Correction, 6 Nov 2026: an earlier version took 5 November closes from Nasdaq’s last-sale prices rather than its official closing prices. Using the official closes, Nvidia closed at $181.60, 24.1% below its high (not $182.29 and 23.8%); TSMC’s ADR 27.3%, Palantir 25.9%, CrowdStrike 22.1%, Meta 22.2% and SpaceX 38.7% below their highs; the median of the 25 is 45.0%. All 25 are still 20% or more below their 52-week closing highs, and the chart has been redrawn.
All 25 tech stocks on a list The Kobeissi Letter posted on X on Thursday closed at least 20% below their 52-week closing highs on 5 November, the usual line for a bear market, by our arithmetic from Nasdaq’s daily closes. Five of them crossed that line on Thursday: TSMC, Palantir, Nvidia, CrowdStrike and Meta. At Wednesday’s close, 20 of the 25 were already 20% or more below their highs.
Nvidia closed at $181.60, 24.1% below its 52-week closing high of $239.24 on 6 October. Meta closed 22.2% below its high of $777.59 on 24 September, and TSMC’s ADR 27.3% below its high of $485.80 on 5 October.
Business Pill · Financial Conditions
An evergreen Business Engineer explainer on how financial conditions shape what companies can raise. It teaches the general idea only and does not discuss Thursday’s market.
The key insight: By our arithmetic from Nasdaq’s closes, all 25 tech stocks on The Kobeissi Letter’s list finished Thursday at least 20% below their 52-week highs, against 20 at Wednesday’s close. Nvidia, Meta, TSMC, Palantir and CrowdStrike were the five that crossed the line on Thursday.
The deepest: SanDisk 65.5% below its high, Arm 62.1%, Nebius 58.0%, Marvell 57.8% and Seagate 57.4%.
The median of the 25 was 45.0% below its 52-week high (Robinhood), by our arithmetic.
Crossed on Thursday: TSMC (from 18.5% below at Wednesday’s close to 27.3%), Palantir (17.9% to 25.9%), Nvidia (16.3% to 24.1%), CrowdStrike (13.6% to 22.1%) and Meta (19.0% to 22.2%).
AppLovin was the only one of the 25 to rise on Thursday, closing up 31.0%; it still sits 51.5% below its 52-week high.
SpaceX, listed since 12 June 2026, closed 38.7% below its highest close since listing.
Four of the 25 (Coinbase, Oracle, ServiceNow and Robinhood) had their highest close on the first day of the window, 5 November 2025, so earlier, higher closes may sit outside the window; measured from those, their falls would be larger than the figures here.
How far each of the 25 tech stocks on The Kobeissi Letter’s list closed below its 52-week closing high on 5 November 2026. Data: Nasdaq daily closes (SpaceX since its 12 June 2026 listing). The drawdowns are our arithmetic.
The Kobeissi Letter posted the list at 17:20 UTC on 5 November, during the trading session, under the heading “Tech Stocks in Bear Market Territory”. It ranked SanDisk at -66% down to Nvidia at -25% and wrote that the S&P 500 had erased -$4 trillion in market cap since October 6th.
The post did not say which highs or prices it measured from. Its figures are larger than our close-based ones for 24 of the 25 stocks; for ServiceNow it gave -57% against our -41.8%, and for SpaceX -47% against our -38.7%. Robinhood is the exception: the post gave -38%, while Robinhood closed 45.0% below its 52-week closing high. We did not recompute the S&P 500 figure, which is the post’s own.
As we read the list, the five deepest falls (SanDisk, Arm, Nebius, Marvell and Seagate) are all companies that sell chips, storage or computing capacity into the AI build.
As we read the closes, Thursday moved the line from 20 of the 25 to all 25.
The Kobeissi Letter on X, 5 November 2026
“Tech Stocks in Bear Market Territory”
Three Implications
FOR NVIDIA 24.1% below its 6 October high at Thursday’s close, after closing 16.3% below it on Wednesday.
FOR THE AI SUPPLY CHAIN SanDisk, Arm, Nebius, Marvell and Seagate all closed more than 57% below their highs.
FOR READERS OF VIRAL LISTS The post’s figures were larger than close-based ones for 24 of 25 stocks; the measure matters.
The framework says: “It is a sovereign-scale financing problem dressed in tech-company clothing โ and the financial architecture is starting to invert.”
As we read it, the stocks that sell into that financing are the ones now furthest below their highs. The framework itself does not discuss Thursday’s market.
What Is Not Established
Our drawdowns use Nasdaq’s daily closing prices and each stock’s highest close from 5 November 2025 to 5 November 2026; measured from intraday highs or all-time highs, the figures would be larger. The list of 25 is The Kobeissi Letter’s, not a full screen of the market. A 20% fall is a convention for a bear market, not a forecast, and we have not established why each stock fell.
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On Thursday’s closes, all 25 stocks on the viral list were in bear-market territory by our arithmetic; five, including Nvidia and Meta, crossed the 20% line from Wednesday’s close.
A note on sourcing. Prices are Nasdaq’s daily closes, including the official 4:00 p.m. ET closes for 5 November 2026; each high is the stock’s highest close from 5 November 2025 (SpaceX from its 12 June 2026 listing). The drawdowns, counts and median are our arithmetic. The list of 25 stocks and its percentages are from The Kobeissi Letter’s post on X.
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.
