Nvidia has officially given back every single gain it made this year. The stock is now down more than 11% year-to-date, and the damage over the past month is staggering: a 31% plunge that erased roughly $1.82 trillion in market value . That's not a typo. We're talking about a trillion-dollar wipeout in about thirty days.
But here's where it gets complicatedโand honestly, a little uncomfortable. This selloff isn't just about AI spending fears or valuation jitters anymore. Nvidia's board has launched an independent investigation after CEO Jensen Huang admitted to an extramarital affair, and the woman involved is reportedly suspected by U.S. authorities of having ties to Chinese intelligence .
The board says it has no reason to believe national security or company secrets were compromised, and Huang remains CEO while the probe unfolds . Still, when you're the company sitting at the center of America's AI chip supply chain, "personal scandal" doesn't stay personal for long.
The market reaction has been brutal and fast. Microsoft briefly overtook Nvidia as the world's second-most-valuable company during Tuesday's sessionโsomething that hadn't happened since mid-2025โbefore Nvidia reclaimed the spot . Bank of America pulled
Nvidia from its top-picks list while keeping a Buy rating, and Citi trimmed its price target, citing both margin pressure and uncertainty around the investigation . Analysts are framing this as a governance and geopolitical risk premium layered on top of an already stretched AI trade, not a sudden collapse in the underlying business .
The bigger question now is whether this is a buying opportunity or a warning shot. Nvidia still dominates the GPU market, and its chips remain the backbone of the AI buildout. But the stock's identity has become inseparable from Huang himselfโone analyst put it bluntly: "Jensen is not replaceable" .
When a founder-CEO is that central to the story, any threat to his position hits the share price differently than a normal management shakeup would.
All eyes are on the board's investigation now. If it stays contained to the personal matter, the selloff may prove temporary. If it expands into anything involving export controls or chip flows, the $1.82 trillion already lost could just be the opening act.
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