Nvidia's $330 Billion Slide: Record Revenue, Ethernet Domination, and a Test of the 200-Day Line
Veröffentlicht: 29.06.2026 um 14:21 Uhr, Redaktion boerse-global.de
For a company that just posted record quarterly revenue and raised its outlook, Nvidia’s stock is behaving as if the party is over. Over the past month, the semiconductor giant has shed roughly $330 billion in market capitalization, with shares sliding to €168.80 on Friday — a weekly loss of more than 7%. The selloff, triggered by renewed inflation fears and cautious guidance from a peer, erased about $1.2 trillion from the broader AI sector in a single day.
Yet beneath the bearish price action, Nvidia’s operational engine is humming. Revenue in the latest quarter surged 85% year over year to $81.6 billion, and management sees that number climbing to around $91 billion in the current period. The company’s data-center Ethernet-switch business has quietly become a powerhouse: it captured a 21.5% market share in the first calendar quarter of 2026, generating $2.1 billion in sales on its own. Overall networking revenue tripled to $15 billion, fueled by demand for 800G switches that are essential for scaling AI clusters.
Technical analysts, however, are flashing warning lights. Chartist Ali Martinez points to a confirmed head-and-shoulders pattern — the stock recently broke below its neckline, opening the door to further downside. The measured target of $170 aligns almost exactly with Nvidia’s recent European trading level of €170.42, and the same pattern has already fueled a month-to-date decline of roughly 6%. The next critical floor is the 200-day moving average, which sits near €163.79 (or €163.66, depending on the exchange). If that support gives way, a sharper rout could follow.
A mix of fundamental headwinds is compounding the chart’s weakness. Sales of AI chips in China have stagnated as local rivals like Huawei gain ground — CEO Jensen Huang now refers to the Chinese competitors as “giants.” Tight U.S. export controls continue to block shipments of cutting-edge H200 processors to Asia. Meanwhile, pricing dynamics are shifting: Blackwell graphics cards have become more expensive since launch, yet cloud leasing rates for B200 processors plunged 31% in just three weeks at the end of June, raising questions about Nvidia’s long-term pricing power.
Should investors sell immediately? Or is it worth buying Nvidia?
Still, the company is finding growth in high-margin niches that few competitors can touch. Swiss pharmaceutical giant Roche, through its U.S. subsidiary Genentech, recently switched on an AI factory powered by more than 3,500 Blackwell chips — an infrastructure investment estimated at up to $500 million. The payoff is already visible: new oncology molecules are being designed a quarter faster, and Roche is simulating drug production on Nvidia’s Omniverse platform.
Analysts at Bernstein Research remain bullish, reaffirming their outperform rating. They see humanoid robots as the next major catalyst, a market projected to exceed $160 billion by the mid-2030s — and Nvidia is positioning itself as the essential compute infrastructure provider.
Yet even insiders are showing caution. Company executives and directors have sold shares worth more than $410 million in recent weeks. On the production side, Nvidia has slashed output of gaming graphics cards by up to 30% to prioritize higher-margin AI server chips, a move that underscores how supply constraints continue to shape the business.
Nvidia at a turning point? This analysis reveals what investors need to know now.
The stock now sits about 17% below its all-time high set in mid-May. The relative strength index has dropped to 38.2, suggesting the selling may be overdone. But for a company with record revenue and a $330 billion market-cap loss, the technical narrative is clear: all eyes are on that 200-day line.
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