By George Steer,Michael Acton
Publication Date: 2025-11-19 11:00:00
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Nvidia investors are bracing for a roughly $300bn swing in market value following quarterly results on Wednesday, amid rising unease over Silicon Valley’s vast spending on artificial intelligence.
Options markets imply traders are expecting the AI chipmaker’s share price to move by an average of 6.4 per cent in either direction when markets open on Thursday, equivalent to a gain or loss of about $280bn in value.
Nvidia became the world’s first $5tn company at the end of October but since then has been caught up in a sharp stock market sell-off led by big AI players that has dragged the chipmaker’s shares down 11 per cent.
Julian Emanuel, Evercore ISI’s chief equities strategist, said: “The angst around ‘peak AI’ has been palpable.”
The California-based company’s critical role in the AI boom means its results have in recent years heavily influenced the direction and mood of the broader tech-dominated US stock market.
Wednesday’s results arrive as investors’ enthusiasm for the AI boom appears to be on the wane, with the tech-heavy Nasdaq Composite down more than 4 per cent over the past five sessions.
Silicon Valley’s biggest companies have been among those hardest hit by the recent bout of selling, with Meta down 19 per cent and Oracle down 20 per cent over the past month.
