Nvidia Stock at $203.53: Company Loses $1 Trillion in Just 2 Months Despite AI Boom

Nvidia stock closed at $203.53 on July 13, 2026, down 3.52% for the session. That put the chipmaker’s market cap at roughly $4.93 trillion, down from a $5.5 trillion peak in mid-May. Nvidia stock has now shed about $1 trillion in value over eight weeks, even as its underlying AI business keeps posting record numbers.

The decline stands out against otherwise strong fundamentals. Here’s a full breakdown of what’s driving Nvidia stock lower and how the broader chip sector is reacting.

Nvidia Stock Price: Where Things Stand Today

Nvidia stock (NASDAQ: NVDA) traded between $203.00 and $210.57 on July 13, 2026, closing near the session low. The stock opened at $208.54 and finished at $203.53, a drop of $7.43 on the day.

• Closing price: $203.53, down 3.52%.
• Market capitalization: approximately $4.93 trillion.
• 52-week range: $162.02 to $236.54.
• All-time closing high: $235.47, set May 14, 2026.

That May 14 close marked Nvidia’s peak before the recent slide began. Since then, Nvidia stock has fallen roughly 16%, wiping out about $1 trillion in shareholder value in less than two months.

Why Nvidia Stock Fell Below $5 Trillion

Nvidia’s market cap first slipped below the $5 trillion mark on June 5, 2026, after a single session that erased $320 billion in value. That day’s 6% plunge signaled a broader shift in how investors were pricing AI-related risk.

• June 5, 2026: single-day drop erased $320 billion in market cap.
• Nvidia last traded above $5 trillion consistently in April 2026.
• At its recent low, Nvidia traded at 18 times forward earnings.
• The S&P 500 currently trades above 20 times forward earnings.

That valuation compression pushed Nvidia below roughly half of all S&P 500 components on a forward earnings basis, including names like Hershey and Dominion Energy. The drop reflects a re-rating, not a change in Nvidia’s underlying business performance.

Nvidia’s AI Business Still Posting Record Numbers

Nvidia’s Q1 FY2027 results, reported May 20, 2026, showed no signs of slowing demand. Revenue and profit both hit fresh records, even as the stock began its multi-week slide days later.

• Q1 FY2027 revenue: $81.6 billion, up 85% year-over-year.
• Data Center revenue: $75.2 billion, up 92% year-over-year.
• GAAP net income: $58.3 billion, up 211% year-over-year.
• Q2 FY2027 guidance: approximately $91 billion in revenue.

Nvidia also authorized an $80 billion additional stock buyback and raised its quarterly dividend to $0.25 per share, a 25-fold increase from $0.01. Analysts maintain an average price target near $302, implying substantial upside from current Nvidia stock levels.

Investors Rotate Toward Micron, AMD, And Intel

Money hasn’t left the semiconductor sector. It has moved toward other chipmakers as investors diversify their AI exposure beyond Nvidia stock.

• Micron Technology (NASDAQ: MU): up 229% in 2026, following a 239% gain in 2025.
• Micron, Intel, and AMD added roughly $2 trillion in combined market cap in Q2.
• Nvidia stock gained just 5.6% in 2026, trailing the S&P 500’s 9.6% rise.
• The Philadelphia Semiconductor Index is up 74% year-to-date.

Micron’s third-quarter gross margin jumped to 84.9% from 39% a year earlier, fueled by surging high-bandwidth memory prices. That shift explains why capital is spreading across the chip sector rather than concentrating in Nvidia stock alone.

What Analysts Are Watching Next

Nvidia’s server GPU market share stayed near 97% at the end of 2025, up from 95% the prior year, showing its competitive position remains intact. The company still projects $1 trillion in cumulative Blackwell and Vera Rubin platform sales through 2027.

After losing roughly $1 trillion in market value in less than two months, Nvidia’s stock is the cheapest it’s been since before the AI boom kicked off https://t.co/qwdg7vq1F5

— Bloomberg (@business) July 8, 2026

• Nvidia’s fiscal 2027 sales are projected at roughly $393 billion.
• Projected fiscal 2027 profit stands near $228 billion.
• Next earnings report is expected around August 25, 2026.
• Q2 guidance excludes any Data Center compute revenue from China.

Nvidia’s valuation reset has made the stock cheaper relative to its own growth, not necessarily relative to weaker fundamentals. That distinction matters heading into the next earnings cycle.

Bottom Line

Nvidia stock has fallen to its lowest valuation since early 2019 on a relative basis, despite delivering record revenue and profit just weeks before the slide began. The $1 trillion decline reflects sector rotation into Micron, AMD, and Intel rather than any deterioration in Nvidia’s AI business.

With Nvidia trading at 18 times forward earnings against an average analyst target of $302, the August 25 earnings report will be the next major test. Until then, Nvidia stock remains caught between strong fundamentals and a market reassessing AI valuations broadly.

Disclaimer:

The content shared by Meyka AI PTY LTD is for research and informational purposes only. Meyka is not a financial advisory service, and the information provided should not be treated as investment or trading advice.