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?
We’ll get some hard data on November 17, when Nvidia reports earnings. That’s one day before the closed-door briefing House Republicans have asked Huang to attend. To get a read on what investors should be watching, I turned to Ian Dunlap, co-host of Market Mondays and founder of Red Panda. Dunlap’s team says he was early on the long-term potential of Nvidia, AMD and Microsoft.
His take is bullish, with a catch.
Dunlap thinks Nvidia is “a tremendous buying opportunity for a long-term investor,” but the range he wants to buy in is $93 to $124. That’s roughly 26% to 44% below Tuesday’s price. He’s also less focused on Huang than you might expect, and much more focused on CFO Colette Kress, on who the board eventually picks to lead Nvidia long term, plus on whether the companies buying all those GPUs are actually getting their money back.
