Shares of Nvidia Corp. (NASDAQ:NVDA) have tumbled 10% so far in November, headed for their worst monthly performance since March despite record-breaking earnings and strong forward guidance, as investors reprice high-flying AI stocks.

Nvidia stunned Wall Street earlier this week with $57 billion in third-quarter revenue, crushing the $54.9 billion expected and marking a 70% increase from last year, driven by soaring demand for artificial intelligence chips.

However, these impressive results weren’t enough to shield Nvidia stock from a broader rotation out of richly valued AI equities.

Nvidia’s stock traded at $181 heading to close on Friday, after a highly volatile session that saw prices swing from an intraday low of $172 to ...