Nvidia has lost about $1.6 trillion in market value

Nvidia has lost about $1.6 trillion in market value since early October, per CNBC.

The stock was down 11% for the week as of Thursday's close and is headed for a sixth straight weekly decline, which would be its longest losing streak since 2012. CNBC puts the loss at roughly $1.6 trillion, or 29%, and says Nvidia fell below Apple after spending most of the year as the world's most valuable company.

Jensen Huang resigned as CEO on Thursday. The board named finance chief Colette Kress interim CEO while it searches for a successor. Shares fell 4.3% Thursday and were up 1.7% in premarket trading Friday as of 8:13 a.m. ET. Wired reports Nvidia lost roughly $546 billion in value within an hour of Thursday's open, with some rebound since.

Other chip stocks gained this week, per CNBC: AMD up 30%, Broadcom 24% and TSMC 11%, while Nvidia fell 11%. Mark Franklin of Manulife Investment Management said markets are seeing "a bit of a rotation into other advanced chip design companies, on the assumption that this will enable other companies effectively to catch up."

What to watch: Nvidia reports quarterly results Tuesday. Analysts project 91% year-over-year revenue growth to $108.9 billion, according to LSEG.

The facts we checked

According to CNBC and Wired

1. Nvidia shares were down 11% for the week as of Thursday's close and were headed for their sixth straight weekly decline.Figure · CNBC
2. A sixth straight weekly decline would be Nvidia's longest losing streak since 2012. The streak was still in progress as of Thursday's close.Reported · CNBC
3. Nvidia has lost roughly $1.6 trillion in market cap since the slide began in early October, a 29% loss in value as of Thursday's close.Figure · CNBC
4. Nvidia, which spent most of the year as the world's most valuable company, fell below Apple in the process.Reported · CNBC
5. Jensen Huang resigned as Nvidia CEO on Thursday. The board named finance chief Colette Kress interim CEO while it searches for a successor.Fact · CNBC
6. Nvidia shares fell 4.3% on Thursday. They were 1.7% higher in premarket trading Friday as of 8:13 a.m. ET.Figure · CNBC
7. Wired reports Nvidia lost roughly $546 billion in market value within an hour of Thursday's open. It says the weeks of scandal have cut the valuation by more than $1 trillion, with some rebound since.Reported · Wired
8. This week AMD gained 30%, Broadcom 24% and TSMC 11%, while Nvidia fell 11%.Figure · CNBC
9. Texas Instruments is up about 13% this week, Analog Devices 12% and Infineon 14%.Figure · CNBC
10. Wired's earlier tally has AMD up 28% and Broadcom up nearly 16% over the past five days.Figure · Wired
11. "What you're seeing in markets now is a bit of a rotation into other advanced chip design companies, on the assumption that this will enable other companies effectively to catch up," said Mark Franklin of Manulife Investment Management.Quote · CNBC
12. Nvidia reports quarterly results Tuesday. Analysts project 91% year-over-year revenue growth to $108.9 billion, according to LSEG.Figure · CNBC

Sources

• CNBCNvidia on track for longest weekly losing streak since 2012 as market value sinks by $1.6 trillion
• WiredJensen Huang Basically Lit More Than $1 Trillion on Fire in Less Than a Month
• CNBCNvidia’s turmoil is prompting a rotation across chip stocks. Here's what we know
• CNBCNvidia stock inches higher as investors continue to weigh Jensen Huang’s departure
• The New York TimesNvidia Stock Tumbles After Jensen Huang Resigns as CEO