Nvidia had lost about $368 billion of market value since Friday’s close by 10:31 a.m. Eastern on 10 November, by our arithmetic, as Nasdaq’s quotes showed its shares at $171.36, down 8.19% from the $186.64 close on 6 November. Over the same two sessions, AMD and Broadcom had added about $317 billion between them, by our arithmetic.
That is 86% of what Nvidia lost. Each figure is the share-price change since Friday’s official close multiplied by the shares outstanding on the cover of the company’s latest SEC filing.
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 10:31 a.m. Eastern on 10 November, Nvidia had lost about $368 billion of market value since Friday’s close while AMD and Broadcom had added about $317 billion, 86% as much, by our arithmetic from Nasdaq quotes and SEC filing share counts.
Nvidia closed Monday at $178.67, down 4.27%, about $192 billion, by our arithmetic. At 10:31 a.m. on Tuesday it was down a further 4.09% from that close. The base is the 24.1 billion shares on the cover of its August 10-Q.
AMD was at $532.38, up 18.56% from Friday’s $449.04 close, about $137 billion on the 1,640,087,251 shares on its 10-Q cover, by our arithmetic. Measured from Thursday’s $404.40 close, the stock was up 31.65%.
Broadcom was at $331.49, up 12.87% from $293.69, about $180 billion on 4,773,629,865 shares, by our arithmetic. Micron was up 5.19%, about $40 billion, and Intel up 5.22%, about $16 billion.
The TSMC ADR was at $397.55, up 5.89% since Friday. We did not compute a market value for it, because the ADR does not trade the Taiwan-listed shares.
Market value lost or added from the 6 November close to 10:31 a.m. Eastern on 10 November (an intraday quote, not a close): Nvidia against AMD, Broadcom, Micron and Intel. Prices from Nasdaq; share counts from each company’s latest SEC filing cover page. All values are our arithmetic (price change times shares outstanding).
Monday Versus Tuesday Morning
The balance has shifted between the two sessions. On Monday’s closes, AMD and Broadcom added about $221 billion, more than the $192 billion Nvidia lost, by our arithmetic.
On Tuesday morning the order reversed: Nvidia fell about $176 billion further from Monday’s close, while AMD and Broadcom added about $96 billion, by our arithmetic. Intel and Micron were slightly below their Monday closes at 10:31 a.m.
Adding Intel and Micron, the four companies were up about $373 billion since Friday, roughly level with Nvidia’s loss, by our arithmetic. Our earlier snapshot, at 10:14 a.m. on Monday, is in Nvidia Lost $184B Early as Four AI Chip Rivals Added $376B; that piece grouped Alphabet and the TSMC ADR instead of Intel and Micron.
From Wednesday’s $200.13 close, Nvidia was down 14.38% at 10:31 a.m. on Tuesday, by our arithmetic from Nasdaq’s closes.
The Structural Read
As we read the two sessions, the split did not hold its shape: on Monday’s closes AMD and Broadcom added about $221 billion against Nvidia’s $192 billion loss, while on Tuesday morning Nvidia lost about $176 billion more and the pair added about $96 billion, by our arithmetic. 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 10:31 a.m. the stock was 8.19% below Friday’s close and 14.38% below Wednesday’s $200.13 close, per Nasdaq.
FOR AMD AND BROADCOM AMD was up 18.56% and Broadcom 12.87% since Friday; from Thursday’s close, AMD was up 31.65%.
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’s silicon layer reads: “Three competitive categories within one layer: generalist substrate (NVIDIA), hyperscaler custom (TPU, Trainium, MTIA), merchant custom challengers (Cerebras, Groq, SambaNova).” It adds: “The within-layer split is what makes silicon strategically interesting again.”
As we read it, the last two sessions priced the silicon layer as more than one stock: value left the generalist supplier while two other chip designers gained. The framework predates these sessions and does not discuss them.
What Is Not Established
The quotes do not show who sold Nvidia or who bought AMD and Broadcom, and a move in the same sessions does not show that money passed from one to the other. We could not read a sourced series of fund flows, so this piece reports none.
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. Tuesday’s figures are intraday quotes at 10:31 a.m. Eastern, not closing prices.
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By 10:31 a.m. Eastern on 10 November, Nvidia had lost about $368 billion of market value in two sessions and AMD and Broadcom had added about $317 billion, 86% as much, by our arithmetic from Nasdaq quotes and SEC filing share counts.
A note on sourcing. Tuesday’s share prices are Nasdaq intraday quotes at 10:31 a.m. Eastern on 10 November 2026, not closing prices; the bases are each stock’s official 6 November and 9 November closes from Nasdaq. Share counts come from the cover pages of each company’s latest 10-Q (Micron: its 10-K). Every market-value figure is our arithmetic: price change times shares outstanding.
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.
