Update: November 21 11:30 am ET: In a statement, an Nvidia spokesperson told Tom's Hardware; "After another quarter of incredible growth and off-the-charts demand, Jensen’s message to the company was to stay focused and let the market take care of itself." The rest of the story remains as published below.
Nvidia CEO Jensen Huang has reportedly told Nvidia employees in a leaked all-hands meeting that “the market did not appreciate” the AI giant despite the company’s record-breaking quarter, according to Business Insider. The company’s stock price slid from around $195 to a low of $180 just one day after it released its quarterly earnings, which is a surprise given Nvidia’s performance. This meant that its market capitalization dropped from its all-time high of $5.12 trillion to around $4.4 trillion, with the company losing around $365 billion in just one day of trading.
It seems that this movement is driven by fears of an AI bubble, something that many experts and analysts, including former Intel CEO Pat Gelsinger, have been warning about. “If we delivered a bad quarter, it is evidence there’s an AI bubble. If we delivered a great quarter, we are fueling the AI bubble,” Jensen said during the meeting. He also added, “If we delivered a bad quarter, if we’re off by just a hair, if it just looked a little bit creaky, the whole world would’ve fallen apart.”
Nvidia has quickly grown from a relatively unknown company familiar only to gamers to becoming the most valuable company in the history of the world. This is largely driven by the massive demand for AI chips, as many companies, even nations, are racing for technological supremacy in this field. Because of this, it has arguably become the cornerstone of advancements in artificial intelligence. “You should’ve seen some of the memes that are on the internet,” the CEO said. “We’re basically holding the planet together — and it’s not untrue.”
Despite its market and technological leadership (or because of it), Huang has admitted that it has been harder for Nvidia to meet expectations. This is seen with the recent changes in the company’s stock price, which has been trending down since it peaked at over $200 in late October and early November. However, this movement is seemingly driven more by investor jitters rather than Nvidia’s performance, especially as it reported that all its data center GPUs were sold out during the quarter. It also expects the sales blitz to continue well into 2026, with the company forecasting its 4Q26 revenue to hit $62 billion.
In a statement of response, an Nvidia spokesperson told Tom's Hardware, "After another quarter of incredible growth and off-the-charts demand, Jensen’s message to the company was to stay focused and let the market take care of itself."
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