Nvidia hasn't closed at a record high since May 14, when the stock finished at $235.74, 87 trading days ago, with shares now near $215 as of this writing, about 9% below that mark. Since reclaiming its 2007 peak in 2016, Nvidia's stock has gone 60 or more trading days without a record close seven times. Five of those stretches ended at new highs within about six months, while the other two turned into bear markets that cut the stock by more than half. Four of the seven droughts lasted at least as long as the current one; two ended with fresh records, a 115-day stretch that ended in June 2025 and a 120-day stretch that ended this past April. The other two kept going: after peaking in October 2018, Nvidia went 344 trading days without another record close, falling 56% before recovering in February 2020, and the stretch that began in November 2021 ran 373 trading days, with the stock down 66% at the low, before a new record arrived in May 2023. Every drought that resolved quickly was over within about 120 trading days, and the only two that ran longer became bear markets; today's stall would pass the 120-day mark in early November. The difference showed up in Nvidia's revenue: the 2018 drought followed a cryptocurrency bust, with CEO Jensen Huang citing excess channel inventory