NVIDIA slides 4% to $200 on chip rout and denied PCB rumor

NVIDIA shares slid 4% to $200 on Tuesday as a Korea-led chip rout and a denied PCB price-cut rumor tested the stock's year-long support level.

NVIDIA Corp. shares fell 4% to around $200 on Tuesday, caught between a Korea-led semiconductor selloff that pushed the KOSPI down 10% and a supply-chain rumor that PCB makers were quick to deny.

"The rumor that NVIDIA demanded a 10% price cut from PCB manufacturers is clearly exaggerated and misinterpreted," multiple PCB manufacturers and market sources told Chinese media, according to a Shanghai Securities News report. The claim that Shenghong Technology's capacity expansion was delaying NVIDIA's Rubin platform "lacks industry logic," the sources said.

The denial came after PCB stocks plunged on the unverified reports, highlighting the market's hair-trigger sensitivity to any NVIDIA supply-chain news. NVDA touched a session low of $189.31 at 9:00 a.m. ET on heavy volume before recovering above the $200 round number by midday. The stock is up 7.6% year to date, trailing many AI and chip peers.

The $200 level has become a contested line for NVIDIA. The company reported Q1 FY2027 revenue of $81.6 billion, up 85% year over year, with data-center revenue of $75.2 billion growing 92%. Management guided Q2 revenue to roughly $91 billion. Yet prediction markets assign only a 46% probability that NVDA closes above $200 by month-end, and insiders have been net sellers across nine recent transactions.

The PCB rumor, though denied, exposed a vulnerability in NVIDIA's supply-chain narrative. The company relies on a network of printed-circuit-board suppliers in Taiwan and China to assemble its AI accelerators, and any pricing pressure on those partners could signal margin compression downstream. Shenghong Technology, a key PCB supplier to NVIDIA, saw its stock fall sharply before the denial, though the company has not issued an official statement.

NVIDIA CEO Jensen Huang has described the current AI buildout as "the largest infrastructure expansion in human history," and the company's capital-return program reflects that confidence. The board authorized an additional $80 billion in share buybacks and raised the dividend to $0.25 per share. Wall Street remains broadly constructive, with a consensus price target of $298.93 and 48 Buy ratings against a handful of Hold calls.

The broader chip selloff adds another layer of uncertainty. South Korea's KOSPI tumbled 10% in a broad tech rout that spilled into U.S. semiconductors, dragging AMD and Intel down 5% alongside NVIDIA. The iShares Semiconductor ETF (SOXX) fell sharply, with memory and logic names all under pressure. Analysts described the move as a healthy correction in a stretched sector, but the concentrated selling in Korean tech stocks — which had outperformed U.S. markets by a factor of 10-to-1 since early 2025, per one analysis — suggests profit-taking may have further to run.

NVIDIA's annual shareholder meeting on June 24 provides a near-term venue for management to address both the supply-chain rumors and the demand outlook. Beyond that, the next major catalyst is Q2 FY2027 results, where the guided $91 billion revenue bar and any update on China export developments will set the tone.

For investors, the two-sided risk at $200 is unusually balanced. The bull case rests on accelerating AI demand and a valuation that, at 7.6% YTD gains, has lagged the broader semiconductor rally. The bear case points to tired positioning, insider selling, and a sector under broad pressure from a Korea-led unwind that may not be finished. How NVDA holds this level in the coming sessions will likely determine whether the next move is a breakout above $215 or a breakdown toward the $180 area.

This article is for informational purposes only and does not constitute investment advice.