Nvidia Corp., the poster child of the artificial intelligence (AI) trade, is attempting a recovery in Friday's trade on November 6, surging 7.3% to an intraday high of $194.90.
The rally comes after a 9.3% plunge in the previous session, marking the stock's biggest single-day decline in nearly two years, as Wall Street grew concerned that a Democrat-led Congress could slow down data centre expansion.
The sharp sell-off also dealt a blow to Nvidia CEO Jensen Huang's wealth, wiping $150.9 billion off his net worthand pushing him down four places to 13th on the wealth rankings, from ninth previously. He was among the biggest wealth losers on the day, alongside SpaceX founder Elon Musk and Oracle co-founder Larry Ellison.
Meanwhile, Nvidia's stock has been reeling under pressure since hitting a record high of $243 in mid-October. The sell-off accelerated following the midterm elections, in which Democrats gained control of both chambers of Congress, fuelling expectations that they could push for tighter restrictions on AI infrastructure and data centre development.
From its record peak, the stock has fallen 25% through Thursday's close, leaving its 2026 gains at just 1.32%. A negative close for the year would mark its first annual decline in three years, following cumulative gains of 1,176% over the previous three years.