AMD and Broadcom gained about $78 billion of market value in after-hours trading on 11 November while Nvidia lost about $360 billion, by our arithmetic from Nasdaq’s after-hours trade log and each company’s latest 10-Q cover. Bloomberg’s headline at 02:56 UTC tied the two rivals’ gains to “bets for business gains”.
That is about 22 cents of rival value for every dollar of Nvidia value lost after hours, by our arithmetic. Marvell and Intel fell, so the four rivals together added about $65 billion, about 18%. These are after-hours prices, not closes: the regular session opens at 14:30 UTC.
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The key insight: By our arithmetic, AMD and Broadcom added about $78 billion of market value on their last after-hours trades of 11 November while Nvidia lost about $360 billion: about 22 cents of rival value for every dollar Nvidia lost, with Marvell and Intel lower.
Bloomberg’s headline names AMD and Broadcom and puts their rise down to “bets for business gains”; that is its reading. We read the headline only. Our figures below come from the quotes, not from the article.
Change in market value after hours on 11 November 2026, in billions of dollars: each company’s last after-hours trade on Nasdaq’s log (7:59 p.m. Eastern) against its 11 November close. Our arithmetic: the price change times the shares on the latest 10-Q cover. After-hours prices are not official closes. Sources: Nasdaq closes and after-hours trades; Yahoo Finance extended-hours bars; SEC filings.
The After-Hours Quotes
By our arithmetic, each change is the last after-hours trade on Nasdaq’s log, at or near 7:59:59 p.m. Eastern (00:59 UTC), against the 11 November close from Nasdaq’s historical quotes, times the shares on the company’s latest 10-Q cover.
AMD: $576.76 against a $552.90 close, up 4.3%, about $39.1 billion on 1.640 billion shares (10-Q cover). Broadcom: $353.35 against $345.22, up 2.4%, about $38.8 billion on 4.774 billion shares (10-Q cover).
Marvell: $163.73 against $168.80, down 3.0%, about $4.4 billion. Intel: $60.95 against $62.50, down 2.5%, about $8.2 billion. Nvidia: $158.78 against $173.73, down 8.6%, about $360.3 billion.
Timing, Not Cause
The rivals moved within minutes of the report. On Yahoo Finance’s five-minute bars, AMD went from $562.47 in the 22:20 UTC bar to $574.20 in the 22:25 bar, and Broadcom from $350.40 to $356.61. Both were already up before the listing, by 1.7% and 1.5%, by our arithmetic, and Nvidia was already 4.7% below its close in the 22:20 bar.
Both rivals peaked soon after: Broadcom at $359.80 at 22:36 UTC and AMD at $584 at 22:38 UTC, according to Nasdaq’s after-hours highs. At those prices the two together were up about $120.6 billion, by our arithmetic. By the last trade they had given back about $43 billion of it.
The quotes show timing only. They do not show why any trader bought or sold, and after-hours volume was thin: about 3.8 million AMD shares and 2.2 million Broadcom shares, against 79.9 million for Nvidia, according to Nasdaq.
Our Numbers
At the 11 November close, Nvidia was valued at about $4.19 trillion and AMD and Broadcom together at about $2.55 trillion, a gap of $1.63 trillion, by our arithmetic. At the last after-hours trades the gap was about $1.19 trillion, and Nvidia was 1.45 times the pair, down from 1.64 times.
As we read the quotes, the after-hours split ran by name, not by sector: two rivals rose while two others fell, and the four together added about $65 billion, about 18% of Nvidia’s loss, by our arithmetic.
As we read the timing, the move was quick and partly faded: AMD and Broadcom were up about $120.6 billion at their highs at 22:36 and 22:38 UTC and about $78 billion at the last trade, by our arithmetic. These are after-hours prices, not closes, and the regular session opens at 14:30 UTC.
Nasdaq after-hours trade log, NVDA
“Data last updated Nov 11, 2026 08:00 PM ET.”
Three Implications
FOR AMD About $39.1 billion added after hours, up 4.3% from a $552.90 close, by our arithmetic.
FOR BROADCOM About $38.8 billion added after hours, up 2.4% from a $345.22 close, by our arithmetic.
FOR THE GAP Nvidia’s lead over AMD and Broadcom combined narrowed from $1.63 trillion to about $1.19 trillion on the after-hours prices, by our arithmetic.
The framework cites Deloitte: “The market for inference-optimized chips alone will exceed $50 billion in 2026 (Deloitte).”
As we read it, an after-hours split between Nvidia and two rivals is a price on who wins that spending, not a change in its size; the framework does not discuss the after-hours trade, and the read is ours.
What Is Not Established
After-hours prices are set on thinner trading than the regular session and are not official closes. Whether any of these moves hold at the 14:30 UTC open is not known, and Bernstein’s $200 Nvidia target is one analyst’s view.
We read Bloomberg’s headline, not its article, so we do not restate its reasoning. We do not address the substance of the report on Nvidia’s board. Other share counts, such as diluted shares, would give different totals.
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On the last after-hours trades of 11 November, AMD and Broadcom gained about $78 billion as Nvidia lost about $360 billion, by our arithmetic: about 22 cents for each dollar. Marvell and Intel fell, and Nvidia’s lead over AMD and Broadcom combined narrowed to about $1.19 trillion.
A note on sourcing. Closing prices are Nasdaq’s official daily closes for 11 November 2026; after-hours prices are from Nasdaq’s after-hours trade log and Yahoo Finance’s five-minute extended-hours bars; share counts are from the cover pages of each company’s latest 10-Q on SEC EDGAR. Bloomberg’s framing is quoted from its headline only. Every market-value change, sum and ratio is our arithmetic. After-hours prices are not official closes. This piece is not investment advice.
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.
