Nvidia shares slid again on Monday, marking a seventh straight day of losses for Wall Street's most-watched stock and stripping roughly $3.8 billion from CEO Jensen Huang's personal fortune as investors braced for the company's make-or-break earnings report Wednesday.

The chipmaker fell more than 2%, to just under $210 a share, extending a slide that has now shaved nearly 7% off its value over five sessions — its worst pre-earnings stretch since 2022, according to Forbes. The pain spread across the rest of the chip sector: the Philadelphia Semiconductor Index dropped roughly 3%, Intel fell 5% to $85.98, AMD slid 4% to $454.36, and Taiwan Semiconductor lost 3% to $406.40, according to 24/7 Wall St.

The broader market was mixed on the news. The Dow Jones Industrial Average actually rose 0.26% to 53,417.16, but the tech-heavy Nasdaq Composite fell 0.76% to 25,980.19 and the S&P 500 slipped 0.28% to 7,652.86, as traders rotated out of chip stocks that have carried the market for much of 2026.

Why investors are getting nervous

Part of the selling is simple pre-earnings jitters: Nvidia reports fiscal second-quarter results Wednesday after the closing bell, in what strategists are calling the single biggest catalyst for markets this week. Part of it is a fresh Bloomberg report that Nvidia has told major server manufacturers it will raise prices on its Vera Rubin and Grace Blackwell AI systems by more than 15% next year, blaming soaring memory-chip costs — a signal that even the AI boom's biggest winner is feeling the supply-chain squeeze. And part of it is lingering anxiety after Meta's disappointing capital-spending guidance in July reignited questions about whether AI infrastructure spending is starting to outrun returns.

"THE AI STORY HAS ALSO BROADENED GEOGRAPHICALLY: IT'S BECOMING MORE OF A GLOBAL STORY AND IS NO LONGER THE ONE-WAY TRADE THAT IT ONCE WAS."

Despite the slide, Wall Street's conviction hasn't cracked. All 26 analysts tracked by TipRanks still rate Nvidia a buy, and Cantor Fitzgerald reiterated a $350 price target Monday — more than 65% above where the stock traded that afternoon. Nvidia has beaten Wall Street's earnings estimate for four consecutive quarters, though data compiled by 24/7 Wall St shows the stock has still fallen an average of 2% on the day after its last five reports, a reminder that a beat alone hasn't been enough to satisfy investors lately.

The stakes are magnified by Nvidia's sheer size: the company alone makes up more than 16% of the iShares U.S. Technology ETF, meaning its earnings reaction is likely to move the broader market regardless of sector. Wednesday's report also lands the same week as Federal Reserve Chair Kevin Warsh's first Jackson Hole address on Friday, giving traders two major catalysts to navigate in four trading days.

For now, the question hanging over trading desks is whether Nvidia can finally snap its losing streak with a number big enough — the company posted record first-quarter revenue of $81.6 billion — to quiet doubts about the durability of the AI capital-spending cycle it has come to symbolize.