Nvidia had lost about $184 billion of market value by 10:14 a.m. Eastern on 9 November, by our arithmetic, as Nasdaq’s quote showed its shares at $179.00, down 4.09% from Friday’s $186.64 close. In the same minute, AMD, Broadcom, Alphabet and the TSMC ADR had added about $376 billion between them, by our arithmetic.
That is 2.04 times what Nvidia lost. Netting all five, the group was up about $191 billion, by our arithmetic. Each figure is the price change since Friday’s close multiplied by the shares outstanding on the company’s latest SEC filing cover page.
Business Pill · GPUs Explained
An evergreen Business Engineer explainer on GPUs and AI hardware. It teaches the general idea only and does not discuss today’s share prices.
The key insight: By 10:14 a.m. Eastern on 9 November, Nvidia had lost about $184 billion of market value while AMD, Broadcom, Alphabet and the TSMC ADR had added about $376 billion, 2.04 times as much, by our arithmetic from Nasdaq quotes and SEC filing share counts.
Nasdaq showed AMD at $489.125, up 8.93%, which is about $66 billion on the 1,640,087,251 shares on its 10-Q cover, by our arithmetic. Broadcom was at $316.055, up 7.62%, about $107 billion on 4,773,629,865 shares.
Alphabet’s Class A shares were up 3.59% and its Class C shares up 3.25%. On the 5,888 million Class A, 827 million Class B and 5,579 million Class C shares on its 10-Q cover, that is about $120 billion, by our arithmetic. We valued the unlisted Class B shares at the Class A price.
The TSMC ADR was at $391.42, up 4.26%. TSMC’s 20-F lists 25,932,524,521 common shares, and each ADS represents five common shares, so the ADR-implied gain is about $83 billion, by our arithmetic. That is not the move in TSMC’s Taiwan-listed shares.
Nvidia’s $184 billion uses the 24.1 billion shares on the cover of its August 10-Q, the same base as our earlier coverage of Nvidia’s fall.
Change in market value from the 6 November close to 10:14 a.m. Eastern on 9 November: Nvidia against AMD, Broadcom, Alphabet and the TSMC ADR. Prices from Nasdaq; share counts from each company’s latest SEC filing cover page. All values are our arithmetic (price change times shares outstanding).
How the Gap Has Moved Since the Open
At 9:53 a.m. Eastern, Nasdaq showed Nvidia down 4.53%, about $204 billion, with a session low of $170.24 at that point, 8.8% below the close. In the 9:51–9:53 a.m. window, AMD was up 8.28%, Broadcom 6.73% and the TSMC ADR 3.69%, as reported in our Nvidia piece.
By 10:14 a.m., Nvidia’s loss had narrowed to 4.09% while AMD, Broadcom and the TSMC ADR had moved higher still. These are intraday quotes, not closing prices, and every figure here will change by the close.
Alphabet’s figure is for the whole company, not for its chip unit. Google designs its own AI chips, the TPUs, which is why we group Alphabet here with the AI chip names.
The Structural Read
As we read the quotes, the selling in Nvidia did not spread to the rest of the AI chip group at the open: by our arithmetic the five companies together were up about $191 billion at 10:14 a.m. These are intraday figures and say nothing about where the session ends.
NVIDIA Form 10-Q, quarter ended July 26, 2026 (cover page)
“The number of shares of common stock, $0.001 par value, outstanding as of August 21, 2026, was 24.1 billion”
Three Implications
FOR NVIDIA HOLDERS At 10:14 a.m. the stock was 4.09% below Friday’s close, a smaller fall than the 4.53% at 9:53 a.m. and the 8.8% at the session low reported earlier.
FOR THE REST OF THE GROUP AMD was up 8.93%, Broadcom 7.62%, the TSMC ADR 4.26% and Alphabet’s Class A shares 3.59% at the same minute, per Nasdaq.
FOR READING THE NUMBERS Every value here is price change times shares outstanding on the latest filing cover; buybacks or issuance since those dates are not reflected.
The framework argues that “the seven-layer AI stack is now governed from the bottom”, naming energy, silicon and compute capacity as that bottom.
As we read it, today’s quotes show the silicon layer is not one stock: on the same morning, value left the largest chip designer while two other designers, a foundry and a hyperscaler with its own chips gained. The framework predates this session and does not discuss it.
What Is Not Established
The quotes do not show who sold Nvidia or who bought the four others, and a same-minute move does not show that money went from one to the other. Share counts are as of each cover date, from 21 August for Nvidia to 28 October for AMD; buybacks and issuance since then are not reflected. TSMC’s count is from 31 December 2025.
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.
By 10:14 a.m. Eastern, Nvidia had lost about $184 billion of market value and AMD, Broadcom, Alphabet and the TSMC ADR had added about $376 billion, 2.04 times as much, by our arithmetic from Nasdaq quotes and SEC filing share counts.
A note on sourcing. Share prices are Nasdaq intraday quotes at 10:14 a.m. Eastern on 9 November 2026, not closing prices; the base is each stock’s official 6 November close. Share counts come from the cover pages of each company’s latest 10-Q (TSMC: its 2025 20-F). Every market-value figure is our arithmetic. This 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.
