When OpenAI commercially launched ChatGPT in November 2022, few investors anticipated how dramatically artificial intelligence (AI) would reshape the stock market. Perhaps no company benefited more from this than Nvidia (NVDA -1.96%).

Between late 2022 and year-end 2025, Nvidia’s stock price increased roughly tenfold — transforming the semiconductor designer into one of the world’s most valuable companies. The rally reflected insatiable demand for its graphics processing units (GPUs), which became critical infrastructure for training and deploying generative AI models.

However, 2026 has presented an entirely different story. After notching a record high of roughly $243 per share in October, Nvidia has experienced a seismic sell-off. On…