Reuters did not specify if the chips were from Nvidia. The report also said Malaysia last year found no evidence of illicit trade in servers with Nvidia chips after an investigation.
Markets have a shortened week. The Nasdaq trades its normal hours, 9:30 a.m. to 4 p.m. Eastern, Monday through Thursday. U.S. exchanges are closed on Friday, July 3, for the Independence Day holiday.
The June U.S. Employment Situation is on the calendar for Thursday at 8:30 a.m. ET, the Bureau of Labor Statistics says. Nvidia and other long-duration AI names are watching the print as last week’s May PCE reading at 4.1% kept rate pressure in place.
Nvidia stuck under $200 to start Monday. Shares have finished the last three sessions under that line. If Nvidia drops to around $189.23, that’s a 20% slide from its May 14 high.
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