Nvidia (NVDA) Stock on November 30, 2025: “We’re Not Enron” Memo, Burry Feud and Wall Street Targets After a 20% Sell-Off

Published: November 30, 2025

Nvidia stock today: how far NVDA has fallen — and how far it’s come

NVIDIA Corporation (NASDAQ: NVDA) heads into the final month of 2025 as both the flagship of the AI boom and one of its most controversial trades.

As of Friday’s close on November 28, Nvidia stock finished around $176–177 per share, down about 2% on the day and roughly 5–6% over the last two weeks. ^[1]

That marks a sharp reset from its all‑time high near $212 earlier in the autumn, leaving roughly a 20% drawdown from the peak and an 11–13% slide for November, according to multiple market overviews. ^[2]

Even after the correction, Nvidia remains enormous:

Market cap: about $4.3–4.4 trillion, keeping it among the most valuable companies on earth. ^[3]
52‑week range: roughly $86.62–$212.19. ^[4]
Year‑to‑date (2025): still up around 30%, though that figure was more than 50% earlier this year before the recent slide. ^[5]

In other words: fundamentals and scale look “heroic,” but November’s price action has been a reality check for investors who bought into the AI trade at near‑perfect valuations. ^[6]

Blockbuster Q3 FY26 earnings: AI demand still “off the charts”

The sell‑off has not been driven by a collapse in Nvidia’s business — if anything, recent results have been spectacular.

In its Q3 fiscal 2026 report (quarter ended October 26, 2025), Nvidia posted: ^[7]

Revenue:$57.0 billion, up 22% quarter‑over‑quarter and 62% year‑over‑year.
Data center revenue:$51.2 billion, about 90% of total sales, up 25% sequentially and 66% year‑over‑year.
GAAP and non‑GAAP EPS:$1.30 per diluted share, up roughly 60–67% from a year earlier.
Q4 FY26 revenue guidance: around $65 billion (±2%), implying continued rapid growth.

CEO Jensen Huang described demand for its Blackwell GPUs as “off the charts,” with AI compute “sold out” across major cloud providers. ^[8] Nvidia has talked about roughly $500 billion of potential AI accelerator demand across 2025–2026 for its Blackwell and Rubin architectures, later clarifying that the actual backlog is closer to $307 billion, still an enormous order book. ^[9]

On top of growth, Nvidia continues to be extremely profitable — with gross margins in the mid‑70% range, guidance for even higher margins in Q4, and tens of billions returned to shareholders via buybacks and a small dividend (next dividend: $0.01 per share, ex‑dividend date December 4, 2025). ^[10]

From an earnings perspective, there is little sign that AI demand has cooled. The tension in the stock is less about what the company just delivered and more about how sustainable this pace is — and what investors are willing to pay for it.

The “We’re Not Enron” memo: Nvidia goes on defense

One of the biggest Nvidia storylines this week has been reputational, not operational.

On November 27, Reuters reported that Nvidia sent a detailed memo to Wall Street analysts rebutting claims that its accounts resemble past accounting scandals. The memo responded point‑by‑point to a Substack analysis and criticisms from famed investor Michael Burry, addressing concerns about rising inventories, accounts receivable, and alleged “circular” AI financing arrangements. ^[11]

In that memo, Nvidia explicitly rejected comparisons to historical frauds like Enron, WorldCom and Lucent, while conceding that its latest Blackwell chips carry lower gross margins and higher warranty costs due to their complexity. ^[12]

Tech outlet Technobezz notes that the now‑famous memo — summarised by some as a “We’re not Enron” letter — followed viral claims from a small‑cap CEO accusing Nvidia of potentially running “the largest accounting fraud in technology history,” allegations that have not been substantiated. The same coverage points out: ^[13]

Nvidia’s Q3 revenue and data‑center numbers are undeniably huge.
The company highlighted a massive AI order pipeline.
Yet investors are uneasy about structural vulnerabilities such as a very large accounts receivable balance (around $33 billion), customer concentration and speculation about customer financing.

In short, Nvidia’s memo was meant to calm nerves — emphasizing real demand and standard payment cycles — but its very existence kept questions alive around valuation, credit risk and the optics of a $4.5 trillion company having to reassure markets that it is not the next Enron. ^[14]

Michael Burry vs. Nvidia: Cisco déjà vu and AI depreciation

The same debate flared again today in an in‑depth editorial from FinTech Weekly examining the “Burry–Nvidia divide.” ^[15]

Key points from that piece:

Burry’s analogy: Rather than calling Nvidia a fraud, he compares it to Cisco in the dot‑com era — a real, dominant company whose stock was priced for perfection and later took years to recover once capital spending slowed.
Focus on depreciation: Burry’s core argument targets AI hardware buyers, not Nvidia’s internal bookkeeping. He warns that corporations may be overestimating the useful life of high‑end AI chips, potentially forcing large write‑downs when newer generations render existing equipment less valuable.
Options as a statement: Regulatory filings show Burry holding put options with more than $1 billion in notional exposure tied to Nvidia, signaling a bet on a substantial decline rather than a mild correction. ^[16]

FinTech Weekly notes that Nvidia’s memo explicitly denies circular financing and defends its accounting, while Burry insists the real risk lies with over‑optimistic assumptions at hyperscalers and other AI buyers. ^[17]

The result is a public clash between:

A company arguing that AI demand is broad, durable and diversified across industries, and
A critic warning that AI capex and depreciation schedules might not hold up under tighter financial conditions.

For investors, this disagreement has become a proxy war over whether the AI buildout resembles a sustainable infrastructure cycle or another capital‑spending bubble.

Wall Street on November 30: “Strong Buy” almost across the board

Despite the sharp November correction and the Enron‑meme headlines, traditional equity research remains overwhelmingly bullish on Nvidia.

Data compiled by StockAnalysis shows that the 39 analysts following NVDA assign an average rating of “Strong Buy.” Their average 12‑month price target is about $248.26, implying roughly 40% upside from Friday’s closing zone, with individual targets ranging from $100 to $352 per share. ^[18]

Fresh updates today reinforce that tone:

A note covered by American Market News reports that President Capital increased its Nvidia price target from $240 to $245 and maintains a “buy” rating, citing strong earnings momentum and upside from current levels near $177. ^[19]
The same article, using MarketBeat data, notes that five analysts rate Nvidia “Strong Buy,” 46 rate it “Buy,” two rate it “Hold” and only one calls it a “Sell,” with an overall consensus target around $258. ^[20]

Earlier this month, multiple major investment banks — including Citigroup, Barclays, JPMorgan and Oppenheimer — raised price targets into the $250–$275 range after Q3 earnings, often reiterating bullish views on Nvidia’s AI positioning. ^[21]

Put simply, the Street view is that fundamentals more than justify current prices, and that the recent pullback merely restores some upside to one‑year targets.

Institutional flows: a busy day of 13F headlines

Another major theme on November 30 is the sheer volume of institutional position updates flowing across newswires.

MarketBeat’s NVDA news dashboard lists dozens of 13F‑related headlines today alone, including both buyers and sellers: large advisors trimming stakes, others adding aggressively, and new positions being initiated. ^[22]

Examples include:

GHP Investment Advisors Inc. increasing its Nvidia position by about 45% in Q2, now holding 10,564 shares worth roughly $1.67 million at the time of the filing. ^[23]
Multiple wealth managers and insurers either boosting Nvidia to one of their largest holdings or taking profits on portions of large positions after the big run‑up earlier in the year. ^[24]

American Market News, again citing MarketBeat, notes that around 65% of Nvidia’s shares are held by institutions and hedge funds, including massive stakes from Norges Bank, global asset managers and large U.S. banks. ^[25]

The takeaway from today’s filings is rotation, not abandonment: institutions are actively adjusting position sizes as volatility rises, but Nvidia remains a core holding across a broad swath of professional portfolios.

Technical view: a “standard correction” or the start of something bigger?

Technical analysts and trading‑focused sites are just as busy parsing Nvidia’s chart into month‑end.

A note published today by FX Leaders characterizes Nvidia’s roughly 20% drop this month, from an all‑time high near $212 to the $170 region, as a “standard correction” within a long‑term uptrend. ^[26]

Highlights from that analysis:

Key support zones around $177, $165 and $162.
Resistance near $186 and $195 — levels the stock would need to break to signal that the corrective phase is over.
Mixed momentum indicators, with MACD rolling over bearishly while longer‑term moving averages remain bullishly aligned.

By contrast, a separate update from StockInvest.us is more cautious:

It labels Nvidia a “sell candidate” since November 26, after a series of lower closes and negative moving‑average signals.
Friday’s close is recorded at $176.51, down 2.08% on the day, with the stock having fallen in six of the last ten sessions. ^[27]
Short‑term models still project a potential 8.9% rise over the next three months, with a 90% probability of trading between roughly $192 and $232, but the near‑term bias is negative. ^[28]

On the sentiment side, another forecast site, CoinCodex, shows a technical outlook that expects around 40–45% upside over the next year, framing Nvidia as a “good stock to buy” based on its indicators and model‑based projections. ^[29]

One narrative that stands out today: both human and AI‑driven models can miss the mark. Earlier this month, a widely shared Finbold article reported an AI model (using ChatGPT) predicting Nvidia would trade in a $206–$222 range with a midpoint target around $214 by November 30. In reality, the stock is finishing the month closer to $177. ^[30]

That gap is a timely reminder that any price target — AI‑generated or otherwise — is a scenario, not a guarantee.

Risks in focus: valuation, competition and geopolitics

Across today’s coverage, several key risk themes for Nvidia keep resurfacing:

Valuation and AI “bubble” fears
- Nvidia has been at the center of broader worries about overheated AI valuations. Reuters recently noted that the company, dubbed the world’s most valuable, had seen its valuation slide from about $5 trillion to $4.5 trillion, even as earnings beat expectations. ^[31]
- Market commentaries from FinTech Weekly, Finbold and others describe Nvidia as possibly the Cisco of the AI era: vital infrastructure, enormous profits — but also a stock that could be priced for perfection. ^[32]
Customer concentration and competition
- A detailed analysis today from Complete AI Training points out that roughly 60% of Nvidia’s revenue is tied to a small set of mega‑customers, making the company highly exposed to changes in hyperscaler capex. ^[33]
- The same piece notes reports that Meta is exploring multi‑billion‑dollar commitments to Google’s TPU chips, potentially through Google Cloud, which investors read as a modest but symbolically important shift away from exclusive reliance on Nvidia GPUs. ^[34]
Accounting optics and credit cycle
- TechnoBezz and others highlight large accounts receivable, speculation about customer financing and the possibility that tighter credit conditions could pressure orders, even if there is no evidence of wrongdoing. ^[35]
Regulatory and geopolitical risk
- U.S. export controls have already cratered Nvidia’s data‑center business in China, with some coverage noting that the company essentially has zero share of that market after new restrictions and local directives steering Chinese buyers to domestic accelerators. ^[36]
- Additional export rules or geopolitical shocks could force further redesigns of Nvidia’s AI products and dent long‑term growth assumptions.

These aren’t new risks, but November’s price action has brought them back to the forefront just as Nvidia is posting some of the strongest quarterly numbers in corporate history.

What investors will be watching in December

Looking ahead from November 30, the next few catalysts for Nvidia stock include: ^[37]

Early December:
- Ex‑dividend date for Nvidia’s $0.01 quarterly dividend on December 4, 2025, with payment scheduled for December 26.
- Fresh macro data and central‑bank commentary that could influence risk appetite for high‑multiple tech stocks.
Q4 FY26 earnings (expected February 2026):
- Whether Nvidia can meet or beat its $65 billion revenue guide.
- Updates on Blackwell and Rubin shipments, supply constraints and pricing.
- Any change in tone around hyperscaler AI capex, competition from TPUs and AMD, and the health of enterprise AI demand.
Balance‑sheet details:
- Trends in accounts receivable and days sales outstanding after the Q3 surge.
- Any disclosures on customer financing or changes in collection patterns.
Policy and competition headlines:
- New developments in U.S.–China tech policy.
- Concrete evidence of TPU adoption at Meta and other large customers, or incremental wins by AMD and custom silicon.

Given Nvidia’s size, any surprise — positive or negative — is likely to ripple through the broader market, particularly the Nasdaq and S&P 500.

Bottom line: hero numbers, villain narrative

As of November 30, 2025, Nvidia sits at a crossroads:

Fundamentals: record‑breaking revenue, dominant AI data‑center share, sky‑high margins and strong guidance. ^[38]
Price action: a 20% November correction from all‑time highs, but still double‑digit gains for the year. ^[39]
Narrative: a tug‑of‑war between AI exuberance and skepticism — with Michael Burry, viral fraud allegations and “We’re not Enron” memes on one side, and a near‑unanimous wall of bullish analyst targets on the other. ^[40]

For long‑term investors, today’s news reinforces a simple reality: Nvidia remains the core barometer for the AI trade. Whether November’s slide proves to be a healthy reset or the first leg of a deeper repricing will depend on how AI spending, competition and macro conditions evolve over the next several quarters.

Important: This article is for information and news purposes only and does not constitute financial advice, investment recommendation, or an offer to buy or sell any security. Stock investing involves risk, including the possible loss of principal. Consider your own objectives and speak with a qualified financial adviser before making investment decisions.

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