Nvidia closed at $173.73 on Wednesday, 11 November, according to Nasdaq’s official closing quote, still $65.51 a share short of its $239.24 close of 6 October. On the 24.1 billion shares on the cover of Nvidia’s latest 10-Q, that shortfall is about $1.58 trillion of market value, by our arithmetic: about 1.7 times the whole of AMD, which closed worth about $907 billion.
The same gap is about 1.7 times JPMorgan Chase’s $912 billion and 96% of Broadcom’s $1.65 trillion, by our arithmetic from official closes and each company’s latest 10-Q share count. Wednesday’s rally, covered in our close piece on the AI trade, narrowed the gap but left a shortfall larger than either AMD or JPMorgan.
Business Pill · Concentration Explained
An evergreen Business Engineer explainer on concentration, when a few big pieces make most of a total. It teaches the general idea only and does not discuss these share prices.
The key insight: Nvidia closed at $173.73 on 11 November, 27.4% below its $239.24 close of 6 October: about $1.58 trillion of market value on 24.1 billion shares, by our arithmetic. That is about 1.7 times AMD’s whole market value and 1.7 times JPMorgan Chase’s at the same close.
At its 6 October close of $239.24, Nvidia was worth about $5.77 trillion on 24.1 billion shares; at Wednesday’s $173.73 it is worth about $4.19 trillion, by our arithmetic. The difference, $1.58 trillion, is the figure we compare with whole companies. Our 10 November drawdown piece uses the same 24.1 billion share count and the same 6 October peak.
For the comparison companies we used the share counts on the covers of their latest 10-Q filings: 1,640,087,251 AMD shares as of 28 October, 2,655,609,509 JPMorgan shares as of 30 September and 4,773,629,865 Broadcom shares as of 28 August. At Wednesday’s closes of $552.90, $343.44 and $345.22, those come to about $907 billion, $912 billion and $1.65 trillion.
Nvidia’s market value at its 6 October close minus its value at the 11 November close, against the whole market values of Broadcom, JPMorgan Chase and AMD at the 11 November close. Closing prices from Nasdaq; share counts from each company’s latest 10-Q cover. All values are our arithmetic.
AMD Fell From the Same Day
AMD’s highest close in the Nasdaq data we read, which go back to January 2024, was also on 6 October, at $649.42. On the same share count that was about $1.07 trillion; Wednesday’s $552.90 is 14.9% lower, by our arithmetic, even after a 7.32% gain on the day. Nvidia’s shortfall from its own peak is larger than AMD’s entire value at that peak.
At Wednesday’s closes JPMorgan was worth about $5 billion more than AMD, by our arithmetic. Holding each company’s latest share count fixed, the two have swapped places 18 times on closing prices this year, the first on 26 May and the most recent on 30 October, by our arithmetic.
Where the Multiples Sit
Our earlier pieces put Nvidia at 10.7 times next-year earnings on the 10 November close, against 19.0 times for Broadcom and 32.1 times for AMD, and worked out what Nvidia would be worth at Broadcom’s 19x. The comparison here is different: it measures the drawdown itself in units of whole companies, using prices and share counts only, with no earnings estimate.
The Structural Read
As we read the closes, a 2.87% day that added about $117 billion to Nvidia still leaves a gap that, measured in whole companies, is larger than AMD or JPMorgan Chase and about 96% of Broadcom, by our arithmetic.
FourWeekMBA, 10 Nov 2026 drawdown piece
“about $1.70 trillion of market value lost in 25 sessions”
Three Implications
FOR THE GAP About $1.58 trillion between Nvidia’s 6 October and 11 November closes, on 24.1 billion shares, by our arithmetic.
FOR AMD AMD closed at $552.90, about $907 billion, after a highest close of $649.42 on the same 6 October, by our arithmetic.
FOR THE METHOD Prices only: official closes times the share count on each latest 10-Q cover, with no earnings estimate.
The framework describes the AI Supercycle as a transformation “exhibiting the paradoxical dual character of bubble and revolution at the same time”.
As we read it, a single stock that can shed and partly regain more than an AMD of market value within five weeks is that dual character showing up in prices. The framework does not discuss these closes.
AMD and JPMorgan Chase market values at each daily close since 1 May 2026, billions of dollars, holding each company’s latest 10-Q share count fixed. Closing prices from Nasdaq; values are our arithmetic and approximate.
What Is Not Established
Market value here is the closing price times the share count on each company’s latest 10-Q cover; share counts move between filings, so the figures are approximate. The count of AMD and JPMorgan swaps holds share counts fixed at the latest cover figures and would differ slightly with each day’s actual count. The figures describe prices, not what any company is worth, and they say nothing about where the shares go next.
This Week In The AI Supercycle
The Great Convergence of Capital, Power, and Geopolitics
This week’s issue: for two years the AI build-out was priced as a supply story, and last week as a credit story. This week it was priced as a permission story, and the answer arrived as a cost, not a ban.
At Wednesday’s close Nvidia was still about $1.58 trillion below its 6 October peak in market value, by our arithmetic: about 1.7 times AMD and more than all of JPMorgan Chase.
A note on sourcing. Closing prices are from Nasdaq: the 11 November closes from its closing quote, read after the 4 p.m. New York close, and earlier closes from its daily price history. Share counts are the figures on the covers of each company’s latest 10-Q on SEC EDGAR. Market values, gaps, ratios and the count of AMD and JPMorgan swaps are our arithmetic; they are price comparisons, not valuations, and no company was contacted for this piece.
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.
