Nintendo Shares Slide 5% as Zelda Event Lacks New Mario Game

Nintendo's stock decline continued into a second day on Thursday. The shares fell 5.45% to 7,943 yen in Tokyo, bringing the five-day drop to over 10%.

Investors had hoped for more from the Zelda event and the Wednesday Nintendo Direct. Players had a contrasting reaction, and one well-known CEO also responded differently.

What Is Driving the Nintendo Stock Drop

Nintendo used both presentations to detail its release schedule. The Zelda 40th anniversary Direct set the Ocarina of Time remake for a November 5 release. The Wednesday showcase outlined the winter lineup.

A large portion of the lineup consists of familiar titles. Pikmin 4 and Xenoblade Chronicles 3 are returning as enhanced Switch 2 Editions, originally released in 2023 and 2022. Hyrule Warriors is also getting a definitive edition.

Other games are scheduled for later dates. Metroid Ravenous and a new 3D Kirby game are planned for 2027. Monster Hunter Wilds and three Resident Evil remakes are also coming to the console, but they were released on other platforms years ago.

This combination is at the heart of the criticism. No new 3D Mario title was announced, leaving remasters and Switch 2 Editions to cover the holiday quarter.

Adventure through Hyrule and become the Hero of Time when The Legend of #Zelda: Ocarina of Time releases Nov 5 on Nintendo Switch 2. #NintendoDirect pic.twitter.com/rW3r7o2L9r

— Nintendo of America (@NintendoAmerica) September 8, 2026

Analysts had hoped for a hardware-moving exclusive. Upgraded versions of games that owners have already completed seldom achieve that. As a result, the console outlook appears weaker than the stock price had factored in.

OpenAI CEO Sam Altman Books Two Days for Ocarina of Time

Players interpreted the same announcements in a very different light. Sam Altman, CEO of ChatGPT developer OpenAI, described the remake as the best news he had heard in a long time. He then cleared November 5 and 6 from his schedule and said he needed a case of Mountain Dew.

ocarina of time remake is the best news in a long time.

i will be unavailable november 5 and 6; need to find a case of mountain dew.

— Sam Altman (@sama) September 9, 2026

Altman seldom discusses gaming, but he does use X to share unusual interests, such as the room-temperature superconductor search he backed this week.

Meanwhile, the gaming industry continues to be a volatile sector for big tech companies. Microsoft eliminated 3,200 gaming positions in July. Apple's incoming CEO met with the Pokémon team at Apple Park shortly afterward.

Nintendo is now counting on November 5 to convert that excitement into holiday sales. Until then, the stock decline mirrors the games that investors were hoping for but did not receive.