Nike (NKE) shares have fallen approximately 42% year to date and 79% from its lifetime high, while the S&P 500 rose nearly 260% over the last 10 years. This decline is attributed to its core growth bets in the Chinese market not panning out due to tariffs, trade-war dynamics, and a growing preference for domestic brands. Additionally, its direct-to-consumer (DTC) sales strategy in the U.S. and other key markets led retailers to allocate more space to rival brands, causing Nike to lose market share and brand cachet with younger generations.