NVIDIA is trading  near $162 pre-market on Thursday, below this week's low of $165.89 and roughly 32% under its October 6 record close of $239.24. The trigger is a fast-moving leadership story, and it is landing on a chart that had already turned bearish.

The timeline so far:

  • Sunday, Nov 8: NVIDIA's board opened an independent investigation after reports that CEO Jensen Huang was the target of a foreign intelligence effort. Huang acknowledged an extramarital affair after reports linked him to a former Megaspeed executive whom US officials reportedly suspect of spying for China. China calls the claim groundless, and Huang has not been accused of any crime. The board said it had no reason to believe company secrets or national security were compromised. 
  • Monday–Tuesday: shares fell nearly 10% over two sessions.
  • Wednesday, Nov 11: the stock bounced 2.9% to close at $173.73. After the bell, The New York Times reported a second relationship with a senior NVIDIA executive, and The Wall Street Journal reported the board was preparing to remove Huang. Shares fell to about $159 after hours.
  • Thursday morning: the board met late Wednesday, but no decision had been announced and NVIDIA had not commented as cited by Forbes.com

Two-year rising wedge has already broken

The scandal did not break this chart. On the weekly timeframe, NVIDIA slipped out of a rising wedge in late October, well before the board announced its investigation on November 8.

A rising wedge is two upward-sloping trendlines that converge. Price keeps making higher highs and higher lows, but each push higher gains less ground. It usually signals buying momentum fading, and a close below the lower line is read as a bearish breakdown.

  • Upper trendline: connects the mid-2024 high near $140, the November 2025 high near $212, and the May 2026 high near $237. The October 2026 record failed to reach it, an early sign of fading momentum.
  • Lower trendline: connects the April 2025 low near $87 and the April 2026 low near $163. Weekly candles closed below it around $205 in late October.
  • Since the break: price has fallen roughly 20%, with no meaningful retest of the broken line.

 

Volume profile

The volume profile shows how much stock changed hands at each price from mid-2024 to now. It points to thin support until the mid-$140s.

  • $175–185, : one of the heaviest bands on the profile, built during the 2025 consolidation and the early-2026 base. Price has dropped below it. Those buyers are now underwater, so this zone is likely to act as resistance on any bounce.
  • $150–170, the gap: comparatively little volume traded here. Low-volume areas tend to offer little support, so price can move through them quickly. Thursday's pre-market price sits in this zone.
  • $140–150, the next cluster: heavy volume from the 2024–early-2025 range, and close to where the wedge began. This is the first area where buyers have historically been active.
  • About $116, the point of control: the single price with the most volume in the range. It is a deeper reference if the $140s fail.

The profile does not predict direction on its own. It shows where the market has previously agreed on value, and where it has not.

Volatility

The weekly Average True Range (ATR) reads 16.92, near the top of its two-year range. That means NVIDIA is moving about $17 a week on average.

In percentage terms, the picture is calmer than it looks. At a $173 price, 16.92 is about 10% of the share price, similar to late 2024, when ATR was near 12.5 on a stock around $120. The absolute reading rose mostly because the share price rose.

What has changed is the source of risk. Weekly ranges of $15–20 now come with overnight headline gaps, like Wednesday's drop of roughly 8% after hours. ATR measures past ranges; it cannot price a board decision that lands outside trading hours.

What's Next?

This week's candle has not closed yet, and pre-market prices can shift sharply by the open. Watch the weekly close, the board's announcement, and the November 17 results before drawing firm conclusions.