The Nasdaq 100 closed at 27,989.82 on 2 November, 10.4% below its record close of 31,224.47 on 6 October, by our arithmetic from Yahoo Finance and CNBC data. A fall of 10% or more from a peak is what markets call a correction, and Bloomberg ran the headline “Nasdaq 100 Enters Correction as Megacap Results Amplify AI Fears”. Over the same 19 trading sessions, CoreWeave’s shares fell 45.3%, from $91.72 to $50.15, by our arithmetic from daily closes.
The S&P 500 closed at 7,541.40, 3.5% below its own record close of 7,818.93, also set on 6 October. The Nasdaq 100’s fall from that day is about 2.9 times the S&P 500’s, our arithmetic, and comes to 3,234.65 index points.
Business Pill · Concentration
An evergreen Business Engineer explainer on concentration, when a few big pieces make the total. It teaches the general idea only and does not discuss the Nasdaq 100 or these moves.
The key insight: By our arithmetic, the Nasdaq 100 closed 10.4% below its 6 October record on 2 November while the S&P 500 was 3.5% below its own record from the same day, and nine of the 14 AI-linked stocks we checked fell further than the index.
The index fell 1.39%, or 395.03 points, on 2 November, from a close of 28,384.85 on 30 October, according to CNBC. It had traded as high as 28,753.39 during the day, 1.3% above the previous close, before closing 2.7% below that high, by our arithmetic. On the morning of 2 November, US crude fell below $100 a barrel and US stock futures rose, CNBC reported.
The Wall Street Journal’s market report carried the headline “U.S. Stocks Mixed as Percolating AI Fears Offset Oil Relief”. The S&P 500 fell 0.51% and the Nasdaq Composite 1.07%, according to CNBC. The Nasdaq 100’s path since 6 October was not a straight line: it was 7.3% below the record on 23 October, 4.5% below on 28 October and 9.1% below on 30 October, by our arithmetic from daily closes.
The Nasdaq 100 and the S&P 500, percentage below each index’s record close of 6 October 2026, daily closes to 2 November. Nasdaq 100: 31,224.47 to 27,989.82; S&P 500: 7,818.93 to 7,541.40. Percentages are our arithmetic from Yahoo Finance closes; 2 November closes match CNBC quotes.Animated: the Nasdaq 100, percentage below its record close of 6 October 2026, daily closes to 2 November. Percentages are our arithmetic from Yahoo Finance closes.
The AI Stocks That Fell Furthest on 2 November
Among the 14 large AI-linked stocks we checked, the biggest one-day falls were Oracle, down 8.8% to $119.22, CoreWeave, down 8.6% to $50.15, Nebius, down 8.3%, and AMD, down 7.5%, according to Yahoo Finance and CNBC closing prices. Micron fell 5.8% and Microsoft 2.8%. Amazon rose 2.2% and Tesla 1.0%.
Oracle’s fall came on the day it filed to sell $10 billion of stock and $10 billion of bonds. Its stock filing cites a last sale price of $130.67 on 30 October. At the $119.22 close, $10 billion of stock is about 83.9 million shares, against about 76.5 million at $130.67, by our arithmetic. We did not check whether the offering had priced.
Nine of 14 AI Stocks Fell More Than the Index
Measured from the index’s 6 October record, nine of the 14 stocks we checked fell further than the Nasdaq 100’s 10.4%, by our arithmetic from Yahoo Finance daily closes. CoreWeave fell 45.3% and Nebius 43.4%. AMD fell 28.1%, Micron 20.3%, Alphabet 19.8%, Meta 17.9%, Oracle 17.6%, Nvidia 15.5% and Broadcom 14.3%.
Bloomberg’s headline links the index move to “megacap results”. Alphabet and Microsoft reported their quarters on 28 October. Apple and Palantir filed their results with the SEC after the close on 2 November, at 21:30 and 21:06 UTC, so those results are not in these closing prices. Our pieces on Apple’s fourth quarter and Palantir’s third quarter cover those filings.
As we read it, the business lever in these numbers is the price of capital: the companies with the largest falls since 6 October include the ones raising money for AI infrastructure, and Oracle’s stock sale is now worth fewer dollars per share than on the date its filing cites.
The Structural Read
As we read it, the spread inside the index is wider than the index move: from 6 October, CoreWeave fell 45.3% and Nebius 43.4%, while Apple rose 1.4% and Tesla 6.1%, by our arithmetic from Yahoo Finance closes.
As we read it, the AI link in this move comes from how Bloomberg and The Wall Street Journal framed it in their headlines; the price data show where the falls were largest, not why.
The Wall Street Journal, market headline, 2 November 2026
“U.S. Stocks Mixed as Percolating AI Fears Offset Oil Relief”
Three Implications
FOR INDEX READERS The Nasdaq 100 fell 3,234.65 points from its 6 October record close over 19 sessions, by our arithmetic, against a 3.5% fall in the S&P 500 from the same day.
FOR AI INFRASTRUCTURE The two neoclouds in our list, CoreWeave and Nebius, fell 45.3% and 43.4% from 6 October; AMD fell 28.1% and Micron 20.3%, by our arithmetic.
FOR CAPITAL RAISING Oracle closed at $119.22 on the day it filed to sell $10 billion of stock; at that price, $10 billion is about 83.9 million shares, against about 76.5 million at the $130.67 its filing cites, by our arithmetic.
The framework describes its compute-capacity layer as “Hyperscaler GPU clusters, neoclouds, custom-silicon estates.”
As we read it, the two neoclouds among the 14 stocks we checked, CoreWeave and Nebius, had the largest falls from 6 October. The framework was published before these moves and does not discuss them.
Index and share prices are daily closes from the Yahoo Finance chart data, read at about 23:00 UTC on 2 November; the 2 November closes for the indexes, Oracle, CoreWeave and AMD match CNBC’s quotes. Percentages, points and share counts are our arithmetic and are price changes only, without dividends. The 14 stocks are our selection, not an index. The link between the fall and AI is Bloomberg’s and the Journal’s framing in their headlines; we read the headlines, not the paywalled articles, and do not state a cause ourselves.
After-hours moves following the Apple and Palantir results are not included. We did not compute a market value lost for the index.
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The Nasdaq 100 closed 10.4% below its 6 October record on 2 November, at 27,989.82, while the S&P 500 was 3.5% below its own record from the same day. Nine of 14 AI-linked stocks we checked fell further than the index over those 19 sessions, led by CoreWeave’s 45.3% and Nebius’s 43.4%, and Oracle fell 8.8% on the day it filed to sell $10 billion of stock.
A note on sourcing. Index and share prices are daily closes from Yahoo Finance chart data, read at about 23:00 UTC on 2 November 2026, with the 2 November index closes and the Oracle, CoreWeave and AMD closes checked against CNBC quotes. Percentages, index points and share counts are our arithmetic. The AI framing belongs to Bloomberg and The Wall Street Journal, whose headlines we quote; we did not read the paywalled articles. Past price moves only; this is not a forecast or 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.
