The S&P 500 is rallying on Monday. Nvidia is moving the other way.

NVIDIA Corp. (NVDA) fell 5.4% to $176.61 by midday, while the S&P 500 rose 2.1%. Measured against the index, Nvidia is down more than 7% on the day.

That is the stock's worst daily performance against the S&P 500 since Jan. 27, 2025, when Chinese startup DeepSeek's low-cost AI model sent Nvidia down 17% while the index slipped 1.5%.

Monday's drop has erased about $242 billion of Nvidia's market value, after the board opened an independent investigation into reports that CEO Jensen Huang was the target of a foreign intelligence operation.

Chipmakers more broadly are rising. The iShares Semiconductor ETF (SOXX) rose 6.8%.

Chart: Nvidia's daily performance against the S&P 500 is the worst since DeepSeek's shock. Source: TradingView