Nvidia closed at $162.85 on Friday, 13 November, down 12.75% on the week and 31.93% below its record close of $239.24 on 6 October, Nasdaq’s official closes show. On the 24.1 billion shares on the cover of its latest 10-Q, that is about $1.84 trillion of market value, by our arithmetic.
The companies that make and connect AI hardware reported growth in the same days. TSMC said its October revenue rose 59.7% from a year earlier. Applied Materials reported record quarterly revenue of $10.41 billion, up 53%, and Cisco reported record revenue of $18.5 billion, up 24%.
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 Nvidia or its suppliers.
The key insight: As we read the week, the fall was in the anchor supplier’s market value, about $1.84 trillion from its record by our arithmetic, not in its suppliers’ reported sales, which rose 24% to 59.7% on a year earlier.
The week to 13 November was Nvidia’s sixth weekly decline in a row, its longest losing streak since 2012, CNBC reported, as our close update recorded. On 11 November the gap to the record had been about $1.58 trillion, by our arithmetic in an earlier piece; two more down sessions took it to about $1.84 trillion.
At Friday’s close the stock was about 10.3 times analysts’ consensus of $15.75 a share for the year to January 2028, by our arithmetic. That consensus is $3.94 a quarter against the $2.22 of non-GAAP earnings per share Nvidia reported for its latest quarter (our P/E piece). Its outlook for the quarter it reports on 17 November is “Revenue is expected to be $108.0 billion, plus or minus 2%”, per its CFO commentary (our guide piece).
Nvidia’s official closing prices on 6 October (its record), 6 November and 13 November 2026, from Nasdaq. The $1.84 trillion is our arithmetic on the 24.1 billion shares on the cover of Nvidia’s latest 10-Q.
The Suppliers’ Order Books
TSMC reported October revenue of about NT$586.89 billion, up 59.7% from October 2025 and 14.7% from September (our TSMC piece). A day later, senior vice president Kevin Zhang said TSMC is seeing “insatiable” demand for any chips it can make to power AI, Nikkei Asia reported (our report).
Applied Materials guided its first fiscal 2027 quarter to $11.1 billion, plus or minus $500 million, a 14-week quarter (our Applied piece). DRAM rose to 33% of its chip-equipment revenue, about $2.6 billion, by our arithmetic, nearly double a year earlier (our DRAM piece).
Cisco raised its fiscal 2027 revenue guidance to $74.8 billion to $75.8 billion and its expectation for AI infrastructure revenue from hyperscalers to $9 billion, the release says (our Cisco piece).
Memory and the Challengers
SK hynix guided fourth-quarter DRAM bit shipments up by mid-20% from the third quarter, after about 10% growth in the third, according to its call transcript (our SK hynix piece). Micron’s balance sheet at 3 September shows $12,895 million of noncurrent customer contract liabilities against $4,688 million of long-term debt, 2.75 times, by our arithmetic (our Micron piece).
Cambricon, Moore Threads and MetaX, three Chinese AI chipmakers listed in Shanghai, reported combined third-quarter revenue of 6.58 billion yuan, about 3.1 times a year earlier, by our arithmetic (our China piece).
The Structural Read
As we read the figures, the suppliers’ results and Nvidia’s share price measure different things: the results cover October and earlier, while the share price moved in the days after Nvidia’s 12 November announcement.
As we read the memory figures, buyers are paying ahead: Micron holds 2.75 times as much in noncurrent customer contract liabilities as in long-term debt, by our arithmetic, and SK hynix guided its DRAM bit growth to more than double its third-quarter pace.
Nvidia CFO commentary, 26 August 2026, outlook for the third quarter of fiscal 2027
“Revenue is expected to be $108.0 billion, plus or minus 2%”
Three Implications
FOR NVIDIA HOLDERS The stock closed at $162.85 on 13 November, 31.93% below its 6 October record, Nasdaq closes show.
FOR SUPPLIER INVESTORS TSMC’s October revenue rose 59.7%, Applied Materials’ quarter 53% and Cisco’s 24%, the companies reported.
FOR 17 NOVEMBER Nvidia’s own outlook for the quarter is $108.0 billion, plus or minus 2%, per its CFO commentary.
The framework sets its test in one line: “How the money flows, where it cracks, what it buys, who can absorb it.”
As we read it, this week’s crack showed in the anchor supplier’s market value rather than in the suppliers’ sales. The framework does not discuss this week’s closes or results.
Latest reported revenuegrowth on a year earlier: TSMC’s October monthly report and the Applied Materials and Cisco results releases of 12 November 2026.
What Is Not Established
Share prices do not show what drove each move. TSMC’s October and Applied’s quarter to 25 October ended before Nvidia’s 12 November leadership announcement, so those results do not measure any effect of it.
We read Nasdaq’s closes, the companies’ releases and our earlier pieces built on each company’s own documents; none of the companies was contacted for this piece.
This Week In The AI Supercycle
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Nvidia closed the week at $162.85, down 12.75%, about $1.84 trillion below its 6 October record by our arithmetic. In the same days TSMC reported October revenue up 59.7%, Applied Materials record revenue up 53% and Cisco record revenue up 24%.
A note on sourcing. This analysis combines twelve of our pieces from 9 to 13 November, each built on its primary source, with Nasdaq’s official Nvidia closes and the Applied Materials and Cisco results releases, re-read on 14 November. Market values, changes and multiples are our arithmetic. Share prices are market data and do not show what drove each move.
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.
