Nvidia’s last after-hours trades on 11 November were at $158.78, at 7:59:59 p.m. Eastern, according to Nasdaq’s after-hours trade log, 8.6% below the $173.73 regular-session close. On the 24.1 billion shares on the cover of Nvidia’s latest 10-Q, that is about $360 billion of market value, by our arithmetic.
We set that figure against every trading day since November 2016 for eight US tech companies: Nvidia, Apple, Microsoft, Alphabet, Amazon, Meta, Broadcom and Tesla. As a one-day loss it would rank fourth, behind Nvidia on 27 January 2025 ($593 billion), Alphabet on 29 October 2026 ($497 billion) and Nvidia on 5 November 2026 ($447 billion), by our arithmetic. It is not a close: the regular session reopens at 14:30 UTC.
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The key insight: By our arithmetic, Nvidia’s last after-hours price on 11 November implies about $360 billion of lost market value, which would rank fourth among the one-day losses of eight US tech companies since November 2016; seven of the ten largest regular-session losses fell in 2026.
The after-hours move followed a Wall Street Journal report on Nvidia’s board, listed at 22:28 UTC on 11 November. We tracked the price as it moved: the first after-hours read, then $161.04 at 22:40 UTC, about $306 billion below the close, in our 11 November piece.
Market value lost in one session, in billions of dollars: the ten largest regular-session losses for Nvidia, Apple, Microsoft, Alphabet, Amazon, Meta, Broadcom and Tesla from 11 November 2016 to 11 November 2026, against Nvidia’s last after-hours price on 11 November 2026 ($158.78), which is not a close. Our arithmetic: the change from the previous close times the shares on the latest 10-Q or 10-K cover filed by that day. Sources: Nasdaq daily closes and after-hours trades; company SEC filings.
The Ten Largest One-Day Losses
By our arithmetic, these are the ten largest regular-session losses of market value in the scan, each computed as the drop from the previous close times the shares on the latest 10-Q or 10-K cover filed by that day.
Nvidia, 27 January 2025: $593 billion (-17.0%). Alphabet, 29 October 2026: $497 billion (-12.6%). Nvidia, 5 November 2026: $447 billion (-9.3%). Apple, 31 July 2026: $358 billion (-7.4%). Microsoft, 29 January 2026: $357 billion (-10.0%).
Nvidia, 5 June 2026: $328 billion (-6.2%). Apple, 3 April 2025: $311 billion (-9.3%). Alphabet, 23 July 2026: $294 billion (-7.1%). Broadcom, 4 June 2026: $286 billion (-12.6%). Nvidia, 3 September 2024: $279 billion (-9.5%).
The after-hours figure, $360.3 billion, would sit between Nvidia’s 5 November loss and Apple’s $357.8 billion of 31 July 2026, by our arithmetic.
Why the Dollar Figure Is So Large
The size comes from the base. At the 11 November close, Nvidia was valued at about $4.19 trillion on its cover share count; before the 27 January 2025 fall it was about $3.49 trillion, by our arithmetic.
The after-hours drop of 8.6% is about half that day’s 17.0% fall in percentage terms, yet about 61% of its dollar loss, by our arithmetic.
By our arithmetic, $360 billion is more than the largest one-day loss in the scan for Apple ($357.8 billion), Microsoft ($357.4 billion), Broadcom ($285.6 billion), Meta ($232.0 billion, 3 February 2022), Tesla ($214.5 billion, 23 July 2026) and Amazon ($206.7 billion, 29 April 2022). Among the seven other companies, only Alphabet’s 29 October 2026 loss is larger.
Our Numbers
Seven of the ten largest regular-session losses in the scan fell in 2026, by our count, and Nvidia holds four of the ten. The other three came in 2024 and 2025.
Nvidia’s own November so far, by our arithmetic: $446.6 billion on the 5 November close, $235.7 billion on 10 November (from $178.67 to $168.89), and the $360.3 billion after-hours figure of 11 November.
How We Counted
Closing prices are Nasdaq’s split-adjusted daily closes. Share counts come from each company’s SEC cover page, adjusted for stock splits, so the two match. For Alphabet, Class A and B shares are priced at GOOGL and Class C at GOOG, from the third-quarter 10-Q cover.
That puts Alphabet’s 29 October loss at $496.5 billion at the close. Our 29 October piece used about $507 billion from an intraday price, and NBC put the full-day loss at $500 billion. Meta’s count is Class A plus Class B from its 10-K cover of February 2022.
The Structural Read
As we read the ranking, the dollar size now comes mostly from the base: Nvidia’s 8.6% after-hours drop is about half the 17.0% fall of 27 January 2025 but about 61% of its dollar loss, by our arithmetic.
As we read the dates, the large dollar losses cluster in 2026. At the close before its largest fall in the scan, each of Nvidia, Alphabet, Apple and Microsoft was valued above $3 trillion, by our arithmetic. The after-hours figure is not a close, and the regular session reopens at 14:30 UTC.
Nasdaq after-hours trade log, NVDA
“Data last updated Nov 11, 2026 08:00 PM ET.”
Three Implications
FOR NVIDIA About $360 billion implied after hours on 11 November, after $446.6 billion on 5 November and $235.7 billion on 10 November, by our arithmetic.
FOR THE RANKING Fourth among the one-day losses in the scan, above Apple’s $357.8 billion of 31 July 2026 and Microsoft’s $357.4 billion of 29 January 2026, by our arithmetic.
FOR THE METHOD Nasdaq split-adjusted closes times the shares on the latest 10-Q or 10-K cover filed by each day; the after-hours price is not an official close.
The framework holds that the AI bubble and the supercycle are both true and that “They operate on different cycles.”
As we read it, a one-session loss of about $360 billion is a short-cycle price event; the framework does not discuss Nvidia’s board or the after-hours trade, and the read is ours.
What Is Not Established
An after-hours price is set on thinner trading than the regular session and is not an official close. Where Nvidia opens at 14:30 UTC, and so whether any of this loss is booked at the close, is not known.
The ranking covers eight companies and ten years of daily closes; other companies, earlier years and intraday swings are outside it. Other share counts, such as diluted shares, would give different totals. We do not address the substance of the report on Nvidia’s board.
This Week In The AI Supercycle
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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.
Nvidia’s last after-hours price on 11 November, $158.78, implies about $360 billion of lost market value on its cover share count, by our arithmetic. Among one-day losses since November 2016 for eight US tech companies, only three were larger, and two of those were Nvidia’s own.
A note on sourcing. Prices are Nasdaq’s official split-adjusted daily closes and Nasdaq’s after-hours trade log for 11 November 2026; share counts are from the cover pages of each company’s 10-Q or 10-K filings on SEC EDGAR. Every market-value loss, ranking and ratio is our arithmetic. After-hours prices are not official closes. This piece 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.
