As concern spread over demand for AI semiconductors, NVIDIA shares fell approximately 25% from their high. Attention has focused on the high reached on 6 October, trading trends at the beginning of November, and the date of the next earnings announcement.
NVIDIA shares reached a high of $243.37 on 6 October US time, then fell to $181.60 on 5 November, down 9.3% from the previous day and approximately 25% from the high. Market capitalisation was reportedly reduced by approximately $1.4 trillion as a result, before the shares rebounded to $186.64 on 6 November. Ahead of the earnings announcement, financing and construction constraints have become matters of market concern.
Second-quarter revenue was $96.2 billion (approximately ¥15.1996 trillion), up 106% year on year, while earnings per share were above market expectations. However, it has been pointed out that the share price has not recovered to a level significantly above its high despite the strong earnings. The factor affecting the outlook is the progress of data-centre construction, and higher financing costs and political developments could cause delays.
Market participants are closely watching the third-quarter results for the fiscal year ending January 2027, to be announced on 17 November, as the next potential catalyst. If the pace of data-centre deployment slows, this could constrain semiconductor demand. Some analysts see further upside for the share price, but it may move again depending on the earnings results.