Investing Expert On Nvidia: ‘People Will Wish They Bought’

Nvidia is having a terrible no-good really bad November. The 64-billion-dollar question is whether that’s temporary, or whether this is the pin that bursts the AI bubble, leading to much more painful and broader market losses.

On Tuesday, shares fell to $166.95, leaving the AI chipmaker down 18.42% for the month and wiping out all of its 2026 gains. Two days of selling erased more than $470 billion in market value, and the five-session slide was Nvidia’s worst since 2022, worse even than the DeepSeek shock. The main trigger, as we all know: a suspected Chinese espionage case as U.S. authorities investigate whether Alice Huang, a former executive at Singapore-based chip buyer Megaspeed that Nvidia CEO Jensen Huang was having an affair with passed information to Beijing. Republicans in Congress want Jensen Huang to explain his interactions with her, and House Foreign Affairs Committee chair Brian Mast threatened a subpoena. Nvidia’s board has opened an independent investigation and says it has no reason to believe national security or company secrets were compromised, and nothing so far shows Huang knowingly disclosed anything. Shareholders have filed a proposed class-action lawsuit anyway.

That’s not the only problem.

The Information reported that the White House has discussed new export restrictions on AI chips sold to China, including limits on remote access to compute in overseas data centers. Nvidia has reportedly told cloud partners to cap Chinese customers at 49% of their business. Google just released a new line of TPUs that compete directly with Nvidia’s chips, and OpenAI is reportedly considering buying them. Baird downgraded Nvidia to Neutral and cut its price target from $500 to $200, citing uncertainty over Huang’s tenure and the chance that big cloud companies spend less on AI in 2027.

So: bubble bursting, or bargain?

His take is bullish, with a catch.

Here’s my Q&A with Dunlap.

John Koetsier: Is this a buying opportunity or a bubble bursting?