Twelve AI-linked stocks had lost about $930 billion of combined market value against the 4 November close by 10:04 a.m. New York time on 5 November, by our arithmetic from Nasdaq’s real-time quotes and each company’s latest SEC share count. Nvidia accounted for about $259 billion of it, down 5.37% at $189.38. AMD was down 12.42%, Micron 10.21% and SanDisk 13.71%.
Reuters headlined its report on the open “Nasdaq falls at open after midterms-fueled surge as chip, data center stocks fall”. Bloomberg earlier headlined US futures as the “Chip Selloff Extends Into Second Day”.
The Nasdaq Composite was down 3.33% at 24,880.64 at 10:09 a.m. ET in Nasdaq’s own (delayed) index data. The FT headlined the move “Nasdaq tumbles 4% as chip rout intensifies in wake of midterms”; that is the FT’s figure and framing, at a time we did not see.
Business Pill · Concentration
A short Business Engineer explainer on concentration. It teaches the general idea only and says nothing about this session or any stock.
The key insight: By our arithmetic, 12 AI-linked stocks were down about $930 billion from the 4 November close at 10:04 a.m. ET on 5 November. Nvidia, at $189.38, was trading below every session’s low since 13 April in Nasdaq’s daily data, the level FirstSquawk headlined as its “LOWEST SINCE APRIL”.
The changes below are against the 4 November close, from Nasdaq’s real-time quotes stamped 10:04 a.m. ET. The dollar figures are our arithmetic: the per-share change multiplied by the shares outstanding on each company’s latest SEC cover page.
TSMC (US-listed ADR): down 6.83% at $368.72, about $140 billion, using five shares per ADR
AMD: down 12.42% at $428.09, about $100 billion
Micron: down 10.21% at $714.03, about $92 billion
Broadcom: down 5.66% at $307.05, about $88 billion
Arm: down 11.51%, Intel down 7.53%, SanDisk down 13.71%, Qualcomm down 8.23%, Oracle down 3.86% and Marvell down 9.70%, together about $110 billion
Three more AI names were down but are left out of the total because we did not have a share count from the SEC data we used: CoreWeave was down 8.00%, Nebius 12.08% and SpaceX 7.53% at the same time.
What Was Posted on X
BREAKING: US technology stocks collapse at the open, erasing -$1.3 trillion in market cap in 30 minutes, with dozens of names down 10% or more.
Turn on our post notifications @KobeissiLetter for real time analysis as this develops.
— The Kobeissi Letter (@KobeissiLetter) Nov 05 14:59
The Kobeissi Letter posted at 14:59 UTC that US technology stocks erased “-$1.3 trillion in market cap in 30 minutes”, with dozens of names down 10% or more. That is the poster’s figure for a broader group; the $930 billion in this piece is our arithmetic for 12 named stocks.
*TESLA SHARES EXTEND DECLINE TO 10%, SPACEX SHARES FALL 7.5%
Walter Bloomberg (@DeItaone) posted at 14:58 UTC that Tesla shares extended their decline to 10% and SpaceX fell 7.5%. Our Nasdaq quotes at 10:04 a.m. ET show Tesla down 9.27% and SpaceX down 7.53%.
Market value change against the 4 November close for 12 AI-linked stocks, at 10:04 a.m. ET (15:04 UTC) on 5 November 2026. Prices are Nasdaq real-time quotes; share counts are from each company’s latest SEC filing cover page (TSMC ADR = five shares). Our arithmetic.
CNBC’s markets report tied the pressure on Tesla and SpaceX to Elon Musk’s politics: “The selling pressure centered around Musk’s companies after his $474 million election gamble failed.” It also said Qualcomm shares were “down over 9% in premarket trading after fourth-quarter smartphone chip sales missed estimates”.
For the wider chip and data-center group we saw headlines only. Besides Reuters’ and Bloomberg’s, the WSJ headlined “AI Selloff Extends, Treasurys Gain as Blue Wave Reverberates”. We have not read those stories in full and do not add a cause of our own.
A post by The Kobeissi Letter at 14:59 UTC put the wider fall at “-$1.3 trillion in market cap in 30 minutes” for US technology stocks. That is the poster’s figure for a broader group; our $930 billion covers only the 12 stocks listed above.
The analysis says: “The $1T capex cycle is being underwritten by a $1T concentrated demand commitment from two counterparties whose combined free cash flow is deeply negative.”
As we read it, the analysis describes who funds the build-out; it does not discuss this session or any company’s share price.
What Is Not Established
These are intraday prices at 10:04 a.m. ET and will change by the close. We have not read the Reuters, Bloomberg, WSJ or FT market stories in full, only their headlines. No source we read attributes a specific cause to the falls in Nvidia, AMD, Micron or Broadcom; we do not assign one.
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 our arithmetic, a dozen AI stocks were down about $930 billion from the previous close by 10:04 a.m. ET on 5 November, with Nvidia, Tesla and TSMC making up more than half of it.
A note on sourcing. Prices are Nasdaq real-time quotes stamped 10:04 a.m. ET on 5 November 2026; share counts are each company’s latest SEC cover-page figure. Dollar totals are our arithmetic. Market commentary is quoted from CNBC’s report; Reuters, Bloomberg, WSJ and FT items are cited by headline only. The Nasdaq Composite level is from Nasdaq’s delayed index data at 10:09 a.m. ET.
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.
