The 12 AI stocks we tracked through Thursday’s sell-off closed a combined $1,436.8 billion lower than on Wednesday, by our arithmetic from Nasdaq’s official 4:00 p.m. ET closes and the share counts in each company’s latest SEC filing. That is about 11.0% of the basket’s value at Wednesday’s close. Nvidia closed at $182.29, down 8.91%, its worst one-day fall since 27 January 2025 on Nasdaq’s daily closes.
The loss deepened through the day. On the same 12 stocks and share counts, we counted about $930.1 billion at 10:04 a.m. ET and $1,087.0 billion at 11:44 a.m. ET, in Nvidia Leads $930B Drop in 12 AI Stocks by 10:04 A.M. ET. The close added about $349.8 billion to the 11:44 reading.
Business Pill · Financial Conditions
An evergreen Business Engineer explainer on how financial conditions shape what companies can raise. It teaches the general idea only and does not discuss Thursday’s market.
The key insight: By our arithmetic from Nasdaq’s official closes, 12 AI stocks lost about $1,436.8 billion of market value on Thursday, about 11.0% of their value at Wednesday’s close. Nvidia fell 8.91% to $182.29, its worst daily close since 27 January 2025.
SanDisk down 22.42%, Marvell 16.63%, Arm 13.03%, Intel 10.39%, Qualcomm 9.59% and Oracle 6.90%.
The Nasdaq Composite fell 5.52% to close at 24,315.00, CNBC reported, slipping into correction territory more than 10% below a record set last month. The S&P 500 dropped 4.36% to 7,353.73 and the Dow lost 1,833.06 points, or 3.44%, to 51,523.06; CNBC said all three posted their worst day since April 2025.
Bloomberg reported that the Nasdaq 100 dropped 6%, losing a record $2.3 trillion in value, and that the Philadelphia chip index plunged 12%, according to its headline as carried by Techmeme. CNBC reported that the iShares Semiconductor ETF was down more than 12%, its worst day since March 2020, and that CoreWeave lost almost 10% while Nebius and Iren slid about 15% and almost 17%.
Market value lost by 12 AI stocks on 5 November 2026 against the 4 November close. Data: Nasdaq official closes; share counts from SEC filings (TSMC converted to ADRs). The value changes are our arithmetic.
Wall Street erased $3.2 tn in market value on Thursday, Nov-5. The Nasdaq Composite fell 5.52%, its worst day since April 2025, as investors dumped AI chip stocks.
Rohan Paul posted at 21:50 UTC that Wall Street erased $3.2 trillion in market value on Thursday and that the Philadelphia Semiconductor index fell 12.3%, its worst day in about 6.5 years. His 9.3% figure for Nvidia is larger than the 8.91% fall in Nasdaq’s official close.
In an earlier post, Rohan Paul summarised a Wall Street Journal report: half of proposed US AI data-center additions could face tougher local scrutiny after Democrats won the House, Senate and key governorships, and Texas and Ohio could halt construction until residents get assurances on water supplies and electricity prices. We have not read the WSJ article itself. Our coverage of a Goldman Sachs desk note, which also carries the 45% share of planned US capacity that Goldman said could be at risk of pauses, is Goldman Says Tech Giants May Pull AI Capex Forward Into 2027.
Nvidia’s Worst Close Since January 2025
*NVIDIA EXTENDS DECLINE TO 7.3%, BIGGEST DROP SINCE APRIL 2025
At 15:23 UTC, zerohedge posted that Nvidia’s decline had extended to 7.3%, calling it the biggest drop since April 2025. Nvidia went on to close down 8.91%.
On Nasdaq’s daily closes, Nvidia’s 8.91% fall is larger than every one-day decline since 27 January 2025, when it closed down 16.97%. The next-largest falls in that period were 8.69% on 3 March 2025, 8.48% on 27 February 2025 and 7.81% on 3 April 2025; the largest in 2026 before Thursday was 6.20% on 5 June. That ranking is our arithmetic on Nasdaq’s published closes.
Nvidia’s close is also below its 31 December 2025 close of $186.50, leaving it down about 2.3% for 2026 by our arithmetic.
As we read the closes, the selling spread from the chip names to the whole AI supply chain: memory, foundry, networking and storage all fell by double digits.
As we read the intraday readings, the loss grew from about $930 billion at 10:04 a.m. ET to about $1.44 trillion at the close on the same 12 stocks.
CNBC, 5 November 2026
“The Nasdaq Composite declined 5.52% to close at 24,315.00. The tech-heavy index slid into correction territory, falling more than 10% below a record set last month.”
Three Implications
FOR NVIDIA An 8.91% fall at the close, its worst since 27 January 2025 on Nasdaq’s closes.
FOR THE AI SUPPLY CHAIN Micron, AMD, Marvell and SanDisk fell more than 16% each.
FOR THE INDEX The Nasdaq Composite closed in correction territory, CNBC reported.
The framework says: “It is a sovereign-scale financing problem dressed in tech-company clothing โ and the financial architecture is starting to invert.”
As we read it, Thursday’s closes repriced the companies that sell into that financing in a single session. The framework itself does not discuss Thursday’s market.
What Is Not Established
Our $1,436.8 billion counts only these 12 stocks and uses share counts from each company’s latest SEC filing, so it will differ from index providers’ figures. Bloomberg’s record $2.3 trillion figure is for the Nasdaq 100 and reaches us through its headline as carried by Techmeme; we have not read the full article. Outlets linked the selling to the election results and data-center concerns; that is their reporting, not a cause we have established.
This Week In The AI Supercycle
Anthropic’s Reality Check, The Capital Squeeze, & The New World Order
This week’s issue: for two years the AI build-out was priced as a growthstory. This week it started being priced as a credit story.
By the close, 12 AI stocks had lost about $1,436.8 billion of market value in one session by our arithmetic, and Nvidia’s 8.91% fall was its worst daily close since 27 January 2025.
A note on sourcing. Closing prices are Nasdaq’s official 4:00 p.m. ET closes for 5 November 2026; share counts come from each company’s latest SEC filing (TSMC’s ordinary shares converted to ADRs at five per ADR). The value changes, the basket total and Nvidia’s ranking are our arithmetic. Index moves are as reported by CNBC; the Nasdaq 100 figure is Bloomberg’s, via its headline on Techmeme.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
