Nvidia shares fell roughly 20% from record highs into bear-market territory amid a rotation from growth to value. Technical charts show a head-and-shoulders pattern, a move below the 50-day moving average and key Fibonacci levels; some analysts warn a retracement toward $150 (≈50% retracement). The selloff is broad across growth/software names (AMD down ~27% from December high, IGV >20% off, Palantir near $130). Drivers cited include slowing cloud spending, potential cuts in hyperscaler AI budgets, regulatory/export-review risks for Nvidia’s China H200 chip, and customers building in-house ASICs/TPUs. Nvidia’s upcoming results (consensus revenue ≈ $67B) are the next key catalyst.

Shares fell ~20% into bear-market territory; technical signals cited (head-and-shoulders, below 50-day MA, Fibonacci levels) and analyst targets suggesting a move toward $150. The selloff is broad across related tech names and is linked to concrete concerns: slowing cloud/hyperscaler AI spending, export-review/regulatory risk around Nvidia’s China H200, and customers developing their own ASICs/TPUs. Upcoming earnings (consensus revenue ≈ $67B) provide an imminent catalyst.