Chip stocks are bouncing on Monday. Nvidia is not.

NVIDIA Corp. (NASDAQ:NVDA) fell 3.8% to $179.58 by mid-morning. The stock has already lost ground for five straight weeks, dropping 20.2% from $233.95 on Oct. 2 to $186.64 on Nov. 6.

If Friday’s close comes in below $186.64, Nvidia will have six straight weekly losses for the first time since October 2012. The stock now trades 25% below its Oct. 6 record close of $239.24.

The latest hit has nothing to do with chip demand. Nvidia’s board opened an independent investigation into reports that CEO Jensen Huang was the target of a foreign intelligence operation. The company said the board has confidence in Huang. Investors are still pricing in the risk to its leadership.

On Monday, other chipmakers rallied. The iShares Semiconductor ETF (NASDAQ:SOXX) rose 7.1%.

Image: Envato Elements

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