Nvidia Loses $400 Billion in Two Days as Chip Claims Hit

Nvidia has lost roughly $400 billion in market value in two days. The stock now trades near a 30-week low around 165, and the trigger is not a product failure. It is a governance scandal around CEO Jensen Huang and reports that H100 and H200 chips were routed into China.

On November 10, Nvidia fell as much as 6.3 percent to $167.35 at midday in New York. Market value stood near $4.03 to $4.05 trillion. The company briefly slipped to third place behind Apple and Microsoft, the first time Microsoft has passed it since June 2025.

What does the chip-routing report allege?

The Information reported that Alice Huang, a figure linked to the scandal, secured about 240,000 H100 and H200 chips through a family-linked network spanning China, Singapore and Malaysia. The chips were reportedly used to train models at Alibaba and Tencent. The Chinese government has strongly rebutted the spy allegations.

Note what is missing. The report describes a network and a chip count, but the sourcing remains journalistic rather than regulatory, and no enforcement action has followed so far. That gap has not stopped the market from repricing the stock.

US lawmakers are moving toward tighter export controls. ByteDance, Alibaba and Tencent have ordered about $35 billion of Nvidia GPUs (graphics processing units, the accelerators used to train AI models), but supply is expected to fall well short of those orders. About 600,000 H200 chips are waiting in Hong Kong because Beijing has not approved their entry.

Why is 165 the level to watch?

The technical structure has already broken. NVDA climbed from the April low near 165 to about 243 in early October, riding a single ascending trendline drawn from that low. The trendline broke near 210 in late October. Price then fell in steps through 200 and 180, back to a 30-week low near 165. That is a decline of roughly 32 percent from the high.

The moving averages confirm the damage. The 21 EMA (exponential moving average, a trend indicator weighting recent prices more heavily) sits at 192.73, below the 78 EMA at 210.42. Both are falling, and price is below both. RSI (relative strength index, a momentum oscillator) reads 23.61, the lowest on this chart. A relief bounce is possible. It has not changed the structure yet.

The scenarios, stated as conditions rather than recommendations:

• Base case: a four-hour close below 165 opens 153, then 140.
• Relief case: a four-hour close above 180 is the first sign of stabilization, with 190 and the fast EMA near 193 as the next hurdles.
• Bearish view invalid: a four-hour close above 190.

Key levels:

• Resistance: 180 / 190 (near the fast EMA at 192.73) / 210 (broken trendline and slow EMA)
• Support: 165 (30-week low, April low) / 153 / 140 / 130

What is actually being priced in?

The personal story matters less than what it exposes. The market is applying a governance discount and a higher probability that export rules tighten, while China sales are already capped by Beijing's own approval delays.

That leaves little China upside left to lose and more regulatory downside to price. The risk also stacks on state-level data center moratorium pressure from the prior week. Nvidia now faces policy resistance at home and abroad simultaneously.

The time horizon is one to two weeks, with a US-China summit due next week and semiconductors on the agenda. That summit is the key event. Until it concludes, every claim in this story remains a claim, and every technical level remains conditional.